The Dow Jones Industrial Average fell more than 450 points on Tuesday after Moody’s lowered the credit ratings of 10 US regional banks.On the other hand, AI stocks to watch Palantir Technologies (PLTR) plunged following the second quarter results.
X
late monday, Moody’s said It downgraded 10 banks, citing declining profits and rising funding costs. M&T Bank (MTB), Pinnacle Financial Partners (PNFP) and commerce bank share (CBSHMore) were also downgraded.
In addition, Moody’s is reviewing the ratings of six other banks.They include New York Mellon Bank (BKMore), Northern Trust (NTRS), state street (STT) and US Bancorp (USB). SPDR S&P Regional Banking ETF (KRE) fell 3.8% in early trading.
Elsewhere, china export Demand to the rest of the world fell in July, signaling weak demand from the West.
early Tuesday morning, data dog (DDOG), eli lilly (Lily), Lee Auto (Lee), lucid group (LCID), Palantir, shockwave medical (SWAV) and skyworks solution (SWKS) was the main driver of earnings.
Datadog shares fell 20% in morning trading, while Eli Lilly shares rose nearly 12%. Li Auto fell 7.3% of his while Lucid shares rose 0.5% of him.
Skyworks fell nearly 3% in early trading, while SWAV shares fell more than 9%.
Finally, Palantir plunged more than 10% Tuesday morning following the company’s earnings release. Quarterly profit met expectations, but sales fell short of expectations. The company also approved a new $1 billion share buyback plan.
stock market today
electric car giant Tesla (TSLA) fell 1.5% early Tuesday.Dow Jones tech giant apple (AAPL) and microsoft (MSFTMore) fell after today’s stock market opening.
Other stock market leaders include: alphabet (Google) and meta platform (meta). GOOGL shares fell 0.5%, while Meta shares rose 0.5% in early trading.
broadcom (AVGO), sketchers (SKX), Mercado Libre (Meri) and interactive broker (IBKR) — as well as Dow Jones stocks Boeing (BA), intel (INTC) and Salesforce (CRM) – One of the most watchable stocks as the stock market rally under pressure in the wake of Monday’s rally looks likely to intensify.
Tesla is an IBD Leaderboard stock, and Boeing and Skechers were recently named IBD Stocks of the Day. MercadoLibre is featured in this “Stocks Close to the Buy Zone” column. And Interactive Brokers is an IBD SwingTrader stock.
Dow Jones Today: Oil Prices, Treasury Yields
After Tuesday’s opening bell, the Dow Jones Industrial Average fell 1.25% and the S&P 500 fell 1.1%. The technology-rich Nasdaq Composite Index fell 1.35% in early trading.
Nasdaq 100 tracker Invesco QQQ Trust (QQQ) fell 1.3%, while the SPDR S&P 500 ETF (spy) fell 1% early Tuesday.
Bond markets rose, with 10-year U.S. Treasuries yielding 3.99% on Tuesday morning. The 10-year Treasury yield settled at 4.07% on Monday.
West Texas Intermediate crude oil prices rebounded from recent highs on Tuesday. WTI futures fell more than 2% to trade near $80 a barrel after hitting a 10-month high above $83 a barrel on Monday.
stock market movement
On Monday, the Dow Jones Industrial Average rose 1.2% and the S&P 500 rose 0.9%. The tech-heavy Nasdaq Composite Index ended 0.6% higher after a late rally.
Monday’s Big Picture column said, “One of the positive aspects of the stock market slump is that more blue chip stocks can form new chart patterns. But for now, the pool of stocks at the base is is pretty depleted, the 10-week line is support.” And the tight 3-week pattern offers some continued opportunity at this point. “
With the stock market reversing from its highs this year, now is an important time to read IBD’s The Big Picture column.
5 Best Dow Jones Stocks to Buy Now and Watch
Dow Jones Stocks: Boeing, Intel, Salesforce
Aerospace giant Boeing broke out last week, surpassing its flat base entry of 223.91. The stock briefly returned to the 5% buying zone and climbed to 235.11 before breaking out of the buying zone with a 3% rise on Monday. BA shares fell 0.5% Tuesday morning.
According to pattern recognition from IBD MarketSmith, chip giant Intel maintains a buy-by point of nearly 37.19 points on a cup-with-handles basis. The stock is about 5% off the most recent entry. INTC shares fell 3.3% on Tuesday morning.
Salesforce’s recent breakout has continued to struggle, with the stock trading below the 50-day line with 225 entries on a flat basis, according to IBD leaderboard analysis. CRM shares fell 1.4% on Tuesday.
4 Top Growth Stocks to Buy and Watch stock market rise
Stocks to watch: Broadcom, MercadoLibre, Skechers, Interactive Brokers
Semiconductor giant Broadcom is targeting a buy point of 921.78 on the consolidation, according to pattern recognition from IBD Marketsmith. The stock has retreated to the 50-day line, just 3% away from the latest entry. Financial results will be announced on August 31. AVGO shares fell 2.2% on Tuesday morning.
The Mercado Libre surged Monday, breaking above the cup-based buy point of 1,365.64. Meanwhile, an early entry at 1,326.61 was also valid. MELI shares rose 4.8% on Monday with above-average trading volume. MELI shares fell 2.3% early Tuesday.
Skechers has surged above the buy point of 54.77 in recent weeks following the company’s strong quarterly results. But last week’s sell-off has forced the stock to abandon its entry. SKX shares are about 1% below the entry price. SKX shares fell 2.2% on Tuesday.
IBD swing trader stock Interactive Brokers broke Thursday, rising 2.4% to close above the consolidated buy point of 90.19, but the stock remains below the buy trigger. Last week’s stock price also surpassed the handle entry at 87.09. Shares fell 2% on Tuesday morning.
Learn how to time the market with IBD’s ETF Market Strategy
The best stocks in the stock market rally
These are the four best stocks to buy and watch on the stock market today, including the Dow Jones leader.
| Company Name | symbol | correct purchase point | Purchase point type |
|---|---|---|---|
| UiPath | (the way) | 19.03 | cup with handle |
| Salesforce | (CRM) | 225.00 | flat base |
| broadcom | (AVGO) | 921.78 | integration |
| sketchers | (SKX) | 54.77 | flat base |
Source: IBD data as of 7 August 2023
IBD experts analyze the leading stocks in the current stock market rally on IBD Live.
tesla stock
Tesla shares on the IBD leaderboard fell another 1% on Monday, closing below the 50-day line for the first time since May 18. However, the stock closed well below its lows. A decisive recovery from this would put the electric vehicle leader into new buying territory.
Conversely, more bearishness means that stocks need more time to stabilize before new entrants.
TSLA shares fell nearly 1% Tuesday morning, threatening to extend the losing streak.
Dow Jones Leaders: Apple, Microsoft
Among the Dow Jones stocks, Apple stock fell 1.7% on Monday, extending its losing streak to five sessions and further below the 50-day line. AAPL shares are still above the buy point of 157.38, but Friday’s weakness is a sell signal, meaning investors should secure profits. Shares fell another 0.1% earlier on Tuesday.
Microsoft shares are still well below the 50-day line, suggesting the stock needs more time to consolidate before a new buy point emerges. And on Tuesday morning, Microsoft shares fell 1.6%.
Be sure to follow Scott Lehtonen on Twitter. @IBD_SLehtonen Learn more about growth stocks and the Dow Jones Industrial Average here.
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