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Dow Jones Futures Rise on Cool CPI Inflation Data; Cathie Wood sells $92 million in Tesla shares




Dow Jones futures rose, while technology futures extended gains on Tuesday after cooler-than-expected CPI inflation. Cathie Wood’s Ark Invest sold a total of 393,000 shares of Tesla stock, worth about $92 million based on Monday’s closing price.




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Corn’s consumer price index rose 0.1% on the month, below estimates of 0.2%, with the annual inflation rate falling to 4.0%, below estimates that expected an easing to 4.1% from 4.9%. Core CPI, excluding food and energy, rose 0.4%, in line with forecasts, lowering core inflation to 5.3% from 5.5%.

Meanwhile, the Federal Reserve’s two-day meeting also starts on Tuesday. The Fed is widely expected to skip a rate hike at its two-day policy meeting that ends Wednesday at 2 p.m. ET. The move would halt the 10 consecutive rate hikes that began in March last year.

Finally, Oracle ( ORCL ) earnings came out late Monday, topping Wall Street estimates. ORCL shares rose 5% in pre-market trading. Shares closed Monday in the 20%-25% profit range from a 91.22 cup handle buy point after a breakout in late March.

The stock market today

EV giant Tesla ( TSLA ), now up 12 straight days, rose another 0.8% Tuesday morning. That was even after Cathie Wood’s Ark Invest disclosed the share sale. Ark Invest also sold around 20,000 shares Nvidia (NVDA). Nvidia shares rose nearly 1% early Tuesday.

Dow Jones technology giants apple (AAPL) and Microsoft (MSFT) traded mixed before today’s stock market open. Intel (INTC) shares jumped more than 2% following reports that SoftBank Group’s UK-based Arm is in talks with Intel as a potential strategic investor for its initial public offering.

Dexcom (DXCM), Flooring and furnishings (FND), Fortinet (FTNT) and Kinsale capital (KNSL) – as well as Dow Jones stocks Cisco Systems (CSCO), JPMorgan Chase (JPM) and Salesforce (CRM) – is among the best stocks to buy or watch in the stock market trend.

Tesla is an IBD Leaderboard stock, while Floor & Decor was IBD’s Stock Of The Day on Thursday.


IBD’s latest newsletter MarketDiem brings you actionable ideas for stocks, options and crypto straight to your inbox


Dow Jones today: Oil prices, Treasury yields

Ahead of Tuesday’s opening bell, Dow Jones futures were up 0.2% against real value. S&P 500 futures rose 0.4%, while Nasdaq 100 futures traded 0.75% higher in morning action.

Among U.S. exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust (QQQ) traded up 0.6%, while the SPDR S&P 500 ETF (SPY) rose 0.3% early Tuesday.

Following the CPI inflation data, the 10-year US Treasury yield fell to 3.7% on Tuesday. On Monday, the 10-year yield increased, still close to the peaks at the end of May.

Oil prices retreated in early Tuesday trading after Monday’s heavy losses. West Texas Intermediate futures rebounded nearly 2% Tuesday, moving back above $68 a barrel — still at the low end of what has been the WTI trading range since early May.

Stock market action

On Monday, the Dow Jones Industrial Average rose 0.6 percent. The S&P 500 rose 0.9%, while the tech-heavy Nasdaq composite climbed 1.5%, hitting a new 2023 high.

Monday’s Big Picture column commented: “June – historically a bad month for the market – is so far a success. The S&P and Nasdaq are up about 4%. Out of eight sessions so far this month, the S&P 500 and Nasdaq rose in six of The strength of The S&P’s rally in recent sessions saw the May 9 distribution day removed, leaving that index with four more manageable days of higher volume selling.”

Now is an important time to read IBD’s The Big Picture column following the recent bullish change in the market’s outlook.


Five Best Dow Jones Stocks to Buy and Watch Now


Dow Jones stocks to buy and watch: Cisco, JPMorgan, Salesforce

Dow Jones networking giant Cisco Systems added a handle to a cup base last week, now showing a buy point at 50.58. CSCO shares fell 0.3% Tuesday premarket.

Dow Jones bank leader JPMorgan is nearing a buy point at 143.37 flat base after a four-day winning streak. Shares are just 2% away from their last buy point. JPM stock fell 0.1% early Tuesday.

Salesforce has rallied past alternative entries of 193.91 and 200.00 in recent weeks, according to Leaderboard analysis.

Over the past few weeks, shares hit the 20% profit zone from a 178.94 cup-with-handle entry, and are now bouncing off support at the 10-week line. CRM stock rose 0.6% on Tuesday morning.


4 top growth stocks to watch Stock market rally


Best stocks to buy and watch: Dexcom, Flooring & Decor, Fortinet, Kinsale

Dexcom broke out past a flat base buy point at 126.44, with a 2.1% rally on Monday, according to IBD MarketSmith pattern recognition. The 5% buy range goes up to 132.76. DXCM shares were up 0.9% in pre-market trading on Tuesday.

IBD SwingTrader stock Floor & Decor decisively regained its 50-day line during Wednesday’s 5.1% advance, placing the flooring retailer in new buy territory. FND stock is just 4% away from a conventional buy point at 101.39. The share rose 0.8 percent early Tuesday.

Insurance leader Kinsale Capital closed Monday in 5% buy territory past a 345.75 buy point despite a 2.1% drop in the session. The buy zone goes up to 363.04. The KNSL share fell 0.7 percent on Tuesday morning.

Last IBD stock of the day Fortinet moved back above its flat base buy point of 69.07 during Monday’s 2.7% advance. The buying range goes up to 72.52. The FTNT share was unchanged before the market on Tuesday.


Learn how to time the market with IBD’s ETF Market Strategy


Best shares to buy and watch in stock market rally

These are the four best stocks to buy and watch in today’s stock market, including a Dow Jones leader.

company name Symbol Right point of purchase Type of point of purchase
ASML (ASML) 683.18 Cup with handle
Salesforce (CRM) 200.00 Consolidation
Cloudflare (NET) 66.20 Double bottom
Fortinet (FTNT) 69.07 Flat base
Source: IBD data as of June 12, 2023

Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live


Tesla shares

IBD Leaderboard stock Tesla rose 2.2% Monday, moving further out of buy territory beyond a double-bottom base buy point of 207.79. Shares closed Monday 21% off their 52-week high.

TSLA stock looked to add to its extended winning streak, climbing 0.7% on Tuesday morning. Last week, shares rose for a fourth week in a row, with 14% higher.

Dow Jones Leaders: Apple, Microsoft

Among the Dow Jones stocks, Apple shares rose for a third day, rising 1.6% on Monday. Shares hit a record high of 184.95 last week and are just off that level. The stock continues to hold sharply above a buy point of 157.38. Early Tuesday, AAPL shares fell 0.7% after UBS downgraded the stock from buy to neutral, while raising its price target from 180 to 190.

Microsoft shares rose 1.55% on Monday, rebounding for a third straight session and nearly recovering from Wednesday’s 3.1% selloff. MSFT stock continues to hover around the 20%-25% profit-taking zone from a 276.76 flat-base buy point, so investors could have taken at least some profit. And on Tuesday morning, Microsoft shares rose 0.3%.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.

YOU MIGHT ALSO LIKE:

Top Growth Stocks to Buy and Watch

Learn how to time the market with IBD’s ETF Market Strategy

Find the best long-term investments with long-term IBD managers

MarketSmith: Research, charts, data and coaching in one place

How to research growth stocks: Why this IBD tool simplifies the search for top stocks





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