3 Dow Stocks to Buy Now: May 2024
The Dow Jones Industrial Average is trading at a near all-time high. On May 16 the Dow hit 40,000 for the first time in history following a favorable inflation report.
Dow Jones and S&P to open lower as Target earnings disappoint
US stocks are heading mostly lower at the open, according to futures markets. Dow Jones futures are down 0.17% and those for the S&P 500 are 0.13% lower.
DOW & SCGC Ink MOU to Transform 200KTA of Plastic Waste
The deal will allow both companies to play a vital role in promoting greater circularity in the region by leveraging DOW's complementary portfolio and research and development capabilities.
3 Dow Stocks to Buy at a 52-Week Low in May
With the Dow Jones Industrial Average powering past the 40,000 level for the first time, it certainly seems like the old basket of 30 companies is unstoppable. Undoubtedly, the Dow didn't just surge past a historic milestone (time to put the Dow 40k caps on!
DOW Increases Propylene Glycol Capacity in Thailand Facility
DOW's propylene glycol business upgrades fundamental chemical building blocks to make high-quality ingredients for cosmetics, food, pharmaceuticals and a wide range of everyday items.
Dow Draws Back from Highs, Nasdaq Sits at New Record
Monday, May 20th, 2024 Record-high closes on the Dow take a break today. After opening the first session of the trading week higher, the blue-chip index slipped into the red around lunchtime and was not able to recover, -0.49%, or -196 points — back below the 40,003 close on Friday.
Dow Jones Futures: AI Stock Palo Alto Plunges On Earnings; Nvidia Earnings, Fed Minutes Loom
Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed ahead of Tuesday's stock market open. Artificial intelligence stock Palo Alto Networks (PANW) plunged on earnings late Monday. And, later this week, Nvidia (NVDA) earnings and minutes from the Federal Reserve's latest policy meeting are due out. Key earnings movers late Monday include Palo Alto Networks and Zoom Video Communications (ZM). Cybersecurity leader Palo Alto plunged more than 9% in extended trading, while Zoom stock cut losses to less than 1%. The coming week sees Wednesday's release of Federal Reserve minutes for May. Investors will look for further clues into the thoughts of Fed Chair Jerome Powell and other central bankers on the future path of interest rates. Other economic reports due in the coming week include existing-home sales on Wednesday, new-home sales Thursday and S&P flash U.S. Purchasing Managers' Index data for both manufacturing and services, which come Thursday. Check Out IBD's New Exposure Levels To Help You Stay In Step With The Market Trend On Monday, the Dow Jones Industrial Average moved down 0.5% and the S&P 500 rose 0.1%. The tech-heavy Nasdaq composite climbed 0.7%. Robinhood Markets (HOOD), PDD (PDD), Taiwan Semiconductor Manufacturing (TSM), Trade Desk (TTD) and Tradeweb Markets (TW) — plus Dow Jones components JPMorgan Chase (JPM) and Merck (MRK) — are among the best companies to watch on the stock market today. And Dow Jones tech icons Apple (AAPL) and Microsoft (MSFT) ended higher in today's stock market, with Apple and Microsoft up 0.6% and 1.2%, respectively. Microsoft and Trade Desk are featured in this Stocks Near A Buy Zone column. Find The Best Stocks To Buy And Watch With IBD Stock Screener And IBD Screen Of The Day Ahead of Tuesday's opening bell, Dow Jones futures, along with S&P 500 futures and tech-heavy Nasdaq 100 futures, were little changed vs. fair value. Remember that overnight action in Dow Jones futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session. On Monday, the 10-year U.S. Treasury yield ticked higher to 4.44%. And oil prices fell, as West Texas intermediate futures settled around $79.20 a barrel. Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard Now is an important time to read IBD's The Big Picture column amid the ongoing stock market rally. Following Monday's action, be sure to check out today's The Big Picture for an updated exposure level. On Monday's IBD Live show, the IBD Live team discussed current trading conditions and continued to survey prospects for a new power trend in the market. An essential resource for daily breakouts is IBD MarketSurge's "Breaking Out Today" list. It shows MarketSurge Growth 250 stocks that are breaking out past buy points. Notably, Abercrombie & Fitch (ANF) broke out past a consolidation's 140.28 buy point. Meanwhile, the MarketSurge "Near Pivot" list shows stocks nearing buy points in bases. To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone. These features identify bullish patterns and buy points and are available to check every day. JPMorgan gave up its flat base's 200.94 entry during Monday's decline of 4.5%. Meanwhile, drug giant Merck is building a flat base that has a 133.10 entry. 4 Top Growth Stocks To Watch In The Stock Market Action Outside the Dow Jones index, Temu-parent PDD is in buy range past a cup-with-handle's 142.32 buy point, according to IBD MarketSurge. Robinhood Markets rallied 3.7% Monday, breaking out past a 20.55 buy point in a cup base. Chipmaker Taiwan Semiconductor is in buy range above a 148.43 buy point in a double-bottom base in the wake of strong recent gains. Trade Desk climbed 2.9% Monday, closing further above a 94 entry in a consolidation. And Tradeweb is squarely in its buy range past a flat base's 108.04 buy point, despite a 1.8% drop Friday. Learn How To Time The Market With IBD's ETF Market Strategy These are four stocks in or near buy zones in today's stock market. Join IBD experts as they analyze leading stocks in the current stock market action on IBD Live Among Dow Jones stocks in the Magnificent Seven, Apple stock added 0.6% Monday, closing at its highest level since late January. Shares forming the right side of a new base that has a 199.62 entry. Microsoft shares climbed 1.2% Monday, moving closer to a flat base's 430.82 buy point. The software leader is expected to announce new initiatives in the artificial intelligence space at its Build 2024 event, which kicks off on Tuesday. The Dow Jones component will be looking to maintain its momentum in the AI space following Google-parent Alphabet's (GOOGL) recent I/O developer conference. Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average. YOU MAY ALSO LIKE: Top Growth Stocks To Buy And Watch Learn How To Time The Market With IBD's ETF Market Strategy Find The Best Long-Term Investments With IBD Long-Term Leaders Check Out IBD's New Exposure Levels To Help You Stay In Step With The Market Trend Spot Buy Points And Sell Signals With MarketSurge Pattern Recognition
Dow Jones Dips As AI Stock Microsoft Shines; Nvidia Rallies On These Bullish Calls
The Dow Jones Industrial Average closed lower Monday despite Microsoft (MSFT) rising ahead of its artificial intelligence event. Fellow AI stock Nvidia (NVDA) popped following some bullish analyst calls ahead of earnings. And China electric-vehicle maker Li Auto (LI) skidded along with rival Tesla (TSLA) on the stock market today. Other stocks making moves included Hims & Hers Health (HIMS), which soared above an entry following plans to expand its weight-loss offerings. Several more stocks attempted breakouts, such as Abercrombie & Fitch (ANF), Archrock (AROC) and Valaris (VAL). Robinhood Markets (HOOD) and Netflix (NFLX) also managed to clear buy points. Stocks ended the day mixed as they looked to keep their rally going. The Dow Jones index slipped further into negative territory in afternoon trading as it fell 0.5%. The Nasdaq composite, however, climbed 0.7%. Micron Technology (MU) was a top performer in the composite, rallying 3% after Morgan Stanley upgraded the stock from underweight to equal weight. It is trading just below a cup-base entry of 130.54, MarketSurge data shows. Moderna (MRNA) fared even better as it surged more than 6%. Meanwhile, the S&P 500 added 0.1%. Norwegian Cruise Line (NCLH) sailed more than 7.5% higher while rival Carnival (CCL) also stood out with a gain of more than 7%. Electronics contract manufacturer Jabil (JBL) was also strong as it rallied more than 5%. The S&P 500 sectors were mixed. Technology, industrials and communications services were the areas faring best. Energy, consumer discretionary and financials lagged most. Small-cap stocks saw some progress fade, but the Russell 2000 still gained 0.5%. Growth stocks also pared gains, with the Innovator IBD 50 (FFTY) exchange traded fund up 0.6% on the stock market today. Treasury yields inched higher. The 10-year yield was up three basis points to 4.45% and the 2-year gained two basis point as it rose to 4.85%. On the Dow Jones index, Microsoft stock was up 1.2% on the stock market today. The AI leader is expected to announce new initiatives in the space at its Build 2024 event, which kicks off Tuesday. The Dow Jones software giant will be looking to maintain its momentum following Google's I/O developer conference. Among other Dow stocks, Caterpillar (CAT) fared best, however, as it rose 1.8%. Apple (AAPL) and Boeing (BA) were also top performers as they gained nearly 1% each. JPMorgan Chase (JPM) was down the most on the blue-chip index, finishing the session down 4.5%. Cisco Systems (CSCO) also lagged as it dipped more than 2%. Outside the Dow, Hims & Hers Health gapped up past a 17.16 cup-base entry and is now extended. It closed well off session highs though, despite rocketing 27.7% higher. The telehealth company, which sells medications online, catapulted on news it is the latest health care firm to expand its weight-loss offerings. The firm is introducing access to compounded GLP-1 injections. This market is currently led by Novo Nordisk (NVO) and its Ozempic and Wegovy products. The new offering will further the scope of a weight-loss program Hims launched late last year. The stock broke out in massive volume and its relative strength line hit fresh highs. Overall performance is solid, but not ideal, with its IBD Composite Rating coming in at 85 out of a best-possible 99. Li Auto was spanked on the stock market today after missing earnings views. It was also punished for issuing a disappointing outlook. The stock was off lows for the day, but still fell 12.8%. It lost ground on the 50-day moving average and dipped to its lowest point since March 15, 2023. The firm earned 17 cents per share in U.S. American Depositary Receipts, down 10.5% from 19 cents a year earlier. Wall Street had expected 24 cents. Revenue was in line with views. Li Auto expects second-quarter deliveries of 105,000-110,000 vehicles, below analyst estimates. Revenue should be $4.1 billion-$4.3 billion, up 4%-9% vs. a year earlier. But Wall Street expected $5.17 billion. U.S. rival Tesla closed off session lows but still gave up 1.5%. The so-called Magnificent Seven stock has fallen nearly 30% so far this year. Nvidia stock ended near session highs heading into the close as it rose 2.5% on the stock market today. It got a boost amid a flurry of price-target hikes. Baird upped its target from 1,050 to 1,200, while Susquehanna raised its goal to 1,100 from 1,050. Further, Barclays adjusted its price target from 850 to 1,100. Nvidia is in a buy zone after clearing a 922.20 cup-with-handle entry. The buy zone runs up to 968.31 This is a crunch week for the artificial intelligence stock with earnings due Wednesday. Nvidia is a member of the prestigious IBD Leaderboard list of top stocks. Investor's Business Daily industry groups offered a deeper insight into the broader action. Semiconductor equipment plays, data storage firms — which were bolstered by outperformance from Micron Technology — electronics contract manufacturers and database software firms were among the strongest groups. Coal stocks also burned brightly. In contrast, food wholesalers, specialty retailers, diversified insurers and discount retailers all underperformed on the stock market today. Abercrombie & Fitch closed in buy range after clearing a cup-without-handle base with an entry at 140.28. This is still an early-stage pattern, despite the fact the stock is up 64% year to date. IBD research has found early-stage bases are more likely to net big returns for investors. The stock has an IBD Composite Rating of 97 out of 99. This puts it in the top 3% of issues tracked by IBD. Abercrombie & Fitch is extending its turnaround, with EPS growing 267% in the most recent quarter. Archrock has moved above a cup-with-handle entry of 20.66. This is a first-stage pattern, a bonus. The energy infrastructure play focuses on midstream natural gas compression. Archrock is among the top 5% of issues in terms of price performance over the past 12 months. It also boasts perfect IBD Composite and EPS Ratings. Texas offshore drilling contractor Valaris tested a saucer-with-handle buy point of 77.09. The relative strength line is spiking. Valaris reported an eye-popping 775% increase in EPS last quarter. Archrock, which provides natural gas services to the oil industry has an IBD Composite Rating of 91, out of 99. Archrock earnings grew by an outstanding 160% in the most recent quarter, according to IBD MarketSurge. Robinhood Markets closed in a buy zone after clearing a cup-base buy point of 20.55. Robinhood stock has been rallying solidly after briefly dipping following earnings. The brokerage stock recently moved back above the 50-day moving average. It is also above the shorter-term 10-day and 21-day lines. Robinhood stock is also seeing its relative strength line drive higher on the stock market today, which adds further credibility to the breakout. It now sits at fresh highs, with a bullish blue dot appearing on its daily chart. BofA Securities recently upgraded Robinhood stock from underperform to buy, saying retail investors are becoming more active. Its price target was boosted to 24, up from 14. Big Money investors have been buying up the stock of late, with its Accumulation/Distribution Rating coming in at B. Other stocks clearing entries included Netflix (NFLX), which is above a cup base buy point of 639. This is a fourth-stage base. Overall performance is very strong for the streaming giant. It holds a best-possible IBD Composite Rating of 99. Please follow Michael Larkin on X, formerly known as Twitter, at @IBD_MLarkin for more analysis of growth stocks. YOU MAY ALSO LIKE: Stock Market Forecast: AI Investing And four More Predictions These Are The five Best Stocks To Buy And Watch Now Join IBD Live Each Morning For Stock Tips Before The Open This Is The Ultimate Warren Buffett Stock, But Should You Buy It? This Is The Ultimate Donald Trump Stock: Is DJT A Buy Amid These Legal Woes?
Wheat Futures Surge on Russian Crop Worries -- Daily Grain Highlights
By Kirk Maltais --Wheat for July delivery rose 5.8%, to $6.88 a bushel, on the Chicago Board of Trade on Monday, climbing in response to escalated fighting between Russia and Ukraine along with weather issues hitting their winter crops. --Corn for July delivery rose 1.8%, to $4.60 1/4 a bushel. --Soybeans for July delivery rose 1.6%, to $12.46 3/4 a bushel. HIGHLIGHTS War Zone: Concerns about war escalating between Ukraine and Russia sent wheat surging early Monday. Early Friday, Ukrainian drones attacked the Russian grain export port of Novorossiysk. "The Novo damage is being reported as minimal, but Ukraine appears to be targeting strategic economic targets within Russia, which now includes ag trade," said AgResource in a note. Combined with weather issues affecting crop yields in Russia, global wheat prices have risen. Storm Schedule: U.S. growing areas are expected to receive heavy rainfall this week, which may keep farmers out of fields. It provided grains with support Monday, support that might grow if the Crop Progress report shows continued slowdown in planting progress. "I don't see panic yet, but concerns are growing," said Arlan Suderman of StoneX in a note. Extended delays could push planting completion to June, which would affect crop yields and push prices up. INSIGHT Reduced Exposure: Friday's Commitments of Traders Report from the CFTC showed reduced short positions by funds for grains, a trend that appears to be extending into futures Monday. Friday's report showed funds through the week ended May 14 closing just under 15,000 short contracts in corn, along with nearly 18,000 shorts across various wheat contracts and just over 9,000 shorts in soybeans. Corn and wheat added new long positions, while soybeans closed both long and short positions. The change in balance by managed money comes as planting season progresses in the U.S., as traders look for weather issues to slow planting progress further. Inspections Decline: U.S. soybean grain export inspections were only a fraction of the previous week's total, according to the USDA latest inspections report. In its latest weekly report, the agency said that soybean inspections for the week ended May 16 totaled 184,218 metric tons. That's down 57% from this time last week. Wheat inspections also fell, dropping 46% to 205,612 tons for the week. Corn inspections, meanwhile, rose to 1.21 million tons for the week, up from 1 million tons. Analysts regarded this week's inspections as mediocre. AHEAD --The EIA will release its weekly ethanol production and stocks report at 10:30 a.m. ET Wednesday. --The USDA will release its weekly export sales report at 8:30 a.m. ET Thursday. --The USDA will release its monthly Livestock Slaughter report at 3 p.m. ET Thursday. Write to Kirk Maltais at [email protected] (END) Dow Jones Newswires 05-20-24 1516ET
News Highlights : Top Company News of the Day - Monday at 3 PM ET
Johnson Controls Stock Pops on Report Activist Investor Has Built Up Its Stake A report says Elliott Investment Management has been building a position in the air conditioning and building security supplier. Hims & Hers Health to Offer Injectable Weight-Loss Drugs on Telehealth Platform Hims & Hers Health shares soared after the company said it would add injectable weight-loss drugs to its platform, granting access to the popular treatments to its telehealth patients. Red Lobster Files for Bankruptcy With Plan to Sell Business and Reduce Locations The largest seafood restaurant chain in the U.S. failed to recover from dwindling traffic it suffered during the pandemic as menu prices crept higher. An unlimited shrimp deal also took a bite out of earnings. Micron's stock rises as Morgan Stanley admits its bearish stance 'was a mistake' An analyst said he failed to properly appreciate how high-bandwidth memory would drive stock momentum. Elon Musk's Neuralink Gets FDA Green Light for Second Patient The brain-chip startup has proposed solutions for a thread pullout problem experienced by its first participant, Noland Arbaugh. Grayscale CEO Michael Sonnenshein Steps Down The crypto asset manager is battling an investor exodus from its flagship bitcoin fund. Musk Effect Drives Spread of Supersize CEO Pay Packages Elon Musk didn't just upend the global auto business and space missions. The billionaire is also reshaping the landscape of executive pay. Li Auto Profit Fell on Higher Operating Expenses The Chinese electric-vehicle maker forecast rising demand for its vehicles in the second quarter after its first-quarter profit was hurt by a steep rise in research and other operating expenses that offset higher sales. Overseas Shipholding to Be Acquired by Saltchuk in $950 Million Deal The deal has been unanimously approved by the boards of both companies and is expected to close in the next few months. Star Entertainment Gets Bid Interest, Says No Substantive Talks So Far The Australian casino operator said it has received approaches about potential deals, including one from a consortium that includes a local partner of Hard Rock Hotels and Casinos. (END) Dow Jones Newswires 05-20-24 1515ET
Dow Jones Software Giant Microsoft, Energy Drink Leader Celsius Near Buy Points
Dow Jones software giant Microsoft stock and energy drink leader Celsius are approaching buy points in today's stock market.
S&P 500 Coasts To New Record High On Fed's Assurance Of No Rate Hikes
Nisian Hughes/DigitalVision via Getty Images The S&P 500 (SPX) set a new record high of 5,308.15 on Wednesday, 15 May 2024 before slipping back to close out the trading week that was at 5,303.27. The index rose a little over 1.5% above its previous week's close. The momentum behind the move was provided by Federal Reserve Chair Jerome Powell, who assured markets the week's higher-than-expected producer price inflation report would not respond by hiking U.S. short-term interest rates. With that likelihood greatly reduced, investors sent all the major U.S. stock indices higher during the week. Most notably, the Dow Jones Industrial Average (DJI) crossed above the 40,000 milestone, going on to end the week at 40,004.35. Meanwhile, the trajectory of the S&P 500 took it to the upper end of the dividend futures-based model's projected range, which can be seen in the latest update to the alternative futures chart. Other things happened during the trading week that ended on Friday, 17 May 2024. Here's our summary of the week's market-moving headlines: Monday, 13 May 2024 Signs and portents for the U.S. economy: Brent hovers above $83 as inflation data takes centre stageOil prices settle up on demand optimism, US inflation in focus The case for forever high interest rates Fed officials think they have a messaging problem, are expected to deliver a rate cut in September 2024: Fed's Jefferson flags challenges on communications frontHold steady on rates until clear inflation ebbing, says Fed's Jefferson Fed to cut rates in September, say nearly two-thirds of economists Growth signs, bigger stimulus developing in China: China's consumer prices rise for third month, signalling demand recovery China to kick off 1 trillion yuan stimulus bond issues this week BOJ officials see inflation from weak yen:Japan April wholesale inflation steady as weak yen boosts import costs Nasdaq, S&P, and Dow finish mixed as inflation data loomsS&P 500 barely changes as investors hold tight ahead of inflation data Tuesday, 14 May 2024 Signs and portents for the U.S. economy: Oil settles lower as inflation data gives way to market jitters Strong services fan US producer inflation in April US bank failures could surge by almost 50, Nomura analyst saysBig-name funds pile into real estate debt as banks retreat Biden hikes US tariffs on Chinese importsChina strongly opposes U.S. tariff hikes, pledging measures to defend rights Fed officials say won't hike rates because of producer price inflation running hot, see problem with household debt: Fed's Powell: PPI 'mixed,' next move unlikely to be a rate hikeUS Fed's Powell expects inflation to fall, though not as confident as before NY Fed: Amid rising debt levels, some borrowers face increased stress Bigger trouble, stimulus developing in China: Utility price hikes in parts of China hand another blow to households China's central bank leaves key policy rate unchanged BOJ officials not liking the inflation they see:Japan's firm wholesale inflation keeps alive near-term rate hike risks ECB officials thinking about rate cuts, but may delay them because the U.S. Fed is delaying them: Easing euro zone inflation creates room for rate cuts, ECB's Knot says Delayed Fed cuts could also slow ECB, Wunsch says Nasdaq notches new record closing high a day ahead of CPI; Dow, S&P also advanceNasdaq hits record close after Powell reassures investors, CPI in focus Wednesday, 15 May 2024 Signs and portents for the U.S. economy: US consumer prices rise less than expected in April; core CPI slowsRising food costs leave hungry Americans $33 billion behind, report says U.S. homebuilder sentiment tumbles as rates slow buyer traffic Oil rebounds, gains 1% after US crude draw, lukewarm inflation data Fed officials say they're standing by to take action later in 2024: Fed hawks and doves in their own words Fed's Kashkari: rates should stay on hold 'for a while longer' Bigger stimulus developing in China:Fiscal Bazooka: China Considers Buying Millions Of Homes To Save Property Market Bigger trouble developing in Eurozone:German economic advisers cut 2024 growth forecast to 0.2% CPI gains boost S&P to close above 5,300 for the first time, propel Nasdaq, Dow to records Thursday, 16 May 2024 Signs and portents for the U.S. economy: Oil up after US economic data strengthens rate cut expectations US labor market fairly tight, broader economy losing steam Fed officials say they want better data before committing to rate cuts: Fed remains cautious on cuts even as data improves Fed's Mester seeks more evidence inflation pressures are easing Exclusive: Fed's Williams welcomes inflation data, not ready to seek rate cuts Bigger stimulus developing in China:China property shares jump on report of government plans to buy unsold homes4:51 AM MST Bigger trouble developing in Japan: Japan's economy skids, clouding BOJ's rate hike plansJapan Q1 GDP shrinks annualised 2.0% on weak consumption, exports ECB officials say they're in "no hurry" to cut rates, see weaknesses in Eurozone economy: ECB not in a hurry to cut rates, should take measured steps after June, Kazaks saysECB's Centeno sees lower interest rates soon, no word on June decision Commercial property is weak link in euro zone finance, ECB saysECB's rates framework may discourage money-market lending - Nagel Dow unable to hold onto 40,000, ends little changed; Nasdaq, S&P 500 dip slightlyThe Dow's climb to a record 40,000 points Friday, 17 May 2024 Signs and portents for the U.S. economy:Oil set for weekly gain on signs of improving demand Fed officials say they'll hike rates if they have to, even though nobody believes them:Fed's Bowman repeats she's willing to hike rates if needed Growth signs, "historic" bailout developing in China: China's factories fire up but consumer, property weakness persists China unveils 'historic' steps to stabilise crisis-hit property sectorChina property shares rise on bets for new steps to ease deepening crisis Nasdaq, S&P 500, Dow end record-breaking week near all-time highsDow ends above 40,000 milestone, indexes notch up weekly gains The Atlanta Fed's GDPNow tool is forecasting an annualized real GDP growth rate of 3.6%, down from the +4.2% growth it projected in the previous week. Original Post Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.
