Futures Fall As Tesla Threatens Win Streak

The Dow Jones Industrial Average and other major stock indexes traded mixed Tuesday, with key inflation reports due later in the week. An early loser was Tesla (TSLA), which threatened to snap a win streak that saw the stock rally by nearly 48%.

After the opening bell, the Dow Jones Industrial Average rose 0.2%, while the S&P 500 gained 0.1%. The tech-heavy Nasdaq composite traded slightly lower in morning trading.

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Early Tuesday, the 10-year Treasury yield ticked higher to 4.39%. Oil prices rose, as West Texas Intermediate futures traded around $68.705 per barrel.

Among exchange traded funds, the Invesco QQQ Trust (QQQ) inched down, as the SPDR S&P 500 ETF (SPY) edged higher after the open.

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Tesla Stock Slides

Tesla stock surged another 9% Monday, extending a win streak to five sessions. During that win streak, shares of the electric-vehicle giant soared as much as 47.7% to Monday’s intraday high of 358.64.

It has been the best stretch since the five days that ended on March 25, 2020, when it rose 49.3%, per Dow Jones Market Data. The stock reached an all-time high on Nov. 4, 2021, at 414.50.

But shares skidded 3% in morning trading Tuesday.

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Key earnings movers Tuesday morning include Home Depot (HD), On Holding (ONON) and Shift4 (FOUR).

Home Depot climbed 1.2% in early trading. Shares of retailer On moved up 1.9% after the opening bell, while Shift4 stock tumbled 5%.

Elsewhere, Honeywell (HON) jumped 6% after Bloomberg reported Elliott Investment Management has a $5 billion stake in the company.

This week, investor attention shifts to inflation reports, with Wednesday’s release of the consumer price index and Thursday’s release of the producer price index. Meanwhile, Federal Reserve Chairman Jerome Powell is due to speak on Thursday at 3 p.m. ET.

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Dow Jones Hits New High

On Monday, the Dow Jones Industrial Average climbed 0.7%, while the S&P 500 gained 0.1%. And the tech-heavy Nasdaq also rose 0.1%.

During Friday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market action.

Among the best companies to watch on the stock market today are Broadcom (AVGO), Costco Wholesale (COST) and Deckers Brands (DECK).

Dow Jones components making notable moves are Amazon.com (AMZN), Apple (AAPL) Microsoft (MSFT) and Salesforce (CRM).

Amazon was featured in this Stocks Near A Buy Zone column.

There were six new stocks on IBD MarketSurge‘s “Breaking Out Today” list Monday. Notably, On Holding topped a 52.80 buy point in a flat base. Check for potential breakouts  on the “Near Pivot” list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.

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Dow Jones: Salesforce Tops Buy Point

Dow Jones software leader Salesforce rallied into new highs Monday, extended beyond a 318.71 buy point, according to MarketSurge pattern recognition. Shares edged lower on Tuesday.

Outside the Dow Jones index, artificial intelligence giant Broadcom continues to rebound from its 50-day line, as it approaches a 186.42 alternative entry. Broadcom shares slipped marginally Tuesday.

Costco remains above a flat base’s 923.83 buy point despite Monday’s 1.2% drop. Costco is a recent options trade idea. Shares were modestly lower early Tuesday.

Deckers stock is in buy range past a 172.57 buy point in a cup-with-handle base following last week’s breakout move. Shares rose 0.3% in morning action Tuesday.

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Stock Market Today: Companies To Watch

These are four stocks in or near buy zones in today’s stock market.

Source: IBD Data as of Nov. 12

Join IBD Experts As They Analyze Leading Stocks On IBD Live

Magnificent Seven Stocks Pre-Market: Alphabet, Meta

Among Magnificent Seven stocks, Alphabet (GOOGL) moved down 0.4% in early trading. Shares are approaching a 182.02 buy point in a cup with handle.

Meta Platforms (META) rebounded from support at its 50-day moving average line, as it forms a flat base with a 602.95 buy point. Shares gained 1.2% Tuesday.

Dow Jones Leaders: Amazon, Apple, Microsoft, Nvidia

Among Dow Jones components in the Magnificent Seven, Amazon stock fell for a second straight day Monday, but moved up 0.2% Tuesday. Amazon shares are above a consolidation’s 201.20 buy point.

Chip giant Nvidia (NVDA) fell further from new highs Monday, but looked to bounce back with a 0.8% morning gain Tuesday. Nvidia is the only Magnificent Seven name that has not yet reported results from its most recent quarter. It is scheduled to report earnings Nov. 20.

Shares of Apple gave up their 50-day line Monday, and moved up a fraction Tuesday morning.

Microsoft shares dipped slightly Tuesday morning. On Monday, shares fell below their 50-day line, a key level to watch.

Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.

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