Dow Jones futures were lower on Tuesday with the stock market closed for the July 4 holiday. The major stock indexes ended Monday right at their 2023 highs, as Tesla stock soared to new record highs which is Q2 delivery. Meanwhile, a key June jobs report is due on Friday.
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On Monday, the Dow Jones Industrial Average rose, while the S&P 500 gained 0.1%. The tech-heavy Nasdaq composite rose 0.2%.
Ahead of the economy this week, the Labor Department’s jobs report on Friday grabbed the attention. Economists predict a gain of nearly 200,000 jobs and a drop in the unemployment rate to 3.6%.
Ahead of that key jobs report, minutes from the Fed’s June 13-14 meeting are due out Wednesday at 2 p.m. policymaker pointed to two more rate increases.
Thursday will bring a heavy dose of data. Payroll processor ADP released its estimate of private sector job growth in June at 8:15 am. The ISM services index comes out at 10 a.m. along with the Labor Department’s monthly Job Openings and Labor Turnover Survey.
EV giant Tesla ( TSLA ) surged nearly 7% after the company reported record Q2 deliveries that topped estimates. Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) fell 0.8% and 0.75%, respectively, in today’s stock market action.
Chipotle Mexican Grill (CMG), Dynatrace (DT), MongoDB (MDB), Lam Research (LRCX) and Nvidia (NVDA) – as well as Dow Jones stocks JPMorgan Chase (JPM), Visayan (V) and Salesforce (CRM) — one of the best stocks to watch in the ongoing stock market uptrend.
Tesla is a stock on the IBD Leaderboard, Lam Research remains a stock on the IBD SwingTrader, while Nvidia is this week featured in the Stocks Near A Buy Zone column. Dynatrace is a recent IBD Stock Of The Day.
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The stock market was closed on Tuesday, with limited trading in futures.
Before the opening bell on Wednesday, Dow Jones futures fell 0.15% versus the fair value, while S&P 500 futures declined. Nasdaq 100 futures fell 0.1% compared to the fair value. Remember that overnight action in the 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 rose 1.5% on Tuesday, recovering from their recent lows. West Texas Intermediate futures are trading at $71 a barrel.
Now is a prime time to read IBD’s The Big Picture column with many stock indexes at their 2023 highs.
While the stock market is holding highs this year, IBD’s recommended exposure level is at 80% to 100%. However, investors should be careful in increasing the exposure, taking the stock at the current market level and adding a measure of flow. This is also the key to staying agile when there is another pullback.
Five Best Dow Jones Stocks To Buy And Watch Now
Dow Jones bank leader JPMorgan moved more than a 143.37 flat-base buy point during Monday’s gains. The 5% buy zone will rise to 150.54.
Salesforce has been able to sustain itself after the post-revenue slump. It is currently testing the support of the 50-day line. A decisive bounce will give a new entry.
The megacap tech previously moved to a pair of alternative entries at 194.01 and at 200.10, according to IBD Leaderboard analysis. In recent weeks, shares have reached the 20% profit zone from a 178.94 cup-with-handle entry.
Payments leader Visa topped a flat base of 235.57 buy points last week, and added to Monday’s gains, rising 0.2%. The buy range is primarily at 247.35.
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IBD Leaderboard watchlist stock Chipotle is trying to break through the 2,139.88 buy point on a flat base, according to IBD MarketSmith’s pattern recognition. An early entry at 2,092.51 is also available due to a trendline. Chipotle is a recent IBD Stock Of The Day.
Software maker Dynatrace formed a three-week tight chart pattern, representing a short-term consolidation where institutional investors stopped their buying. Shares are about 3% away from their most recent entry at 52.99.
IBD SwingTrader stock Lam Research moved above a 615.80 early buy point and a three-week tight pattern with 630.72 entering last week’s gains. Shares were down 1.3% Monday.
MongoDB is trading tight after a recent jump in earnings, offering a new entry. Shares are above a three-week tight formation that shows a buy point at 398.89, while aggressive investors could have used a trendline entry around 386.
Following the May 25 earnings-fueled gap-up, Nvidia shares have consistently trended higher. Amid a pullback since June 20, the stock offers another opportunity to buy shares. It became a trendline entry at 418 after the stock found support at its 21-day exponential moving average. Nvidia is a stock on the IBD Leaderboard.
Learn How to Time the Market With IBD’s ETF Market Strategy
These are the four best stocks to buy and watch in today’s stock market, including a Dow Jones leader.
| Company Name | SYMBOLS | Right Buy Point | Type of Buy Point |
|---|---|---|---|
| Dynatrace | (DT) | 52.99 | Tight place |
| Visayan | (V) | 235.57 | Flat base |
| Cloudflare | (NET) | 66.20 | Double down |
| Nvidia | (NVDA) | 418.00 | Trendlines |
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IBD Leaderboard stock Tesla extended a winning streak to five sessions on Monday. Amid the recent rebound, Tesla shares remain largely out of buy range beyond the 207.79 buy point of the double low.
TSLA stock surged 6.9% Monday after the company said it delivered more than 466,000 vehicles to customers worldwide during the April to June period, a record quarter for sales. Price cuts and discounts have pushed demand beyond Wall Street forecasts.
Among the Dow Jones stocks, Apple’s stock fell from Friday’s record high of 194.48, down 0.8% Monday. Shares continue to hold well above the 157.38 buy point.
Microsoft shares lost 0.75% Monday, giving back a portion of Friday’s gains. However, the stock is only 4% away from its June 16 all-time high of 351.47.
In recent weeks, the stock has reached the 20% to 25% profit zone from a 276.76 flat-base buy point, so investors can take at least some profit there.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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