The Dow Jones Industrial Average turned modestly higher on Friday. while, Tesla (TSLA) stock f general motors (GM) on a deal to expand GM’s access to Tesla’s SuperCharger network. And Goal (TGT) to neutral in Citigroup.
China-based electric car maker New (nio) reported mixed first-quarter results on Friday and led to another large drop in electric vehicle deliveries in the second quarter, but made notable gains in June. Nio stock is up nearly 4%, above its 52-week low.
It includes another major earnings report DocuSign (DOCU). Shares rose more than 7% early Friday after the company’s strong first-quarter earnings report.
stock market today
Electric car giant Tesla, up for 10 days in a row, rose more than 5% on Friday morning, while shares of General Motors were also up 5%. according to General Motors press releaseThe Tesla Supercharger Network will be open to GM drivers starting in 2024, though it will initially require the use of an adapter.
Target shares fell more than 1% after Citigroup cut the stock’s rating from buy to neutral, with a price target as low as 130. Target’s sales have peaked and are likely to fall further, the analyst said.
dexcom (DXCM), floor and decoration (FND), fortinet (FTNT) And Kinsale Capital (KNSL) – as well as Dow Jones shares Cisco systems (CSCO), McDonald’s (mcd) And sales force (CRM) – among the best stocks to buy or watch in an uptrend of the stock market.
Tesla is the IBD Leaderboard stock, while McDonald’s in this week’s column featured the stock near the buy zone. Floor & Decor was the World Bank’s stock of the day on Thursday.
Dow jones today: oil prices and treasury yields
After the opening bell on Friday, the Dow Jones Industrial Average shrugged off early losses to rise 0.2%, while the S&P 500 rose 0.5%. The tech-heavy Nasdaq Composite rose 1% in the morning move.
With the Federal Reserve meeting next June, the 10-year US Treasury yield rose on Friday to 3.75%. On Thursday, the 10-year yield snapped a four-day winning streak, still near its late-May highs.
The loss on Thursday sent oil prices back to the middle of their trading range since early May. West Texas Intermediate crude futures rose 0.5% on Friday, moving above $71.50 a barrel.
Stock market action
The Dow Jones Industrial Average rose 0.5%, closing at its highest level since May 1. The S&P 500 rose 0.6%, its new closing high in 2023. The Nasdaq Composite rebounded 1%, retracing much of the selling on Wednesday. The small cap Russell 2000 fell 0.4%, ending a two-day rally.
The Big Picture column commented Thursday, “With the Nasdaq still near its 2023 highs, IBD-recommended market exposure sits at 60%-80%. Composite still looks stretched and continues to test resistance.”
Now is an important time to read IBD’s The Big Picture column after the recent upward change in market expectations.
The five best Dow stocks to buy and watch right now
Dow Jones Stocks to Buy and Watch: Cisco, McDonald’s and Salesforce
Networking giant Cisco Systems on Dow Jones builds a teacup base with 52.56 buy points. Keep an eye out for a potential handle, which is 2 trading days away from forming. It can result in a previous entry. CSCO stock fell on Friday.
McDonald’s restaurant giant the Dow is still below its 10-week moving average, which is a bearish sign, despite a 1.4% rally on Thursday. At the moment, the stock is holding above 281.67 buying points from the breakout two months ago. The gains are dwindling quickly.
While the stock is approaching a buy point, its actions suggest avoiding buying for the time being. Look for more bullish bounces before considering buying the stock. MCD stock was trading down 0.2% early Friday.
Previous Salesforce has climbed in alternate entries at 193.91 and 200.00 in recent weeks, according to Leaderboard analysis.
Last week, the shares reached a 20% gain zone of 178.94 cups by the handle, but are now falling. The stock is preparing for a major test of the 50-day line. Critical Recovery would provide additional input to the software leader. CRM stock rose 1.4% Friday morning.
4 top growth stocks to watch in Stock market rise
Best stocks to buy and watch: Dexcom, Floor & Decor, Fortinet, Kinsale
Dexcom continues to form a flat bottom with 126.44 buy points, as the stock rose 1.2% on Thursday, according to IBD MarketSmith pattern recognition. DXCM shares rose 0.3% on Friday.
IBD SwingTrader Floor & Decor stock decisively reclaimed its 50-day line during Wednesday’s rally of 5.1%, putting the flooring retailer in a new buy territory. FND stock is just 5% off its traditional buy point of 101.39. FND shares fell 0.4% on Friday.
Insurance leader Kinsale Capital closed Thursday in buy territory, up 5%, topping out at 345.75 buy points. Buy zone reaches 363.04. KNSL stock rose 0.3% on Friday.
Monday’s IBD stock, Fortinet, is still below its steady base of 69.07 overbought despite Thursday’s 2.9% rebound. Shares rose 0.5% on Friday.
Learn how to time the market with IBD’s ETF market strategy
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|
|ASML||(ASML)||683.18||mug with handle|
|Cloud Flair||(network)||66.20||Double bottom|
Source: IBD data as of June 6, 2023
IBD Leaderboard Tesla rose 4.6% on Thursday, moving out of the buy range beyond the 207.79 double bottom buy point. Thursday shares closed 27% off their 52-week high.
Tesla stock hits a 2023 high with a starting price of $32,000 for the Model 3
TSLA stock appeared to add to its extended winning streak, rising more than 5% on Friday morning. Shares are set to advance for the fourth straight week, at a pace of more than 10%.
Dow Jones leaders: Apple and Microsoft
Among Dow Jones stocks, Apple stock rebounded 1.55% Thursday, ending a three-day losing streak. Shares hit an all-time high of 184.95 on Monday. The stock continues to settle sharply above 157.38 buying points, and is outside the buying range that reached 165.35. AAPL stock rose 0.6% on Friday.
Shares of Microsoft rose 0.6% Thursday, recovering only a small part of Wednesday’s 3.1% sell-off. Earlier this week, MSFT stock hit a 20%-25% profit zone from 276.76 flat-base buy points, so investors could have taken at least some profit there. On Friday morning, MSFT stock was up 1%.
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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