Stocks churned in narrowly mixed territory just after Tuesday’s open, as oil prices slumped, U.S. sanctions pressured China-based stocks and markets looked toward testimony from the U.S. Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell. Analyst actions had a firm influnce on early trade, sending Netflix to the top of the Nasdaq 100. On the Dow Jones today, UnitedHealth Group rallied past a buy point.

The Dow Jones Industrial Average pared its opening loss to 0.15%, with chemical maker Dow (DOW) off 1.8% and at the bottom of the index. The S&P 500 shaved off 0.1% on the stock market today. The Nasdaq Compoiste swung between tight gains and losses, down 0.2% 30 minutes into the session.

Zoom Video (ZM) and Netflix (NFLX) topped the Nasdaq 100, up 3.2% and 2.9%, respectively. Netflix was upgraded, to buy, by Northcoast, with a price target at 560.

Broadcasting heavyweight ViacomCBS (VIAC) led the early declines among S&P 500 stocks, down more than 9% after announcing a $3 billion bond offering, to be used at least partly to bolster its Paramount+ streaming unit. Discovery (DISCA) dropped more than 3%, after a 3.3% drop on Monday, threatening to snap the stock’s steep, 13-week advance.

United Health Tops Entry, Chevron Resists On Dow Jones Today

Leads changed hands rapidly in early trade on the Dow Jones today. UnitedHealth Group (UNH) rallied 0.8% in early action, topping a 367-59 buy point in an nine-week cup base.

Chevron (CVX) recovered from early losses and rose 0.2%, resisting a sharp drop oil prices. West Texas Intermediate futures traded down 4% early Tuesday, falling below $60 a barrel. A five-day selloff had sent WTI to a test of support at its 50-day line on Thursday, its first dip to that technical level of support since November.

Bonds Rise Ahead Of Powell, Yellen Testimony

Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell launch two days of congressional testimony today, as both are scheduled to go before the House Financial Services Committee at noon ET. Both are expected to affirm the pronounced recovery underway in the U.S. economy, and argue that more stimulus-style support is necessary in order to re-establish full employment.

Bonds rose, sending the 10-year Treasury yield down 5 basis points to 1.65%, after climbing on Thursday above 1.75%, the highest level since mid-January 2020. Yields had staged a quick rebound from record lows during the pandemic, bottoming out around 0.50% in August. The quick rise in yields has stirred inflation concerns, as the 10-year rate edges near pre-pandemic levels, after starting 2020 at around 1.8%, which was down from about 2.7% a year earlier.

U.S. Sanctions Hit China Stocks, Baidu’s Hong Kong Debut

Overseas markets traded generally lower, led by losses in China after the Biden administration on Monday imposed sanctions against two Chinese officials for human rights abuses. The European Union, Canada and the United Kingdom simultaneously announced similar measures, CNN reported. China immediately struck back at the European Union, placing sanctions on 10 EU politicians.

The news helped cool search engine giant Baidu (BIDU), which launched its Hong Kong initial offering on Tuesday. Shares gained 0.8% during the session, capitalizing the company at around 700 billion in Hong Kong dollars, or $90.12 billion in U.S. currency, according to the South China Morning Post. Baidu’s U.S. shares dropped 5% in early trade.

China-based electric vehicle makers were under modest pressure, with Li Auto (LI) down 3% and Xpeng (XPEV) showing a 1.8% decline.

However, Tencent Music (TME) jumped 3.4% higher, after reporting a narrow fourth-quarter earnings win late Monday.

Takung Art (TKAT) was also a standout among U.S.-traded China names, up 29% in early trade. The online art trading site rallied more than 65% Monday in massive volume, following a gain of more than 600% in the prior week.

Dow Jones Today: Microsoft In Buy Range, Apple Bases

The Dow Jones today remains in a healthy rally mode, with Intel, Apple (AAPL) and Cisco Systems (CSCO) leading the charge on Monday, all with gains nearing 3%. Intel is in a buy range above what IBD MarketSmith analysis charts as a cup-with-handle base buy point at 63.64. Intel is up 7.9% so far in March, and working on its fifth-straight monthly advance.

Barclays lifted Intel’s price target to 58, from 53. The target was still more than 10% below where Intel stock finished Monday, and the report held its rating at underweight.

Microsoft, an IBD Leaderboard stock, remains in a buy range above a 232.96 buy point, following a breakout from a 21-week cup base in January. The stock is in a wrestling match to retake and hold support at its 50-day moving average, after stabbing back above that line in weak trade on Monday. Microsoft stock has held well above its 200-day moving average.

Meanwhile, Apple stock has pulled back into its first visit to its 200-day line since the Covid-19 market selloff a year ago. The chart has established a potential floor to its consolidation, notching tight weekly closes above the 200-day. But it hasn’t been able to effectively retake support at its 21-day exponential moving average, and still remains about 5% below its 50-day line, as it aims to start up the right side of a possible base.

Uptrend Delicate, As Nasdaq Test Continues

While the Dow industrials are holding well above key levels of support, the S&P 500 and the Russell 2000 have rebounded from tests of their 50-day lines, and are both currently perched at their 21-day levels. The Nasdaq Composite managed to regain its 21-day line on Monday, and now faces its 50-day moving average, where it has met resistance since late February.

For more detailed analysis of the current stock market and its status, study the Big Picture.

IBD’s market outlook was upgraded to “confirmed uptrend” on March 10, as the Dow Jones Industrial Average set new highs. But Monday’s Big Picture article pointed out that “the stock market’s confirmed uptrend remains delicate.” The Nasdaq still faces resistance, and precisely which elements of the market may step up to lead the next leg of a rally remain unclear.