Dow Jones futures rise with Tesla poised to hit new high in 2023. Netflix jumps on price target hikes.

Dow Jones futures rose slightly on Wednesday morning, while S&P 500 and Nasdaq futures posted slightly larger gains. You’re here (TSLA) stock rose in morning trade and is expected to hit a new high in 2023. And netflix (NFLX) surged after a pair of analyst price target hikes.


Wednesday’s earnings reports include At Dave and Buster’s (PLAY), Lovebag (TO LIKE), Ollie’s Bargain Outlet (OLLI) and stitch correction (SFIX).

Shares of Dave & Buster rebounded more than 5%, with shares of LOVE jumping 4% in premarket trading. Shares of Ollie rose 7% before falling nearly 2% in premarket trading. Finally, Stitch Fix jumped 10% earlier.

stock market today

Shares of Netflix jumped 3% on Wednesday, leaning towards a new 52-week high. JPMorgan and Wells Fargo raised their price targets on Netflix shares to 470 and 500, respectively. Both maintained their overweight rating.

Electric vehicle giant Tesla, already sitting on an eight-day lead, rebounded 3% on Wednesday morning. Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) traded slightly lower ahead of today’s stock market open.

Cloudy (NET), Dexcom (DXCM), Fortinet (FTNT) and Taiwan semiconductor (TSM) – as well as Dow Jones stocks Cisco Systems (CSCO), McDonald’s (MCD) and Selling power (CRM) – are among the best stocks to buy or watch in the uptrend of the stock market.

Arista was a recent IBD stock of the day, while Tesla is an IBD Leaderboard stock. And McDonald’s was featured in this week’s Stocks Near A Buy Zone column.

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Dow Jones Today: Oil Price, Treasury Yields

Before Wednesday’s opening bell, Dow Jones futures reversed early losses and edged higher relative to fair value. led the Dow, up more than 1%.

S&P 500 futures also edged higher and Nasdaq 100 futures traded up 0.15% 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 higher early Wednesday.

The 10-year US Treasury yield traded at 3.68% on Wednesday. On Tuesday, the 10-year yield extended a three-session winning streak.

U.S. oil prices rebounded Wednesday morning ahead of the Energy Information Administration’s weekly oil inventories at 10:30 a.m. ET. West Texas Intermediate futures rose more than 1% on Wednesday, around $72.50 a barrel.

Market share

The Dow Jones Industrial Average edged higher on Tuesday, while the S&P 500 rose 0.2%. The tech-heavy Nasdaq composite gained 0.4%.

Tuesday’s Big Picture column commented: “The Nasdaq composite and the Nasdaq 100 are starting to look extended from their 50-day moving averages, increasing the likelihood of a pullback. But the same can’t be said for the S&P 500, which broke out Friday in higher volume – the same day IBD increased its investment allocation from 60% to 80%.

Now is an important time to read IBD’s The Big Picture column after the recent bullish shift in market outlook.

Five Best Dow Jones Stocks to Buy and Watch Now

Dow Jones stocks to buy and watch: Cisco, McDonald’s, Salesforce

Dow Jones networking giant Cisco Systems is building a cup base with a buy point of 52.56. Keep an eye out for a potential handle, which would show an earlier entry. CSCO stock rose slightly ahead of market on Wednesday.

Dow Jones restaurant giant McDonald’s fell below its 10-week moving average, a bearish sign. The stock has been trying to hold above the buy point of 281.67 since a breakout two months ago. Earnings decline rapidly. While the stock is close to a buy point, its action suggests avoiding buying at this time. Look for a more bullish bounce before considering buying stocks. MCD stock traded flat early Wednesday.

Salesforce has topped alternate entries at 193.91 and 200.00 in recent weeks, according to ranking analysis. Last week, shares hit the 20% profit zone from an entry of 178.94 cup with handle, but are now pulling back. The stock may soon test its key 50-day line. CRM stock jumped 1.5% on Wednesday morning.

4 growth stocks to watch in the Stock market rally

Best stocks to buy and watch: Dexcom, Cloudflare, Fortinet, TSMC

IBD SwingTrader Dexcom stock is approaching the buy point of 126.44 on a flat basis after a five-day winning streak, according to IBD MarketSmith pattern recognition. Shares of DXCM climbed 0.1% on Wednesday, within striking distance of the entry.

Cybersecurity leader Cloudflare broke above a buy point of 66.20 in a double bottom last week. Shares closed Tuesday in the 5% buy zone, which rises to 69.62. NET stock was unchanged heading into Wednesday’s market.

Monday’s IBD stock, Fortinet, remains above the 69.07 buy point of its flat base despite falling 2.4% in the session. FTNT stock closed in the 5% buy zone which peaks at 72.52. Shares added 0.1% before trade on Wednesday.

Chip foundry Taiwan Semiconductor rebounded 0.9% on Tuesday, in the buy range from a double-bottom 95.82 buy point. The 5% buy zone extends up to 100.72. TSM stock was up 0.7% on Wednesday 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) 683.18 Mug with handle
Selling power (RCMP) 200.00 Consolidation
Cloudy (NET) 66.20 Double bottom
Fortinet (FTNT) 69.07 Flat bottom
Source: IBD data as of June 6, 2023

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

Tesla Stock

IBD Stock Leaderboard Tesla stock rebounded 1.7% on Tuesday, breaking out of the buy range past the 207.79 double-bottom buy point. Shares closed Tuesday 33% off their 52-week high.

TSLA stock appeared to add to Tuesday’s gains, rising 3% on Wednesday morning. Now working on a fourth straight weekly advance, stocks are poised to hit a new high in 2023.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks, Apple stock extended Monday’s losses, falling 0.2% on Tuesday. Shares hit an all-time high at 184.95 on Monday. The stock continues to hold well above a buy point of 157.38 and is outside the buy range that hit 165.35. AAPL stock fell 0.2% in premarket trading on Wednesday.

Microsoft shares ended a three-day winning streak on Tuesday, down 0.7%. The stock is just off Monday’s 52-week high at 338.56. Shares have reached the 20%-25% profit zone from a fixed base buy point of 276.76, so investors could take at least some profit here. On Wednesday morning, MSFT stock was down 0.3%.

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


Top growth stocks to buy and watch

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