Dow Jones Falls As Oracle Plunges On Earnings; Apple iPhone 15 Event To Start

The Dow Jones Industrial Average dropped Tuesday, as AI leader Oracle plunged on mixed second-quarter earnings results. Meanwhile, the Apple’s iPhone 15 event will kick off later today.


On Wednesday, Wall Street will turn its attention to key inflation data, with the August reading for the Consumer Price Index. CPI is seen rising 3.6% year-over-year while core CPI is expected to pop 4.3%. Producer Price Index data is due the following day.

Oracle (ORCL) reported mixed results late Monday, sending shares down 12% in morning trade. Oracle shares closed Monday just 1% away from a 127.54 cup-base entry.

More key earnings reports this week include Adobe (ADBE), Copart (CPRT) and Lennar (LEN).

Stock Market Today

Electric-vehicle giant Tesla (TSLA) traded up 1% Tuesday, while Nvidia (NVDA) rose 0.5%. Dow Jones tech icons Apple (AAPL) and Microsoft (MSFT) traded lower, after today’s stock market open.

Other stock market leaders include Alphabet (GOOGL) and Meta Platforms (META). GOOGL stock fell 0.4% and Meta shares edged higher in early action.

Adobe (ADBE), Amazon (AMZN), Netflix (NFLX) and Shopify (SHOP) — as well as Dow Jones stocks Caterpillar (CAT), Intel (INTC) and Visa (V) — are among the best stocks to watch in the struggling stock market uptrend.

Adobe is an IBD Leaderboard stock and was featured in this Stocks Near A Buy Zone column. Amazon is an IBD SwingTrader stock.

Dow Jones Today: Oil Prices, Treasury Yields

After Tuesday’s opening bell, the Dow Jones Industrial Average fell 0.2%, while the S&P 500 was down 0.25%. The tech-heavy Nasdaq composite declined 0.2% in morning trade.

Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) was down 0.35%, while the SPDR S&P 500 ETF (SPY) traded down 0.3% early Tuesday.

Early action Tuesday also showed the 10-year U.S. Treasury yield at 4.29%, again approaching its 52-week high.

Also, oil prices continue to hold near their 2023 highs. West Texas Intermediate futures rose around 1.5% in morning action, trading around $88.50 a barrel Tuesday.

Five Best Dow Jones Stocks To Buy And Watch Now

Stock Market Struggles

On Monday, the Dow Jones Industrial Average rose 0.25%, while the S&P 500 rose 0.7%. The tech-heavy Nasdaq composite rallied 1.1%, retaking its 50-day line.

Monday’s Big Picture column commented, “Monday’s action in the major indexes and leading stocks left the market in better shape than last week. Still, the stock market is living day to day, with headlines influencing much of the trading.”

Now is an important time to read IBD’s The Big Picture column as the stock market tries to extend its recent gains after a sharp pullback from this year’s highs.

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Dow Jones Stocks: Caterpillar, Intel, Visa

Dow Jones leader Caterpillar is approaching a new flat base’s 293.88 buy point after strong gains since early June. CAT stock edged lower Monday, just 4% away from the latest buy point. Shares fell 0.2% Tuesday morning.

Chip giant Intel is in buy range past a 37.19 flat-base entry, after last week’s breakout move. INTC stock rose 1.3% Tuesday.

And Dow Jones payments leader Visa is still above its latest entry, a flat base’s 245.37 buy point, according to IBD MarketSmith pattern recognition. V stock edged lower early Tuesday.

4 Top Growth Stocks To Buy And Watch In The Stock Market Rally

Stocks To Watch: Adobe, Amazon, Netflix, Shopify

IBD Leaderboard stock Adobe is in buy range past a 552.94 buy point in a short consolidation amid recent gains. Shares are in the 5% buy area, according to IBD MarketSmith. Adobe announces its fiscal third-quarter results on Thursday. ADBE stock dropped 1.8% Tuesday.

E-commerce giant Amazon is approaching a 143.63 buy point in a flat base. Shares are in a new buy area, as they rebound from their 50-day line and move above a trendline entry just below 140. The IBD SwingTrader stock rose 3.5% Monday. AMZN stock fell 0.6% early Tuesday.

Streaming giant Netflix continues to build a cup base with a 485 buy point. An early entry at last week’s high of 453.45 is also in play. NFLX stock declined 0.9% Tuesday morning.

Shopify shares are adding a handle to a cup base, taking the buy point to 67.60. They are rebounding from support around their key 50-day line. SHOP stock moved down 1% in morning trade Tuesday.

Learn How To Time The Market With IBD’s ETF Market Strategy

Best Stocks In Stock Market Action

These are four best stocks to buy and watch in today’s stock market, including a Dow Jones leader.

Company NameSymbolCorrect Buy PointType Of Buy Point
Amazon (AMZN)143.63Flat base
Visa (V)235.57Flat base
Netflix (NFLX)485.00Cup base
Shopify (SHOP)67.60Cup base
Source: IBD Data As Of Sept. 11, 2023

Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live

Tesla Stock

Tesla stock surged 10% Monday after Morgan Stanley upgraded Tesla stock from hold to buy, with a Wall Street high price target of 400, up from 250. Shares jumped above a recent high of 261.18, which was an early entry. And TSLA stock has a 299.29 official buy point.

On Tuesday morning, TSLA stock added 1%, on pace to extend Monday’s surge.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks, Apple stock rebounded for a second session Monday, still below its 50-day line after last week’s sharp losses. Despite the recent weakness, AAPL stock is building a flat base with a 198.23 buy point. AAPL stock fell 0.6% early Tuesday.

Apple plans to introduce its iPhone 15 family Tuesday and may also debut its Apple Watch Series 9. The iPhone 15 Pro models will include more technology upgrades and could see price increases over the current iPhone 14 Pro. The top-of-the-line Pro Max model is said to include an upgraded camera with a periscope lens for greater optical zoom capability. The event is set to start at 1 p.m. ET.

Microsoft shares are moving further above their 50-day line, with a 1.1% rise Monday. Shares are rallying up the right side of a cup base that has a 366.78 buy point. And on Tuesday morning, the stock moved down 0.6%.

Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.


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