Dow Jones futures climbed Tuesday, ahead of the early release of economic data and February's final trading session. Retail giant Target (TGT) reversed early gains and dipped as earnings slipped less than expected, but Chief Executive Brian Cornell warned of a "very challenging environment." And Tesla (TSLA) stock rallied more than 2% ahead of Wednesday's investor day.
The Case-Shiller index is expected to fall 0.5% for December, with an annual rise of 5.3%. The FHFA index is estimated to fall 0.3% for December. Chicago PMI is expected to rise in February to 45.0 vs. 44.3 in January. Finally, the consumer confidence index is expected to tick higher to 108.5 vs. 107.1 in January.
On the earnings front, Occidental Petroleum (OXY) missed its Q4 earnings targets late Monday, sparking a 1% fall in premarket trade. The Warren Buffett-backed energy giant reported earnings falling 9% to $1.61 per share in Q4 while revenue increased 4% to $8.22 billion. On the year, EPS ballooned 267% to $9.35 while sales shot up 43% to $37.1 billion. Occidental also upped its dividend and announced a $3 billion stock repurchase plan.
Elsewhere, Advance Auto Parts (AAP), AutoZone (AZO), Shift4 Payments (FOUR), Workday (WDAY) and Zoom Video Communications (ZM) were earnings movers.
AAP shares rose nearly 4% in premarket trade, while AutoZone stock lost around 1%. FOUR stock surged 8.7%, as Workday shares skidded almost 3%. Finally, Zoom stock jumped 6.7% in early morning trade.
Other notable companies reporting earnings this week are C3.ai (AI), Costco Wholesale (COST), Dollar Tree (DLTR), Kohl's (KSS), Lowe's (LOW), Macy's (M), Ross Stores (ROST) and Salesforce (CRM).
Stock Market Today
Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) traded modestly higher ahead of the stock market open.
IBD Leaderboard watchlist stock Palo Alto Networks (PANW), Deere (DE), Toll Brothers (TOL) and Wingstop (WING) — as well as Dow Jones stocks American Express (AXP), Cisco Systems (CSCO) and JPMorgan Chase (JPM) — are among the top stocks to watch, with the recent stock market weakness.
Palo Alto is an IBD Leaderboard watchlist stock. Deere was a recent IBD Stock Of The Day picks. Cisco Systems and Wingstop were featured in last week's Stocks Near A Buy Zone column.
Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Tuesday's market open, the final trading day of February, Dow Jones futures rose 0.3% vs. fair value, while S&P 500 futures moved up 0.3%. Tech-heavy Nasdaq 100 futures gained 0.4% in morning action.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) traded up 0.4% and the SPDR S&P 500 ETF (SPY) rose 0.3% early Tuesday.
On Monday, the 10-year U.S. Treasury yield settled at 3.92%, holding near its highest level since November. Then, on Tuesday, the 10-year yield ticked higher to 3.93%.
Oil prices rebounded from Monday's modest losses, with West Texas Intermediate futures advancing nearly 2% to just above $77 a barrel.
Stock Market Rally Struggles
On Monday, the Dow Jones Industrial Average rose 0.2% and the S&P 500 gained 0.3%. The tech-heavy Nasdaq composite rallied 0.6%.
Monday's Big Picture column commented, "Monday's bounce was little relief for indexes that have been in downward price trends for nearly a month. Until the indexes show a definite change in direction, investors need to remain cautious."
Now is an important time to read IBD's The Big Picture column amid the now-struggling stock market rally.
Dow Jones Stocks To Buy And Watch: American Express, Cisco, JPMorgan
Featured in this week's Stocks Near A Buy Zone column, American Express is building a giant cup-with-handle base that displays a 182.25 buy point. Shares are just 4% below their buy point, as they fell 0.55% Monday. Bullishly, the stock's relative strength line is nearing new highs, a particularly positive sign ahead of a potential breakout. AXP stock moved up 0.15% Tuesday morning.
Banking giant JPMorgan is in buy range above its 138.76 flat-base buy point after Monday's 0.9% gain, according to IBD MarketSmith chart analysis. Shares are also rebounding from their key 50-day moving average. JPM shares traded up 0.3% early Tuesday.
JPM stock shows a solid 94 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup. The Composite Rating is designed to help investors easily find top growth stocks.
Cisco Systems ended a five-day losing streak with a 0.5% rise Monday but remains below a flat base's 50.81 buy point. Shares are trying to halt their slide around their 50-day line and are about 4% below the entry. CSCO shares inched 0.3% higher Tuesday.
Top Stocks To Buy And Watch: Palo Alto, Wingstop
IBD Leaderboard watchlist stock Palo Alto Networks is building the right side of a base that has a 193.01 buy point in the wake of last week's more than-10% jump. PANW stock rose 0.5% Tuesday morning.
Backstory: Last week, cybersecurity giant announced very good results for the January-ended quarter that saw earnings hit $1.05 a share, up 81% vs. a year earlier, on a 26% jump in revenue to $1.7 billion.
Wingstop is back in the 5% chase zone past a 169.04 cup-with-handle entry that tops out at 177.49 after recent losses. Investors should wait for signs of support before considering a purchase of shares, especially amid the deteriorating general market conditions. WING stock moved up 1% early Tuesday.
Backstory: The Dallas-based restaurant chain has more than 1,900 locations in the U.S. and international markets, according to Dow Jones Newswires. Its international locations include Mexico, Colombia, Panama, Singapore and the U.K. Wingstop added 61 new locations in the fourth quarter, bringing Wingstop's total footprint to 1,959 restaurants worldwide.
Deere, Toll Eye Latest Buy Points
Deere shares climbed 1% Monday but still closed below their 50-day line. Shares are 6% under a 448.50 buy point in a flat base. DE stock moved up a fraction Tuesday morning.
Backstory: An industrial bellwether, Deere has shrugged off recession and inflation fears to deliver solid profits. In the last year, higher commodity prices let farmers buy both new and upgraded machines. In the fiscal first quarter ended Jan. 29, the tractor maker posted a 124% jump in per-share earnings on a 32.2% total revenue surge, both topping estimates. Earnings growth accelerated for a second straight quarter.
Homebuilder Toll Brothers is building a cup-with-handle base that displays a 63.29 buy point. Bullishly, the stock boasts a relative strength line at new highs after Monday's 1.5% rise. TOL stock shows a solid 95 IBD Composite Rating. Toll Brothers shares were down slightly early Tuesday.
Backstory: Last week, luxury homebuilder Toll Brothers topped earnings and revenue projections while maintaining its full-year guidance. The homebuilder's financial report comes as a 12-month slide in U.S. existing home prices showed signs of slowing in January.
Stocks To Buy And Watch In Stock Market Rally
These are six top stocks to buy and watch in today's stock market, including two Dow Jones leaders.
Tesla Stock
Tesla stock rallied 5.5% Monday after the company announced Gigafactory Berlin is now producing 4,000 Model Y vehicles per week. The global EV giant generally considers 5,000 units per week to be the goal for its factories. At its current pace, the Berlin plant is on pace for 208,000 vehicles per year.
Despite their strong rebound since Jan. 6, shares are still below the 200-day line. That key level looms as a potential resistance area. Shares closed Monday around 47% off their 52-week high.
Tesla stock looked to add to Monday's gains, moving up 2.2% Tuesday morning.
Tesla will hold its investor day Wednesday, with Musk teasing plans to present his "Master Plan 3" at the event. Analysts say they know few details, and many doubt there will be any new product announcements. Musk says his Master Plan 3 is about a "path to a fully sustainable energy future for Earth."
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares rose 0.8% Monday, bouncing back above support around their 200-day line. Shares are around 18% off their 52-week high. Apple shares inched higher Tuesday.
Microsoft shares remain below their 200-day line despite Monday's 0.4% gain. The stock is more than 20% off its 52-week high after recent losses. MSFT stock moved up a fraction early Tuesday.
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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