Dow Jones Edges Up As Tesla Slides On Hertz Deal Uncertainty

On Nov 2, 2021

The Dow Jones Industrial Average briefly rallied 50 points Tuesday morning, as Tesla stock skidded as much as 5% in early trade over uncertainty in the recently-announced Hertz deal before slashing losses.

Among the Dow Jones leaders, Apple (AAPL) rose 0.7%, while Microsoft (MSFT) gained 0.75% in today’s stock market. American Express (AXP), Goldman Sachs (GS) and JPMorgan Chase (JPM) continue to trade near new buy points.

Tesla (TSLA) pared losses after briefly skidding more than 5% Tuesday, retreating from Monday’s all-time highs.

Among the top stocks to buy and watch, Albemarle (ALB), Alphabet (GOOGL) and ServiceNow (NOW) are in or near new buy zones.

Microsoft and Tesla are IBD Leaderboard stocks. Alphabet is an IBD SwingTrader stock. Albemarle was featured in this week’s Stocks Near A Buy Zone story.

Dow Jones Today

Early Tuesday, the Dow Jones industrial average crept 0.1% higher after paring early gains. The S&P 500 traded up 0.2%, while the tech-heavy Nasdaq rose 0.1% in morning trade.

Among exchange traded funds, Innovator IBD 50 (FFTY) gained 0.4% Tuesday. Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 0.2%. And the SPDR S&P 500 ETF (SPY) moved up 0.25%.

Stock Market ETF Strategy And How To Invest

Stock Market Rally

The stock market rally gained further strength on Monday, as the Dow Jones Industrial Average, Nasdaq and S&P 500 notched more all-time highs. The Dow 30 briefly topped the 36,000 level before closing beneath it.

On Monday, The Big Picture commented, “The Nasdaq holds a quarter-to-date gain of 7.9%. That’s equally respectable. Credit this gain in large part to strength in the chip, business software, automotive, retail and financial sectors of the market. The S&P 500 has advanced 7.1%.”

With the Nasdaq at all-time highs and a limited amount of distribution, investors should remain bullish on the positive trend in the market. So, investors should be looking for new buying opportunities to incrementally increase market exposure. And, like always, be disciplined about your purchases. Don’t chase extended stocks, and be sure to cut losses after sell signals.

For daily stock market commentary, be sure to check out IBD’s The Big Picture.

Five Best Dow Jones Stocks To Watch Now

Dow Jones Stocks To Buy And Watch: Amex, Goldman, JPMorgan

American Express ended Monday about 3% below a 178.90 buy point in a cup with handle, according to IBD MarketSmith chart analysis. Shares fell 0.4% Tuesday, threatening to fall after Monday’s slight gain.

Goldman Sachs is within striking distance of a 420.86 buy point in a flat base following Monday’s 0.8% gain. Shares lost 0.55% Tuesday morning. The top Dow Jones stock featured in this week’s Stocks Near A Buy Zone column.

Meanwhile, JPMorgan remains at the top of the 5% buy zone past a 163.93 entry in a cup with handle after a recent bounce off the 50-day moving average. The 5% buy area tops out at 172.13. JPM stock was up 0.1% Tuesday.

Stocks To Buy And Watch: Albemarle,…