Dow Jones futures, along with S&P futures and Nasdaq futures, were little changed ahead of Tuesday’s open after the Dow Jones Industrial Average rose 189 points Monday. Tesla stock extended a win streak to 12 sessions, closing at its highest level since September 2022.
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Ahead of Wednesday’s Federal Reserve interest-rate hike decision, the consumer price index is due out Tuesday morning. May’s CPI is seen rising 0.3% on the month, with the annual inflation rate easing to 4.1% from 4.9%. The core CPI, excluding food and energy, is forecast to rise 0.4%, lowering the core inflation rate to 5.3% from 5.5%.
On Wednesday, the Fed is widely expected to skip a rate hike at its two-day policy meeting. The move would pause the 10 consecutive rate increases begun in March last year.
Meanwhile, Oracle (ORCL) earnings came out late Monday, topping Wall Street’s estimates. ORCL stock jumped 3% in extended trade. Shares are in the 20%-25% profit area from a 91.22 cup-with-handle buy point following a late-March breakout move.
Stock Market Today
On Monday, the Dow Jones Industrial Average rose 0.6%. The S&P 500 gained 0.9%, while the tech-heavy Nasdaq composite climbed 1.5%, hitting a new 2023 high.
EV leader Tesla traded up 2.2% Monday. Among Dow Jones stocks, Apple (AAPL) rose 1.6% and Microsoft (MSFT) gained 1.55% in today’s stock market action.
Dexcom (DXCM), Floor & Decor (FND), Fortinet (FTNT) and Kinsale Capital (KNSL) — as well as Dow Jones stocks Cisco Systems (CSCO), JPMorgan Chase (JPM) and Salesforce (CRM) — are among the best stocks to buy or watch in the stock market uptrend.
Tesla is an IBD Leaderboard stock, while Floor & Decor is an IBD SwingTrader stock and was IBD’s Stock Of The Day on Thursday.
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Dow Jones Stock Futures Today: Oil Prices, Treasury Yields
Ahead of Tuesday’s opening bell, Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed vs. fair value in overnight trading. Remember that overnight action in Dow Jones futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
The 10-year U.S. Treasury yield rose to 3.76% Monday, closing just off its late-May highs. Meanwhile, U.S. oil prices moved down more than 4% Monday, as West Texas Intermediate futures settled just above $67 a barrel.
What To Do In The Stock Market Rally
Now is an important time to read IBD’s The Big Picture column with the stock market trend in a “confirmed uptrend.”
A confirmed uptrend gives IBD readers the green light to purchase top stocks breaking out past new buy points. Due to the bullish action in recent sessions, IBD’s recommended exposure in stocks is at 60% to 80% of your portfolio, with the Nasdaq and S&P 500 reached fresh 2023 closing highs.
Two useful IBD MarketSmith lists to check right now are “Breaking Out Today” and “Near Pivot.” The latter shows stocks nearing buy points in bases, and the other flags stocks rising past buy points during the session.
To find more stock ideas, check IBD Stock Lists, like IBD 50, Big Cap 20 and Stocks Near A Buy Zone. These features identify bullish patterns and buy points and should be checked every day.
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Dow Jones Stocks To Buy And Watch: Cisco, JPMorgan, Salesforce
Dow Jones networking giant Cisco Systems added a handle to a cup base last week, now showing a buy point at 50.58. CSCO stock rose 1.65% Monday, just off its latest entry.
Dow Jones banking leader JPMorgan is nearing a 143.37 flat-base buy point after a five-day win streak. Shares are just 2% away from their latest buy point.
Salesforce rallied past alternative entries at 193.91 and 200 in recent weeks, according to IBD Leaderboard analysis. In recent weeks, shares reached the 20% profit zone from a 178.94 cup-with-handle entry, and are now bouncing from support at the 10-week line.
Best Stocks To Buy And Watch: Dexcom, Floor & Decor, Fortinet, Kinsale
Dexcom broke out past a flat base’s 126.44 buy point, with a 2.1% rally Monday, according to IBD MarketSmith pattern recognition. The 5% buy area goes up to 132.76.
IBD SwingTrader stock Floor & Decor decisively regained its 50-day line during Wednesday’s 5.1% advance, placing the flooring retailer in a new buy area. FND stock is just 4% away from a conventional buy point at 101.39.
Insurance leader Kinsale Capital closed Monday in the 5% buy area past a 345.75 buy point despite a 2.1% drop in the session. The buy zone runs up to 363.04.
Recent IBD Stock Of The Day Fortinet moved back above its flat base’s 69.07 buy point during Monday’s 2.7% advance. The buy area goes up to 72.52.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
IBD Leaderboard stock Tesla rallied 2.2% Monday, moving further out of buy range beyond a double-bottom base’s 207.79 buy point. Shares closed Monday 21% off their 52-week high.
Last week, shares advanced for a fourth-straight week, racing 14% higher.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple stock rose for a third day, with a 1.6% gain Monday. Shares hit an all-time high at 184.95 last week and are just off that level. The stock continues to hold sharply above a 157.38 buy point.
Microsoft shares rose 1.55% Monday, rebounding for a third-straight session and nearly recovering from Wednesday’s 3.1% sell-off. MSFT stock continues to hover around the 20%-25% profit-taking zone from a 276.76 flat-base buy point, so investors could have taken at least some profits.
Follow Scott Lehtonen on Twitter at @IBD_SLehtonen for top stocks to buy and watch and Dow Jones Industrial Average action.
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