Dow futures fell slightly before Tuesday’s open after the Dow Jones Industrial Average rose 327 points on Monday. Meanwhile, Tesla stock fell below its last buy point after the electric car giant reported a record number of car deliveries in the first quarter, but it still beats estimates as analysts see more price cuts to come.
stock market today
On Monday, the Dow Jones Industrial Average rose 1%, with United Health Group (United nations) And chevron (CVX) big winners. United Nations rose 4.6%, while Chevron rose 4.2%. The S&P 500 rose 0.4%, while the Nasdaq Technology Composite fell 0.3%.
IBD Stock Leaderboard Axon project (Axon), service now (now) And skyline (sky) – as well as Dow Jones shares Boeing (Bachelor’s), Cisco systems (CSCO) And Nike (NKE) – among the top-bought and watched stocks with continued market strength.
Boeing appeared in the stocks column near the overbought zone this week. Axon, Skyline, and Microsoft were all recent subjects in today’s IBD inventory.
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Dow futures today: oil prices, treasury yields
Before the opening bell on Tuesday, Dow futures fell against fair value, while S&P 500 futures lost 0.1%. Nasdaq 100 futures were down 0.2% in overnight trading. Remember that overnight action in Dow Jones futures and elsewhere does not necessarily translate into actual trading in the next regular stock market session.
The 10-year US Treasury yield fell to 3.43% on Monday, paring last week’s gains. US oil prices rose on Monday, with West Texas Intermediate crude futures trading above $80 a barrel, up more than 6%. during the Weekend, OPEC + she said It will cut more than 1 million barrels of production per day starting next month in a surprise move.
What to do in the stock market
Now is an important time to read IBD’s Big Picture column with the stock market headed in a “definite uptrend” after last week’s strong gains.
Investors should look for opportunities to increase their exposure to the market. An exposure level between 20% and 40% makes sense immediately following the day of follow-up.
During confirmed uptrends, investors should focus on higher-growth stocks that are just outside the right buy points.
Two useful lists from IBD MarketSmith to check out right now are “Breaking Out Today” and “Near Pivot”. The latter shows stocks approaching buy points in the bases, while other sponsor stocks rise past buy points during the session.
To find more stock ideas, check out our IBD stock listings, such as defect 50And Big Cap 20 And stocks near the buy area. These features identify bullish patterns and buy pips and should be checked every day.
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Dow Jones stocks to buy and watch: Boeing, Cisco Systems, Nike
Dow Jones leader Boeing is approaching the 221.43 buy point of the stable base, according to IBD MarketSmith pattern recognition. Shares rose 1.4% on Monday, just 3% off the most recent entry.
Cisco Systems broke through the 51.84 buy point of the flat base during Friday’s 1.6% rally. But the volume was just above average, which is a potential drawback. On the plus side, the stock’s relative strength line has reached a new high in recent weeks, in a sign of the stock market’s outperformance. Shares fell 0.1% on Monday.
Nike shares fell back below the 50-day line on Monday, down 0.8%, as it continues to track a flat base of 131.41 buy points. Early entry at 126.16 is also in play.
Top stocks to buy and watch: Axon, ServiceNow, Skyline
IBD Leaderboard Axon closed above a buy point of 226.10 on Monday in a short consolidation with a gain of 1.1%. Meanwhile, it also topped early entry at 221.79, above the March 21 high, last week.
background storyAxon products are essential to law enforcement, helping to build public confidence. Meanwhile, cloud-based software for managing police evidence, records, and communications makes officers more productive. One key metric gives an idea of how indispensable police departments view Axon contracts. In the fourth quarter, Axon saw net revenue retention of 121%. This means that expanded contracts far more than make up for minimal customer attrition.
Late last week, IBD SwingTrader Pick ServiceNow decisively regained its 50-day streak, moving sharply up the right side of the base of the cup with 494.72 buy points. Keep an eye out for a potential handle to make a lower entrance.
Backstory: NOW tracks and manages the services provided by IT departments. The self-service technology portal also gives workers access to administrative tools and workflow tools.
In the most recent quarter, the Santa Clara, California-based maker of enterprise software said earnings jumped 56% to $2.28 per adjusted share. Revenue increased 20% to $1.94 billion.
Skyline snapped a five-day winning streak Monday, falling 3.5%. Stocks below 73.50 buy points.
Backstory: Skyline, headquartered in Troy, Michigan, produces and installs factory-built homes, garden models, and modular buildings for families and the hospitality industry. It employs more than 8,100 people with 42 manufacturing facilities across the United States
Skyline has reported earnings and revenue gains for the past nine months. The company’s profits rose 183% in fiscal 2022, while revenue jumped 56%.
Tesla stock fell 6.1% on Monday, giving up Friday’s gains and falling below a buy point of 200.76 in a cup by handle. On Monday, the stock closed 50% off its 52-week high.
Sunday, CEO Elon Musk’s company It said it delivered 422,875 vehicles in the first quarter, up about 36% from a year earlier. The results came in below expectations of analysts polled by FactSet. They expected the company to deliver about 431,000 vehicles in the first quarter. However, Tesla exceeded some analysts’ expectations.
On Tuesday, China’s weekly electric vehicle insurance registration data could be an important gauge of Tesla’s demand in the world’s largest electric vehicle market, which is in the midst of a massive price war initiated by Tesla.
Dow Jones leaders: Apple and Microsoft
Among Dow Jones shares, Apple shares rose 0.8% on Monday, extending the winning streak to four sessions and closing at its highest level since Aug. 25.
Shares of Microsoft remained in a buy range crossing a buy point of 276.86 flat base despite Monday’s drop of 0.4%. The stock is in a 5% overbought area that extends from the buy point to 290.70.
Shares of Microsoft rose earlier this month after the company announced that it was adding artificial intelligence tools to its suite of popular Office productivity applications. It follows the company’s investment in artificial intelligence startup OpenAI, the company behind the worthwhile ChatGPT app.
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