Dow Jones Falls on Weak Chinese Data; Tesla Stock hops on the first Austin Cybertruck

The Dow Jones Industrial Average fell on Monday, despite early gains from Apple (AAPL) and Intel (INTC). Meanwhile, Tesla stock rose as the company announced its first Cybertruck produced at its plant in Austin, Texas.


On the economic calendar, June retail sales data – due Tuesday – is one of the main headlines of the week. The first reading of consumer activity for June is expected to show a moderate overall increase of 0.5%, following May’s 0.3% rise, according to Econoday estimates.

You’re here (TSLA) and netflix (NFLX) headlined the results list this week. Lockheed Martin (LMT) reports Tuesday. United Airlines (ALU) and Delta Airlines (DAL) also report, with Dow Jones names like Goldman Sachs (GS) and Johnson & Johnson (JNJ).

stock market today

Electric vehicle giant Tesla gained 1.9% early Monday. Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) were higher after today’s stock market open.

Other stock market leaders include Alphabet (Google T Metaplatforms (META). GOOGL stock rose slightly, while Meta stock fell 0.4% in early action.

Allegro Microsystems (ALGM), Cloudy (NET), On hold (ONON) and Monolithic power systems (MPWR) – as well as Dow Jones stocks American Express (AXP), caterpillar (CAT) and Selling power (CRM) – are among the best stocks to watch in the current stock market rally.

Tesla is an IBD rank stock, while American Express was in this Stocks Near a Buy Zone column. On Holdings was a recent IBD Stock Of The Day. Cloudflare was also a recent pick for IBD Stock Of The Day.

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Dow Jones Today: Oil Price, Treasury Yields

After Monday’s opening bell, global markets were under moderate pressure on weak second-quarter GDP data from China. The Dow Jones Industrial Average fell 0.1%, while the S&P 500 rose 0.1%. The tech-heavy Nasdaq composite rose 0.3% in morning action.

Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 0.3%, while the SPDR S&P 500 ETF (SPY) gained 0.1% early Monday.

The 10-year US Treasury yield was trading at 3.81% on Monday morning. On Friday, the 10-year Treasury yield stood at 3.81%, with a big weekly loss.

West Texas Intermediate oil prices retreated Monday morning, returning some of last week’s strong gains. WTI futures traded down more than 1% to around $74.50 a barrel.

Market share

On Friday, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 and the Nasdaq composite both reversed slightly.

Friday’s Big Picture column commented: “Decliners outnumbered advances by about 3 to 1 on the NYSE and more than 2 to 1 on the Nasdaq. Volume was also mixed. At this point, the trend stock market bullishness continues to show resilience. IBD recommends sticking to 80%-100% exposure, but be prepared to act on any sell signal on a pullback.”

Now is an important time to read IBD’s The Big Picture column, as the stock market is at its highest level this year.

Five Best Dow Jones Stocks to Buy and Watch Now

Dow Jones stocks to watch: American Express, Caterpillar, Salesforce

American Express tries to top the 177.04 buy point of a cup base with handle. Shares closed lower than their buy trigger after a third straight decline on Friday. Second-quarter results are expected on Friday. AXP shares fell 0.3% on Monday morning.

Industrial giant Caterpillar is in the buy range past a buy point of 250.89 in a cup with handle, according to IBD MarketSmith pattern recognition. CAT stock lost 0.6% early Monday.

Salesforce is in a buy range past the 225 buy point of a flat base, according to IBD rankings analysis, after last week’s big push. CRM stock was down 0.2% on Monday morning.

4 best growth stocks to buy and watch in the market Stock market rally

Stocks to buy and watch: Allegro, Cloudflare, On Holding, Monolithic Power

Allegro MicroSystems breached a new buy point last week, ending in a buy zone after Friday’s 3.2% drop. The buy range is from the buy point of 48.72 to 51.16. ALGM stock rose 0.8% on Monday. The company releases its fiscal first quarter results on August 1.

Cloudflare is currently consolidating and trading around 7% below a traditional entry point at 72. But Cloudflare stock is tradeable at 69.61, its intraday high on July 12 before the stock sell-off on Microsoft’s concerns. Additionally, the entry point lines up with a trendline dating back to June 2nd. NET stock was up 0.2% on Monday morning. Second quarter results are expected on August 3.

On Holding is trying to break above a buy point of 33.68 in a mug with handle, according to IBD MarketSmith Model Recognition. The shares closed just below their entry. If ONON stock retakes the buy point, the 5% buy zone will move up to 35.36. ONON stock gained 0.5% on Monday morning after TD Cowen began covering with an outperform rating and a price target of 38.

Chip leader Monolithic Power is still above its buy point of 553.64 in a flat basis, despite falling 2% on Friday. Stocks are in the buy zone rising to 581.32. MPWR stock rose 0.55% on Monday morning.

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Best stocks to buy and watch during the stock market rally

These are the four best stocks to buy and watch in today’s stock market, including a leader in the Dow Jones.

Company Name Symbol Correct point of purchase Point of purchase type
ASML (ASML) 747.13 Flat bottom
Selling power (RCMP) 225.00 Flat bottom
Cloudy (NET) 72.00 Consolidation
Roku (ROKU) 75.45 Mug with handle
Source: IBD data as of July 167, 2023

Join IBD experts as they analyze the top stocks of the current stock market rally on IBD Live

Tesla Stock

IBD Leaderboard Tesla stock rebounded 1.25% on Friday, extending a four-session winning streak. Amid recent gains, Tesla shares remain well out of the buy range beyond the 207.79 double-bottom buy point. They hit a new 2023 high on Friday.

TSLA stock looked to extend that winning streak, trading up nearly 2% on Monday. Saturday, the company announced that he had completed his first Cybertruck at the plant in Austin, Texas. Tesla will release its second-quarter results on Wednesday.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks, Apple stock rose 0.1% on Friday, adding to Thursday’s gains. AAPL stock continues to hold well above a buy point of 157.38. The tech giant’s third fiscal quarter results are due Aug. 3. Early Monday, shares were up 0.9% in morning action.

Microsoft shares found support at their 50-day line last week, putting the stock in a new buy zone. The software giant is expected to release its results on July 25. And on Monday morning, Microsoft shares were up 0.2%.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.


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