The Dow Jones Industrial Average reversed higher on Monday, amid early gains from apple (AAPL) And Intel (INTC). Meanwhile, Tesla stock soared, as the company announced production of its first Cybertruck at its Austin, Texas, plant.
On the economic calendar, retail sales data for June – due on Tuesday – is one of the headlines for the week. In the first reading of consumer activity for the month of June, it is expected to show a moderate increase overall of 0.5%, after May’s rise of 0.3%, according to Econoday estimates.
Tesla (TSLA) And Netflix (NFLX) earnings headline this week. Lockheed Martin (LMT) reports Tuesday. United Airlines (UAL) And Delta Airlines (DAL) Also, along with Dow Jones names like Goldman Sachs (p) And Johnson & Johnson (JNJ).
stock market today
Allegro Micro Systems (ALGM), Cloud Flair (network), on hold (Onon) And Harmonious energy systems (MPWR) – as well as Dow Jones shares American Express (AXP), Larva (cat) And sales force (CRM) – among the top stocks to watch in the current stock market rally.
Tesla is the IBD Leaderboard stock, while American Express appeared in the stock column near the buy zone. On Holdings was the last stock of the day from IBD. Cloudflare was also a recent IBD stock pick of the day.
Dow jones today: oil prices and treasury yields
After Monday’s opening bell, global markets were under moderate pressure after weak Q2 GDP data from China. The Dow Jones Industrial Average reversed higher after modest losses, while the S&P 500 rose 0.2%. The Nasdaq Composite Heavy Index rose 0.5% in the morning move.
The 10-year US Treasury yield was trading at 3.81% Monday morning. On Friday, the 10-year Treasury yield held steady at 3.81%, with a significant weekly loss.
WTI prices fell on Monday morning, giving up part of last week’s strong gains. West Texas Intermediate crude futures were trading down more than 1%, to around $74.50 a barrel.
Stock market action
On Friday, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 and Nasdaq Composite Indexes reversed slightly lower.
The Big Picture column commented on Friday, “Lower stocks outnumbered takers by about 3 to 1 in the NYSE and more than 2 to 1 in the Nasdaq. Volume was mixed as well. At this point, the stock market’s upside continues to show resilience.” IBD recommends sticking to 80% to 100% exposure, but be prepared to take action on any sell signals in the event of a pullback.”
Now is an important time to read IBD’s The Big Picture column as the stock market has reached its highest levels for the year.
The five best Dow stocks to buy and watch right now
Dow Jones stocks to watch: American Express, Caterpillar, Salesforce
American Express is attempting to overtake the 177.04 buy point for a cup base with handle. Stocks closed below the incentive to buy after the third straight decline on Friday. Second-quarter earnings are due on Friday. AXP stock was down 0.3% Monday morning.
Industrial giant Caterpillar is in a range of over 250.89 buy points in a cup with a handle, according to IBD MarketSmith pattern recognition. CAT shares lost 0.6% early on Monday.
Salesforce is within a buy range of over 225 buy points for a flat base, according to IBD Leaderboard analysis, after last week’s big advance. CRM stock was down 0.2% Monday morning.
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Stocks to buy and watch: Allegro, Cloudflare, Over Holdings, Homogeneous Power
Allegro MicroSystems jumped past a fresh buy point last week, ending up in buy territory after Friday’s 3.2% drop. The buy range extends from 48.72 buy points to 51.16. On Monday, ALGM stock rose 0.8%. The company announces its financial results for the first quarter of August. 1.
Cloudflare is currently in the process of consolidation and is trading about 7% below its traditional entry point of 72. But Cloudflare stock is viable at 69.61, its intraday high on July 12 before shares sold off due to Microsoft concerns. Also, the entry point lines up with a trend line going back to June 2nd. Shares were up 0.2% on Monday morning. Earnings due for the second quarter of August. 3.
On Holding attempts to break through 33.68 buy points in a cup with handle, according to IBD MarketSmith pattern recognition. The stock closed just below its entry. If ONON stock regains the buy point, the buy zone will rise by 5% to 35.36. ONON stock rose 0.5% Monday morning after TD Cowen initiated coverage with an outperformance rating and a 38 price target.
Monolithic Power remains the chip leader above 553.64 buy points on a flat base, although it fell 2% on Friday. Stocks are in the overbought zone, which reaches 581.32. MPWR stock rose 0.55% early on Monday.
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Best stocks to buy and watch the stock market rise
These are the top four stocks to buy and watch in the stock market today, including leader Dow Jones.
|Company Name||Code||The right point of purchase||Point of purchase type|
|sales force||(CRM)||225.00||Flat base|
|Rocco||(ROKU)||75.45||mug with handle|
Source: IBD data as of July 167, 2023
IBD Leaderboard Tesla stock rose 1.25% on Friday, extending its winning streak to four sessions. Amid recent gains, Tesla shares remain sharply outside the buy range after the 207.79 double bottom buy point. They hit a new high for 2023 on Friday.
TSLA stock seemed to extend that winning streak, trading up more than 3% on Monday. On Saturday, and The company announced It completed its first e-truck at its Austin, Texas plant. Tesla will report its results for the second quarter on Wednesday.
Dow Jones leaders: Apple and Microsoft
Among Dow Jones stocks, Apple Inc rose 0.1% on Friday, adding to Thursday’s gains. AAPL stock continues to settle sharply above 157.38 buying points. The tech giant’s fiscal third-quarter results are expected on August 1. 3. Early Monday, shares were up 0.9% in morning trade.
Microsoft shares found support at the 50-day line last week, which put the stock in new buy territory. The software giant is scheduled to announce its earnings results on July 25. On Monday morning, Microsoft shares were up 0.2%.
Be sure to follow Scott Lehtonen on Twitter at @employee Learn more about developing stocks and the Dow Jones Industrial Average.
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