The Dow Jones Industrial Average briefly dropped 150 points Monday morning, as Boeing surged on 787 Dreamliner news. Chinese electric-vehicle stocks Li Car (LI), Nio (NIO) and Xpeng Motors (XPEV) rose after reporting July deliveries.
Li Auto rallied 5%. Nio and Xpeng gained 4% and 2%, respectively, in morning trade.
Key earnings that came Monday morning included Global Payments (GPN) and Onsemi (IS). Global Payments gained as much as 2% on strong results and agreed to acquire EVO Payments (EVOP) for $4 billion. Onsemi beat views and guided higher for the current third quarter, but shares dropped 2% in morning trade.
Dow Jones Aerospace Giant Boeing (BA) rose more than 4% after the company temporarily avoided a strike at three defense manufacturing plants and cleared a regulatory hurdle for resuming deliveries of its 787 Dreamliner.
Tesla (TSLA) rallied more than 3% early Monday. Elsewhere, Dow Jones tech leaders Apple (AAPL) and Microsoft (MSFT) turned mixed after today’s stock market open.
In the current volatile stock market environment, Dow Jones stock UnitedHealth (UNH) — as well as ELF Beauty (ELF), ExxonMobil (XOM), Quanta Services (PWR), Ulta Beauty (ULTA) and Vertex Pharmaceuticals (VRTX) — are among the stocks to watch. Keep in mind that ongoing stock market volatility is a reason to stay more conservative despite recent signs of strength.
UnitedHealth and Vertex are IBD Leaderboard stocks. Exxon Mobil was Friday’s IBD Stock Of The Day. ELF and Ulta were Featured in last week’s Stocks Near A Buy Zone column.
Dow Jones Today: Treasury Yields, Oil Prices
After Monday’s open, the Dow Jones Industrial Average lost 0.3% and the S&P 500 declined 0.35%. The tech-heavy Nasdaq composite fell 0.2% in morning trade.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) dropped 0.2%. And the SPDR S&P 500 ETF (SPY) fell 0.35%.
The 10-year Treasury yield ticked down to 2.62% Monday morning, extending losses from Friday’s drop to 2.64%. The 10-year Treasury yield is at its lowest level since early April. Meanwhile, US oil prices skidded, as West Texas Intermediate Futures declined nearly 6% to about $93 a barrel.
Stock Market Rally
The Nasdaq composite fared best as it moved 1.9% higher Friday. It posted strong gains in each of the past three sessions and finished the month with a mammoth 12.6% gain. This was its best July on record. Nevertheless, it remains down almost 21% year-to-date.
Friday’s The Big Picture column commented, “In a potentially dangerous week dominated by Big Tech earnings and the latest Fed meeting, Indexes still managed to power higher. It seems Wall Street is increasingly inclined to believe the economy is turning a corner.”
If you’re new to IBD, consider taking a look at its stock trading system and CAN SLIM basics. Recognizing chart patterns is one key to the investment guidelines. IBD offers a broad range of growth stock lists, such as Leaderboard and SwingTrader.
Investors can also create watchlists, find companies nearing a buy point, or develop custom screens at IBD MarketSmith.
Four Dow Jones Stocks To Watch Now
Dow Jones Stocks To Watch: UnitedHealth
Health insurance Giant and IBD Leaderboard stock UnitedHealth is nearly out of buy range above its double-bottom-with-handle base’s 518.80 buy point after Friday’s 0.2% gain, according to IBD MarketSmith chart analysis. Shares inched higher Monday.
UNH stock shows a solid 94 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup. Investors can use the IBD Composite Rating to easily gauge the quality of a stock’s fundamental and technical metrics.
4 Top Growth Stocks To Watch In The Current Stock Market Rally
Top Stocks To Watch: ELF, Exxon, Quanta, Ulta, Vertex
ELF Beauty is right at a 33.54 buy point in a cup with handle following a three-day win streak. The RS line hit a new high in recent weeks, which is a sign of big stock market outperformance. Earnings are due out Wednesday after the market closes. ELF shares fell 0.7% Monday.
Friday’s IBD Stock Of The Day and energy giant Exxon Mobil reclaimed the 50-day line and topped an aggressive early entry around 93.24, as shares surged 4.6% Friday. Meanwhile, a cup-base entry at 105.67 is also in play. Shares moved down 3% early Monday.
Quanta Services is back at a cup-with-handle base’s 138.56 buy point after Friday’s 4.5% slide, according to IBD MarketSmith chart analysis. Quanta earnings are due on Thursday. Shares were down 0.4% Monday.
IBD Big Cap 20 stock Ulta Beauty is building a flat base with 429.58 buy point, but is finding it hard to decisively retake its 50-day line after Friday’s 3% drop. The base comes in the wake of a failed breakout past a cup-with-handle’s 426.93 entry in June. Ulta shares edged lower Monday.
IBD Leaderboard stock Vertex Pharmaceuticals is testing support around a cup-with-handle’s 279.23 buy point, as well as the 50-day line amid Friday’s 0.15% loss. The company will report earnings on Thursday. Vertex stock was down 0.5% Monday.
Join IBD experts as they analyze leading stocks in the current stock market Rally on IBD Live
Tesla stock climbed another 5.8% Friday, extending a winning streak to three sessions. Shares are at their highest level since early May, and are approaching their 200-day line, which is a key resistance level to watch.
Shares rose more than 3% Monday morning.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares rose 3.3% Friday and is back above its 200-day line for the first time since May 5 after bullish action in recent weeks. Apple shares rose 0.2% Monday morning.
Microsoft advanced 1.6% Friday, rising for a third straight day. The stock closed about 20% off its 52-week high. Microsoft traded down 0.9% in morning trade.
Be sure to follow Scott Lehtonen on 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
MarketSmith: Research, Charts, Data And Coaching All In One Place
How To Research Growth Stocks: Why This IBD Tool Simplifies The Search For Top Stocks