Dow Jones futures fell ahead of economic data; Tesla slips on production cuts

Dow Jones futures fell on Monday morning ahead of a slew of November economic data, including the PMI composite, ISM services index and factory orders. Chinese stocks rebounded thanks to a change in domestic Covid policy. Tesla shares briefly slid more than 5% after Bloomberg reported that Tesla plans to cut production at its Shanghai factory.


Economic data, earnings reports coming

The Markit/S&P Global US Purchasing Managers’ Index (PMI) is expected to continue to decline in November, with a reading of 46.3 for the month, up slightly from initial estimates in mid-month. Services PMI from Supply Management Institute is expected to continue to expand, but slows down from 54.4 in October to 53.5 in November. Markit PMI will be released at 9: 45 a.m. ET and ISM data due at 10 a.m. Finally, factory orders data from the Commerce Department — also due at 10 a.m., is expected to increase to a 0.7% increase in October, up from a 0.4% increase in September.

Companies reporting earnings this week include Sports Academy + Outdoor (ASO), automatic zone (AZO), Broadcom (AVGO), Ciena (FIRE), Lululemon Athletica (LULU), Ollie’s bargain shop (OLLI) and fee for you (TOL).

Chinese securities alibaba (TORTOISE) and (JD) rose 4.4% and 4.3% respectively as markets in China recovered after the country’s local government continued to easing Covid-19 control measures.

electric car giant Tesla (TSLA) was trading down around 3% on Monday morning after sliding as much as 5% in the early hours. Dow Jones Technology Leader Apple (AAPL) and Microsoft (MSFT) was modestly lower after stock market today open.

poison (CELH), Chubb (CB), IBD Rankings share Dexcom (DXCM) and Semiconductor grid (LSCC) — as well as the name of Dow Jones Boeing airplanes (father), caterpillars (CAT) and letter V (CVX) — among the top stocks to buy and watch.

Dexcom is a IBD Rankings share. Boeing is a IBD SwingTrader Stock and one of the four leaders featured in the last week Stocks near the Buy Zone column. degrees Celsius is a recent time IBD 50 stocks to view options and a New America share. The caterpillar is Thursday Stocks of the Day.

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Dow Jones today: Oil prices, Treasury yields

Before Monday’s opening bell, Dow Jones futures lost 0.7% of their fair value, while S&P 500 futures fell 0.75%. The tech-heavy Nasdaq 100 futures contract was down 0.7% from fair value in morning action.

Between exchange-traded fundsNasdaq 100 Invesco QQQ Trust tracker (National Assembly member) lost 0.7% early Monday and the SPDR S&P 500 ETF (spy) decreased by 0.75%.

The yield on the 10-year Treasury note edged higher to 3.52% on Monday morning, on the verge of breaking through a three-day losing streak. Last week, the 10-year Treasury yield fell to 3.5%, its lowest level since mid-September. Investors put a 78% chance, up from 75% a week ago, of a rate hike. 50 basis points at this month’s Federal Reserve meeting, as reported by the Federal Reserve. CME FedWatch Tool.

Meanwhile, US oil prices rose more than 3%, after posting their first weekly gain in a month. West Texas Intermediate futures are trading just under $82 a barrel after sanctions of the European Union on Russian crude oil has come into full force. Oil prices also received a boost from China’s easing of Covid-19 restrictions, a move that is likely to boost demand.

Stock market recovers

The stock market was mixed on Friday, with the tech-heavy Nasdaq composite losing 0.2 percent. The Dow Jones Industrial Average rose 0.1%, while the S&P 500 fell slightly.

Friday’s The Big Picture commented“The S&P 500 ended Friday down just 0.1%, which is pretty good from the intraday low. It posted a solid weekly gain of 1.1%, holding above the high. 200-day moving average, after retrieving key levels at the beginning of the week. The overall price action is encouraging, suggesting further upside towards the end of the year.”

Now is a great time to read IBD . Big Picture Column in the context of stock market volatility.

Five Dow Jones stocks to buy and watch now

Dow Jones stocks to buy and watch: Boeing, Caterpillar, Chevron

Aerospace giant Boeing rallied 4% on Friday, just ending out of a buy range beyond the cup base’s 173.95 buy point. 5% buy area up to 182.65. Boeing shares fell 0.6% on Monday.

Dow Jones member Caterpillar ended up in just 238 buy points, based on IBD MarketSmith . Pattern Recognition, after gaining 0.2% on Friday. CAT stock fell 0.6% on Monday.

CAT stock boasts a solid 94 out of 99 perfect IBD Composite Ratings, according to Check out IBD stock.

Energy giant Chevron fell 0.8% on Friday, ending a touch below an 182.50 buy point in a consolidated basis. CVX stock rose 0.6 percent Monday morning, driven by higher oil prices.

Top 4 growth stocks to watch in the near futurerand the stock market recovered

Top stocks to buy and watch: C, Chubb, Dexcom, Lattice

Energy drink maker Celsius rebounded for a third straight day, gaining 3.7% on Friday and surpassing a cup base’s 118.29 buy point. Share ended just below the entry. The stock fell a bit Monday.

Chubb moved further above a 216.10 buy point of cup-with-handle on Friday after gaining 0.4% during the session. The 5% buying area peaked at 226.91. The insurance giant traded flat on Monday morning.

IBD Rankings Dexcom stock is approaching an alternative entry at 123.46 amid a bullish three-day streak. The stock is about 5% away from their latest stock buy points. Dexcom stock fell slightly early Monday.

Lattice Semiconductors remains in a buy range past a 70.25 buy point, according to IBD MarketSmith . chart analysis. Grid shares lost 0.4% on Monday.

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Tesla shares

Tesla shares rose 0.1% on Friday, up for the third consecutive session. Despite recent gains, the stock is still down more than 50% from its 52-week high. Meanwhile, the stock is approaching the 50-day moving average, which is an important resistance to watch.

Shares fell 5% the following Monday morning Bloomberg reports that Tesla plans to cut output at its Shanghai factory by about 20% in December due to slowing demand in China. Meanwhile, the China Passenger Car Association reported that Tesla’s number of deliveries in China hit a record in November, at 100,291.

Leading the Dow Jones: Apple, Microsoft

Between Dow Jones stock, Apple shares cut losses to 0.3% on Friday, but still ended a two-day streak of gains. Stocks are holding just above their recently captured 50-day line. Shares are down about 20% from their 52-week high. Apple shares traded down 0.1% on Monday.

Microsoft inched up 0.1% on Friday, its highest level since September 13. The software giant is still down about 26% from its 52-week high. Shares of Microsoft fell 0.6% Monday morning.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.


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