Dow futures: Market at 2023 high as Tesla shares soar; The jobs report looms

Dow futures fell slightly late Monday as the stock market closed early for the holiday on Tuesday, July 4th. Major stock indices all closed at their 2023 highs as Tesla stock jumped to new highs in record second-quarter deliveries. Meanwhile, the pivotal jobs report for June looms on Friday.




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On Monday, the Dow Jones Industrial Average rose slightly, while the S&P 500 rose 0.1%. The tech-heavy Nasdaq Composite rose 0.2%.

On the economic front this week, the spotlight is on the jobs report released by the Labor Department on Friday. Economists expect a gain of about 200,000 jobs and a drop in the unemployment rate to 3.6%.

Ahead of this pivotal jobs report, the Fed’s June 13-14 meeting minutes are due on Wednesday at 2pm. It could shed light on why policymakers’ expectations of two more interest rate hikes have stalled.

Thursday will bring a heavy dose of data. Payroll processor ADP releases its estimate of private sector job growth in June at 8:15 AM Initial jobless claims are due at 8:30 AM. Both reports are seen as a precursor to the monthly payroll report. The ISM Services Index is released at 10 a.m. along with the Department of Labor’s Monthly Employment Opportunity and Employment Turnover Survey.

stock market today

Giant EV Tesla (TSLA) nearly 7% after the company reported record deliveries in the second quarter that beat estimates. Dow Jones Tech Giants apple (AAPL) And Microsoft (MSFT) by 0.8% and 0.75% respectively in today’s stock market movement.

Chipotle Mexican Grill (CMG), Dynatrace (DT), MongoDB (mdb), L Research (LRCX) And nvidia (NVDA) – as well as Dow Jones shares c. B. Morgan Chase (JPM), visa (Fifth) And sales force (CRM) – Among the top stocks to watch in the ongoing stock market progression.

Tesla is an IBD Leaderboard stock, Lam Research remains an IBD SwingTrader stock, while Nvidia was featured this week in the Stocks Near A Buy Zone column. Dynatrace was one of the last IBD stocks for the day.

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Dow jones today: oil prices and treasury yields

The stock market is closed on Tuesday, with limited futures trading.

Before the opening bell on Wednesday, Dow Jones futures were down against fair value, while S&P 500 futures were down 0.1%. Nasdaq 100 futures were down 0.15% against fair value. Remember that overnight action in Dow futures and elsewhere does not necessarily translate into actual trading in the next regular stock market session.

On Monday, the 10-year US Treasury yield rose to 3.85%. Oil prices fell nearly 1% on Monday, staying near recent lows. WTI futures were trading at around $70.50 a barrel.

Stock Market Actions: What to do now

Now is an important time to read IBD’s Big Picture column with major stock indices at highs in 2023.

With the stock market still at its highest levels for the year, recommended exposure levels for IBD are in the range of 80% to 100%. However, investors should be careful when adding exposure, assessing current market levels and increasing at a measured pace. It’s also important to stay agile in case another dip occurs.


The five best Dow stocks to buy and watch right now


Dow stocks to watch: JPMorgan, Salesforce, Visa

JP Morgan, the Dow Jones banking leader, moved more than 143.37 points long on a steady basis during Monday’s gains. The buy zone rises by 5% to 150.54.

Salesforce has managed to stabilize itself after the following earnings slump. It is now testing the support at the 50-day line. The decisive bounce will provide a new entry.

The megacap tech previously surpassed a pair of alt entries at 194.01 and 200.10, according to IBD Leaderboard analysis. In recent weeks, the shares have reached 20% gain territory of 178.94 cups with an entry handle.

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Payments leader Visa topped the 235.57 buy point of the flat base last week, and added to those gains on Monday, rising 0.2%. The buy range reaches 247.35.


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Best stocks to buy and watch: Chipotle, Dynatrace, MongoDB, Lam Research, Nvidia

IBD Leaderboard Chipotle stock is trying to clear the 2139.88 buy point of the flat base, according to IBD MarketSmith pattern recognition. Early entry at 2,092.51 was also available due to the trend line. Chipotle was the latest IBD stock of the day.

Software maker Dynatrace has formed a narrowing pattern on the three-week chart, representing a short consolidation in which institutional investors pause buying. The shares are about 3% off their last entry at 52.99.

IBD SwingTrader’s Lam Research stock moved above 615.80 early buy and narrow three-week pattern with 630.72 entry during last week’s gains. The shares returned to 1.3% on Monday.

MongoDB traded tightly after the recent earnings-supported jump, which provided a new entry. The shares are above the tight three-week formation that showed a buy point at 398.89, while aggressive investors could have used a trendline around 386.

After the May 25 earnings-supported gap, Nvidia shares have been steadily trending higher. Amidst a decline since June 20, the stock offers another opportunity to buy shares. It formed a trend line entry at 418 after the stock found support at its 21-day exponential moving average. Nvidia is the IBD stock leaderboard.


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Best stocks to buy and watch the stock market rise

These are the top four stocks to buy and watch in the stock market today, including leader Dow Jones.

Company Name Code The right point of purchase Point of purchase type
Dynatrace (DT) 52.99 narrow area
visa (Fifth) 235.57 Flat base
Cloud Flair (network) 66.20 Double bottom
nvidia (NVDA) 418.00 trend line
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Source: IBD data as of July 3, 2023

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Tesla stock

Tesla extended its winning streak to five sessions on Monday. Amid the recent recovery, Tesla shares remain sharply out of the buy range after the 207.79 double bottom buy point.

TSLA stock rose 6.9% Monday after the company He said It delivered more than 466,000 vehicles to customers worldwide in the April-June period, a record quarter for sales. Price cuts and discounts pushed demand well above Wall Street’s expectations.

Dow Jones leaders: Apple and Microsoft

Among Dow Jones stocks, Apple faded from Friday’s high of 194.48, down 0.8% on Monday. Stocks continue to stabilize sharply above 157.38 buying points.

Microsoft shares lost 0.75 percent on Monday, giving up part of Friday’s gains. However, the stock is still 4% off its June 16 high of 351.47.

In recent weeks, the stock has hit 20%-25% gain territory from 276.76 flat-base buy points, so investors could have taken at least some profit there.

Be sure to follow Scott Lehtonen on Twitter at @employee Learn more about developing stocks and the Dow Jones Industrial Average.

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