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Dow Jones reverses on weak China data; Tesla shares jump on first Austin Cybertruck

The Dow Jones Industrial Average turned higher on Monday, amid an early rally from apple (AAPL) and Intel (INTC). Meanwhile, Tesla shares soared higher as the company announced its first Cybertruck produced at its plant in Austin, Texas.


On the economic calendar, retail sales data for June – due on Tuesday – is one of the week’s most important headlines. The first reading of June consumer activity is expected to show a moderate overall increase of 0.5%, after May’s 0.3% increase, per Econoday estimates.

Tesla (TSLA) and Netflix (NFLX) leads the earnings list this week. Lockheed Martin (LMT) reports on Tuesday. United Airlines (UAL) and Delta Air Lines (DAL) also report, along with Dow Jones names such as Goldman Sachs (GS) and Johnson & Johnson (JNJ).

The stock market today

Electric car giant Tesla rose 3.3 percent early Monday. Dow Jones technology giants apple (AAPL) and Microsoft (MSFT) was higher after today’s market opening.

Other stock market leaders include Alphabet (GOOGL) and Meta platforms (META). GOOGL shares rose a fraction, while Meta shares fell 0.4% in early action.

Allegro MicroSystems (ALGM), Cloudflare (NET), On holding (You too Monolithic power systems (MPWR) – as well as Dow Jones stocks American Express (AXP), larva (CAT) and Salesforce (CRM) — is among the best stocks to watch in the current stock market rally.

Tesla is an IBD Leaderboard stock, while American Express was featured in this Stocks Near A Buy Zone column. On Holdings was a recent IBD Stock Of The Day. Cloudflare was also a recent IBD Stock Of The Day pick.

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Dow Jones today: Oil prices, Treasury yields

After Monday’s opening bell, global markets were under moderate pressure following weak second-quarter GDP data from China. The Dow Jones Industrial Average turned higher after modest losses, while the S&P 500 rose 0.2%. The tech-heavy Nasdaq composite rose 0.5% in morning action.

Among U.S. exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust ( QQQ ) was up 0.5%, while the SPDR S&P 500 ETF ( SPY ) rose 0.2% early Monday.

The 10-year US Treasury yield traded at 3.81% on Monday morning. On Friday, the 10-year Treasury yield settled at 3.81%, posting a big weekly loss.

West Texas Intermediate oil prices pulled back on Monday morning, giving back some of last week’s solid gains. WTI futures traded more than 1% lower at around $74.50 a barrel.

Stock market action

On Friday, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 and Nasdaq composite both turned slightly lower.

Friday’s Big Picture column commented: “Decliners outnumbered advancers by about 3-to-1 on the NYSE and more than 2-to-1 on the Nasdaq. Volume was also mixed. At this stage, the stock market rally continues to show resilience. IBD recommends stick to 80% to 100% exposure, but be ready to take action on any sell signals in case there is a pullback.”

Now is an important time to read IBD’s The Big Picture column as the stock market is at its year’s highs.

Five Best Dow Jones Stocks to Buy and Watch Now

Dow Jones stocks to watch: American Express, Caterpillar, Salesforce

American Express is trying to break out past a cup-with-handle base’s 177.04 buy point. Shares closed further below the buy trigger after a third straight decline on Friday. The results for the second quarter will come on Friday. The AXP share fell 0.3 percent on Monday morning.

Industrial giant Caterpillar is in buy territory past a 250.89 buy point in a cup with handle, according to IBD MarketSmith pattern recognition. CAT shares lost 0.6% early Monday.

Salesforce is in buy territory past a flat base of 225 buy points, according to IBD Leaderboard analysis, following last week’s big advance. CRM stock fell 0.2% on Monday morning.

4 top growth stocks to buy and watch Stock market rally

Stocks to buy and watch: Allegro, Cloudflare, On Holding, Monolithic Power

Allegro MicroSystems surged past a new buy point last week, finishing in buy territory after Friday’s 3.2% drop. The buying area goes up from the buying point 48.72 to 51.16. ALGM shares rose 0.8% on Monday. The company reports accounting results for the first quarter on 1 August.

Cloudflare is currently in a consolidation, trading about 7% below a traditional entry point of 72. But Cloudflare stock is trading at 69.61, its intraday high on July 12 before shares sold off on Microsoft concerns. The entry point is also aligned with a trend line going back to June 2. The NET share rose 0.2% on Monday morning. The result for the second quarter is due on 3 August.

On Holding is trying to break out past a 33.68 buy point in a cup with handle, according to IBD MarketSmith pattern recognition. The shares closed just below the listing. If ONON stock retraces the buy point, the 5% buy range will move up to 35.36. ONON shares rose 0.5% Monday morning after TD Cowen initiated coverage with an outperform rating and a price target of 38.

Chip leader Monolithic Power remains above its 553.64 buy point in a flat base, despite a 2% drop on Friday. Shares are in the buy range which goes up to 581.32. MPWR stock was up 0.55% early Monday.

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) 747.13 Flat base
Salesforce (CRM) 225.00 Flat base
Cloudflare (NET) 72.00 Consolidation
Year (YEAR) 75.45 Cup with handle
Source: IBD data as of 167 July 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 1.25% on Friday, extending a winning streak to four sessions. Amid recent rallies, Tesla shares remain well outside buy territory beyond a double-bottom buy point at 207.79. They hit a new high of 2023 on Friday.

TSLA stock appeared to extend its winning streak, trading up more than 3% on Monday. On Saturday, the the company announced that it had completed its first Cybertruck at its plant in Austin, Texas. Tesla will report results for the second quarter on Wednesday.

Dow Jones Leaders: Apple, Microsoft

Among the Dow Jones stocks, Apple fell 0.1% on Friday, adding to Thursday’s gains. AAPL stock continues to hold sharply above a buy point at 157.38. The technology giant’s financial results for the third quarter are expected on 3 August. Early Monday, shares rose 0.9% in morning action.

Microsoft shares found support at their 50-day line last week, placing the stock in new buy territory. The software giant is due to report its earnings results on July 25. And on Monday morning, Microsoft shares were up 0.2%.

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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