Dow Jones futures traded modestly lower in mixed action Monday, with the stock market set to close early for the July 4 holiday. Tesla stock raced higher after the Elon Musk-led EV giant reported that deliveries surged 83% in the second quarter.
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On the economic front this week, the Labor Department’s jobs report on Friday takes the spotlight. Economists are forecasting a gain of around 200,000 jobs and dip in the jobless rate to 3.6%.
On Monday, the S&P Global Purchasing Manager’s Manufacturing Index (PMI) is due out for June. Wall Street expects the PMI to come in at 46.3, unchanged from the mid-month estimate. That data is due out at 9:45 a.m. ET.
Meanwhile, the Institute for Supply Management (ISM) manufacturing index for June, out at 10 a.m., is expected to rise to 47.3 vs. May’s 46.9 reading, per Econoday estimates.
Stock Market Today
Electric-vehicle giant Tesla (TSLA) surged more than 6% Monday morning. Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) were slightly lower ahead of today’s stock market open.
Other leaders in the stock market rally include Google-parent Alphabet (GOOGL) and Facebook-parent Meta Platforms (META). Alphabet shares dipped a fraction, while Meta stock inched higher in morning trade.
Chipotle Mexican Grill (CMG), Dynatrace (DT), MongoDB (MDB) and Lam Research (LRCX) — as well as Dow Jones stocks JPMorgan Chase (JPM), Visa (V) and Salesforce (CRM) — are among the best stocks to watch in the ongoing stock market advance.
Tesla is an IBD Leaderboard stock, Lam Research remains an IBD SwingTrader stock, while MongoDB is featured in last week’s Stocks Near A Buy Zone column. Dynatrace was a recent IBD Stock Of The Day.
Dow Jones Today: Oil Prices, Treasury Yields
Heading into Monday’s opening bell, Dow Jones futures fell 0.2% vs. fair value. S&P 500 futures inched lower, while Nasdaq 100 futures moved up 0.1% in morning action.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) traded up 0.15%, while the SPDR S&P 500 ETF (SPY) edged lower early Monday.
The 10-year U.S. Treasury yield ticked higher to 3.85%. The 10-year yield has been testing the highs of its recent trading range heading into the third quarter. The yield settled lower Friday at 3.81%, just off its recent highs.
Oil prices looked to extend a win streak to four sessions Monday morning, climbing off recent lows. West Texas Intermediate futures traded up nearly 1%, to just above $71 a barrel.
Stock Market Action
On Friday, the tech-heavy Nasdaq composite led the stock market higher, rallying 1.45% and closing just shy of its 2023 highs. The S&P 500 climbed 1l2%, and the Dow Jones Industrial Average rose 0.8%.
Friday’s Big Picture column commented, “With indexes looking bullish and the market in a confirmed uptrend, IBD is raising recommended exposure levels to 80% to 100%. However, investors should take care when adding exposure, taking stock of current market levels and increasing at a measured pace. It is also key to remain nimble in case there is a pullback.”
Now is an important time to read IBD’s The Big Picture column as the stock market approaches this year’s highs.
Five Best Dow Jones Stocks To Buy And Watch Now
Dow Jones Stocks To Watch: JPMorgan, Salesforce, Visa
Dow Jones banking leader JPMorgan moved further above a 143.37 flat-base buy point during Friday’s gains. The 5% buy zone goes up to 150.54. JPM stock rose 0.1% Monday morning.
Salesforce managed to steady itself after slumping following earnings. It is now testing support at the 50-day line. The megacap tech previously moved past a pair of alternative entries at 194.01 and at 200.10, according to IBD Leaderboard analysis.
In recent weeks, shares reached the 20% profit zone from a 178.94 cup-with-handle entry. CRM stock added 0.3% Monday morning.
Payments leader Visa topped a flat base’s 235.57 buy point Friday, with a 1.35% rally. The buy range tops out at 247.35. V stock dipped 0.25% early Monday.
4 Top Growth Stocks To Buy And Watch In The Stock Market Rally
Best Stocks To Buy And Watch: Chipotle, Dynatrace, MongoDB, Lam Research
IBD Leaderboard watchlist stock Chipotle is breaking out past flat base’s 2,139.88 buy point, according to IBD MarketSmith pattern recognition. An early entry at 2,092.51 was also available due to a trendline. Chipotle was a recent IBD Stock Of The Day. CMG stock rose a fraction Monday morning.
Software maker Dynatrace has formed a three-weeks-tight chart pattern, representing a brief consolidation in which institutional investors pause their buying. Shares are about 3% away from their latest entry at 52.99. DT stock was a fraction higher Monday morning.
IBD SwingTrader stock Lam Research moved above a 615.80 early buy point and a three-weeks-tight pattern with a 630.72 entry during last week’s gains. LRCX stock traded unchanged early Monday.
MongoDB traded tightly after its recent earnings-fueled jump, which offered a new entry. Shares are above the three-weeks-tight formation that showed a buy point at 398.89, while aggressive investors could have used a trendline entry around 386. MDB stock moved down 0.5% Monday morning.
Learn How To Time The Market With IBD’s ETF Market Strategy
Best Stocks To Buy And Watch In Stock Market Rally
These are four best stocks to buy and watch in today’s stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| ASML | (ASML) | 683.18 | Cup with handle |
| Salesforce | (CRM) | 200.00 | Consolidation |
| Cloudflare | (NET) | 66.20 | Double bottom |
| Roku | (ROKU) | 75.45 | Cup with handle |
Source: IBD Data As Of July 3, 2023
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
IBD Leaderboard stock Tesla extended a win streak to four sessions Friday, rising 1.7%. Amid the recent rebound, Tesla shares remain sharply out of buy range beyond a double-bottom’s 207.79 buy point.
TSLA stock looked to add to Friday’s gains, surging 6.4% Monday.
On Sunday, Tesla said it delivered more than 466,000 vehicles to customers worldwide in the April-to-June period, a record quarter for sales. Price cuts and discounts propelled demand well above Wall Street forecasts.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple stock hit another record high Friday, trading as high as 194.48. Shares continue to hold sharply above a 157.38 buy point. Early Monday, shares lost 0.3% in morning action.
Microsoft shares added 1.6% Friday, ending last week on a high note. On June 16, MSFT stock hit an all-time high at 351.47.
In recent weeks, the stock reached the 20% to 25% profit zone from a 276.76 flat-base buy point, so investors could have taken at least some profits there. And on Monday morning, Microsoft shares were down 0.3%.
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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