The Dow Jones Industrial Average rose 160 points on Monday, as investors braced for this week’s update on inflation. Moreover, second-quarter earnings season kicks off on Friday with earnings reports from major banks c. B. Morgan Chase (JPM), Citigroup (c) And Wells Fargo (WFC).
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Economic data is plentiful this week, with the highlight being Wednesday’s CPI inflation data. Economists expect monthly increases of 0.3% in both the headline and core consumer price index, which excludes food and energy prices. Core CPI inflation could drop from May’s y-o-y rate of 5.3% to 5% or possibly lower as the huge monthly rise of 0.6% in June 2022 comes out of the 12-month calculation.
stock market today
electric car giant Tesla (TSLA) slid over 2% Monday morning. Dow Jones Tech Giants apple (AAPL) And Microsoft (MSFT) were down sharply after the stock market opened today.
Includes other stock market leaders the alphabet (Google) And Meta platforms (meta). GOOGL stock lost 2.1%, while Meta stock jumped 0.5% in early trade.
the alphabet, Chipotle Mexican Grill (CMG), Dynatrace (DT), MongoDB (mdb) And nvidia (NVDA) – as well as Dow Jones shares American Express (AXP), visa (Fifth) And sales force (CRM) – among the best stocks to watch in the current stock market downturn.
Tesla is an IBD Leaderboard stock, while Nvidia was featured last week in the Stocks Near A Buy Zone column. Alphabet and Dynatrace were the top IBD stocks for the day.
Dow jones today: oil prices and treasury yields
After Monday’s opening bell, the Dow Jones Industrial Average rose 0.45%, while the S&P 500 rose. The heavy Nasdaq Composite fell 0.3% in the morning move.
Among the US ETFs, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ(down 0.4%, while the SPDR S&P 500 ETF)spy) rose 0.1% early on Monday.
The 10-year US Treasury yield fell to 4.04%, as it continued to hold above its recent highs. The yield settled on Friday at 4.05%, its highest level since early March.
Oil prices fell modestly on Monday morning, after last week’s strong rebound from their lows. West Texas Intermediate futures traded down about 0.5%, below $73.50 a barrel.
Stock market action
On Friday, the Nasdaq Composite saw the gains fade as it ended the day down 0.1%, meaning it ended the week down nearly 1%. The S&P 500 also saw gains evaporate as it slid 0.3%. The benchmark is down just over 1% for the week and now sits at its 10-day moving average. It is still up 15% so far in 2023.
The Dow Jones Industrial Average was the worst performer among the major indexes, falling 0.6% on Friday. A test of the 50-day moving average now looks imminent.
The Big Picture column commented on Friday, “It wasn’t all bad news, though. Declining stocks outnumbered losers by more than 2-to-1 on the NYSE and about 2-to-1 on the Nasdaq. Volume was lower in both indices,” Which is positive on a down day. At this point, the stock market’s uptrend continues to show resilience.”
Now is an important time to read IBD’s Big Picture column as the stock market is holding near its highs for the year.
The five best Dow stocks to buy and watch right now
Dow Jones stocks to watch: American Express, Salesforce, Visa
American Express is building a cup-by-handle base that has 177.04 buy points. The shares are 4% off their entry after falling 0.7% on Friday. AXP stock rose 0.3% Monday morning.
Salesforce is trying to stay steady after its post-earnings slump. It is now testing the support at the 50-day line and the decisive bounce will create a new buying opportunity. Meanwhile, a flat bottom with 225 Buy is also in play, according to IBD Leaderboard analysis. CRM stocks fell slightly on Monday morning.
Payments leader Visa closed just above 235.57 points long on the steady base on Friday, with a loss of 1%. The buy range reaches 247.35. V shares were up 0.6% early on Monday.
4 growth stocks to buy and watch Stock market rise
Best stocks to buy and watch: Alphabet, Chipotle, Dynatrace, MongoDB, Nvidia
Alphabet, IBD Stock Of The Day On Wednesday, is trying to find support around the 50 day line. Last week, investors could have used the June 30 high of 121.08 as a buying point. But stocks are less than that buying trigger after two consecutive losing days. In addition, Alphabet has a stable base of 129.04 buy points. GOOGL stock fell more than 1% Monday morning.
Chipotle stock on the IBD Leaderboard watch continues to fall further below the 2139.88 buy point of the flat base, according to IBD MarketSmith pattern recognition. Early entry at 2,092.51 was also available due to the trend line. Chipotle was the latest IBD stock of the day. CMG stock was slightly higher Monday morning.
Software maker Dynatrace has formed a narrowing pattern on the three-week chart, representing a short consolidation in which institutional investors pause buying. The shares are about 3% off their last entry at 52.99. DT shares were down 0.3% Monday morning.
MongoDB traded tightly after the recent earnings-supported jump, which provided a new entry. Shares were just below a tight three-week formation that showed a buy point at 398.89 after three straight days of losses. In the meantime, hawkish investors could have used a trend line entry around 386. MDB stock was down 0.5% Monday morning.
After the May 25 earnings-supported gap, Nvidia shares have been steadily trending higher. Amidst a decline since June 20, the stock offers another opportunity to buy shares. It formed a trend line entry at 418 after the stock found support at the 21-day exponential moving average. Nvidia is the IBD stock leaderboard. Shares rose 0.2% on Monday.
Learn how to time the market with IBD’s ETF market strategy
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 |
|---|---|---|---|
| ASML | (ASML) | 683.18 | mug with handle |
| sales force | (CRM) | 200.00 | merge |
| Cloud Flair | (network) | 66.20 | Double bottom |
| Rocco | (ROKU) | 75.45 | mug with handle |
Source: IBD data as of July 5, 2023
Join IBD experts as they analyze the leading stocks of the current stock market rally on IBD Live
Tesla stock
IBD Leaderboard Tesla stock fell for the second consecutive session on Friday, down 0.8%. However, the stock closed up 4.8% for the week, leaving Tesla shares still sharply out of the buy range after the 207.79 double-bottom buy point and just off their 2023 highs.
TSLA stock threatened to extend losses on Friday, falling more than 1% on Monday.
Dow Jones leaders: Apple and Microsoft
Among Dow Jones stocks, Apple stock continued to stay off last week’s high of 194.48, down 0.6% on Friday. Stocks continue to stabilize sharply above 157.38 buying points. Early Monday, shares fell 1.5% in the morning.
Shares of Microsoft fell 1.2% on Friday, ending a two-day winning streak. They are about 4% off the June 16th high of 351.47. The stock is still in a 20%-25% profit zone from 276.76 flat-base buy points, so investors can take at least some profit here. On Monday morning, Microsoft shares were down 2.1%.
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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