Dow Jones futures were lower ahead of Tuesday’s open after the Dow Jones Industrial Average climbed 76 points on Monday. Tesla stock peaked in 2023 after the company announced that he had completed his first Cybertruck at the plant in Austin, Texas. Meanwhile, telecom giants AT&T (T) and Verizon Communications (VZ) dove on reports of lead-sheathed cables being installed in telephone networks.
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On the economic calendar, June retail sales data, released on 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 morning. United Airlines (ALU) and Delta Airlines (DAL) also report, with Dow Jones names like Goldman Sachs (GS) and Johnson & Johnson (JNJ).
Stock market today: the Dow Jones on the rise
On Monday, the Dow Jones Industrial Average rose 0.2%, while the S&P 500 gained 0.4%. The tech-heavy Nasdaq composite climbed 0.9%.
AT&T shares plunged 6.7%, while VZ shares plunged 7.5%, as telecom stocks continued to sell off on Monday. Last week, the Wall Street Journal reported that telecommunications companies had installed potentially dangerous lead-covered cables above poles, in the ground and under water. They will likely have to take steps to make the areas environmentally safe, the Journal said.
Electric vehicle giant Tesla rose 3.2% on Monday. Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) ended mixed in today’s trading action, with AAPL stock up 1.7% and Microsoft up just 0.1%.
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 ranking stock, while Caterpillar is in this Stocks Near A Buy Zone column. On Holding was a recent IBD Stock Of The Day. Monolithic Power is an IBD SwingTrader stock.
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Dow Jones Today: Oil Price, Treasury Yields
Before Tuesday’s opening bell, Dow Jones futures fell 0.1% from fair value, while S&P 500 futures lost 0.15%. Nasdaq 100 futures fell 0.25% from fair value. Remember that overnight action on futures contracts on Dow Jones and elsewhere does not necessarily translate into actual trading in the next regular trading session.
On Monday, the 10-year US Treasury yield fell to 3.79%. Oil prices fell nearly 2% on Monday, falling from recent highs. West Texas Intermediate futures were trading just above $74 a barrel.
Stock market action: what to do now?
Now is an important time to read IBD’s The Big Picture column, with major stock market indices at their 2023 highs.
With the stock market holding steady at this year’s highs, IBD’s recommended exposure level is between 80% and 100%. However, investors should be careful when adding exposure, taking stock of current market levels, and increasing at a measured pace. It’s also essential to stay nimble in case there’s another setback.
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. Stocks are still below their buy trigger, even after rising 1.2% on Monday. Second-quarter results are expected on Friday.
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.
Salesforce is in a buy range past the 225 buy point of a flat base, according to IBD ranking analysis. CRM stock fell 0.6% on Monday, still above entry.
4 growth stocks to watch in the Stock market rally
Best stocks to buy and watch: Allegro, Cloudflare, On Holding, Monolithic Power
Allegro MicroSystems breached a new buy point last week, just ending out of the buy zone after Monday’s 4.2% rally. The buy range has moved from the buy point of 48.72 to 51.16. The company releases its fiscal first quarter results on August 1.
Cloudflare is currently consolidating and trading around 1% below a traditional entry point at 72. But Cloudflare stock was tradeable at 69.61, its intraday high on July 12 before the stock sold on Microsoft’s concerns. Also, the entry point lines up with a trendline dating back to June 2. Second quarter results are expected on August 3.
On Holding again exceeds the buy point of 33.68 in a mug with handle, according to IBD MarketSmith model recognition. The shares closed in the 5% buy zone which rises to 35.36. ONON stock rebounded 6.4% on Monday after TD Cowen began covering with an outperform rating and a price target of 38.
Chip leader Monolithic Power broke the 5% buy range, breaking above a buy point of 553.64 on a flat basis, rallying 4.2% on Monday.
Learn to Time the Market with IBD’s ETF Market Strategy
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.
| Business | Symbol | Good point of purchase | Point of purchase type |
|---|---|---|---|
| Dynatrace | (DT) | 52.99 | narrow area |
| Visa | (V) | 235.57 | Flat bottom |
| Cloudy | (NET) | 72.00 | Consolidation |
| Nvidia | (NVDA) | 439.90 | trend line |
Source: IBD data as of July 17, 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 3.2% on Monday, extending a winning streak to five sessions. 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 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 soared 1.7% on Monday, advancing for a fourth straight session. 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.
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, Microsoft shares rose 0.1%, closing just off their 2023 highs.
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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