Dow Jones futures fell slightly, but other index futures rose Tuesday morning amid a flood of key economic data including new home sales and consumer confidence figures. Walgreens (WBA) plunged after a shortfall.
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On the economic front Tuesday, durable goods orders unexpectedly rose 1.7% in May after rising 1.1% in April. They were expected down 1% in May.
Meanwhile, the Case-Shiller House Price Index and the FHFA House Price Index are both due out at 9 a.m. New home sales follow at 10 a.m.
Additionally, the consumer confidence index is expected to rebound slightly in June, with a reading of 103.7 from 102.3 in May.
Shares of Walgreens fell 7% premarket on Tuesday after the company missed earnings estimates and cut its full-year outlook, citing “challenging consumer and macroeconomic conditions.”
Later this week, Dow Jones stock Nike (NKE) will release its quarterly results on Thursday.
stock market today
Metaplatforms (META) rose 1.3% premarket on Tuesday after Citi Research raised its price target from 315 to 360. The electric vehicle giant You’re here (TSLA) rebounded 1.2% after Monday’s big loss.
Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) were both slightly higher ahead of today’s stock market open.
Chipotle Mexican Grill (GCM), McKesson (MCK), MongoDB (MDB) and Research (LRCX) – as well as Dow Jones stocks JPMorgan Chase (JMP), Merck (MRK) and Selling power (CRM) – are among the best stocks to watch in the ongoing stock market downturn.
Tesla is an IBD Leaderboard stock, Floor & Decor an IBD SwingTrader stock, while MongoDB is featured in this week’s Stocks Near A Buy Zone column.
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Dow Jones Today: Oil Price, Treasury Yields
Before Tuesday’s opening bell, Dow Jones futures fell 0.2% from fair value. S&P 500 futures gained 0.1%, while Nasdaq 100 futures rose 0.3% in morning action.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) traded up 0.4%, while the SPDR S&P 500 ETF (SPY) rose 0.1% early Tuesday.
The 10-year US Treasury yield rose to 3.72%. The yield has recently been hovering in a range between 3.57% and 3.85%, settling as low as 3.71% on Monday.
Oil prices fell sharply on Tuesday morning, returning to their recent lows. West Texas Intermediate futures fell nearly 2% to around $68 a barrel.
Market share
On Monday, the Dow Jones Industrial Average fell slightly, while the S&P 500 lost almost 0.5%. The tech-heavy Nasdaq composite slid 1.2%, ending the day’s low. On the upside, the small cap Russell 2000 rose slightly.
Monday’s Big Picture column commented: “The Nasdaq is on track to test its 21-day exponential moving average. possible could be around 13,200. The index almost broke above this price level in August. And 13,000 is a major round number that can act as a sort of psychological magnet.”
Now is an important time to read IBD’s The Big Picture column, as the stock market remains in an uptrend but is pulling back.
Five Best Dow Jones Stocks to Buy and Watch Now
Dow Jones stocks to watch: JPMorgan, Merck, Salesforce
Dow Jones banking leader JPMorgan is about 3% below a fixed base buy point of 143.37 after rising 0.2% on Monday. Stocks are right at their 50-day line, as they rose slightly ahead of trade on Tuesday.
Pharmaceutical giant Merck is forming a flat base with a buy point of 119.65, even as the stock fell 1.3% on Monday, falling back below the 50-day line. MRK shares fell 0.1% on Tuesday.
Salesforce managed to stabilize after falling after earnings. It is currently testing support on the 50 day line. Tech megacap previously topped a pair of alternative entries at 194.01 and 200.10, according to IBD Leaderboard analysis.
Over the past few weeks, shares have reached the 20% profit zone from an entry of 178.94 cup with handle. CRM stock rose 0.3% on Tuesday morning.
4 best growth stocks to buy and watch in the market Stock market rally
Best stocks to buy and watch: Chipotle, McKesson, MongoDB, Lam Research
IBD Leaderboard Watch List Stock Chipotle is testing support on its 10-week line and building a flat base with a buy point of 2,139.88, according to IBD MarketSmith pattern recognition. Chipotle was Wednesday’s IBD stock of the day. CMG stock fell a fraction on Tuesday morning.
IBD SwingTrader McKesson stock is in the buy range past an entry of 401.53 cup with handle. The 5% buy zone rises to 421.61. The shares were down 0.7% on Tuesday.
MongoDB is trading tight after its recent earnings-fueled gap, offering fresh entry. The tight three-week formation shows a buy point at 398.89, while aggressive investors could use a trendline entry around 386. MDB stock rose 0.8% on Tuesday morning.
Lam Research moved above an early buy point of 615.80 on Monday after rallying 1.9%. Meanwhile, a tight three-week setup also shows an entry at 630.72. LRCX stock gained 0.5% before trade on Tuesday.
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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) | 683.18 | Mug with handle |
| Selling power | (RCMP) | 200.00 | Consolidation |
| Cloudy | (NET) | 66.20 | Double bottom |
| Roku | (ROKU) | 75.45 | Mug with handle |
Source: IBD data as of June 26, 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 slipped 6.1% on Monday after Goldman Sachs downgraded the stock to buy to neutral, pushing the price target to 248 from 185. Despite recent losses, shares of Tesla remain well out of the buy range past the 207.79 double bottom buy point.
TSLA stock appeared to rebound from Monday’s losses, rising 1.2% on Tuesday.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple stock hit a new high on Monday, trading as high as 188.05. Shares fell 0.8% as they continue to hold well above a buy point of 157.38. Early Tuesday, AAPL stock rose 0.2%.
Microsoft shares fell 1.9% on Monday, adding to Friday’s losses. On June 16, MSFT stock hit an all-time high of 351.47. Over the past few weeks, the stock has hit the 20%-25% profit zone from a fixed base buy point of 276.76, so investors could have taken at least a few profits. And Tuesday morning, shares of Microsoft were up 0.5%.
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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