The Dow Jones Industrial Average reversed higher on Monday, bouncing back after last week’s stock market losses. google father the alphabet (Google) Tesla shares fell lower analyst rating.
On the economic front this week, new homes are due to be sold on Tuesday. On Thursday, pending home sales are expected, along with unemployment claims for the first time.
Friday’s personal income and spending report for May will shed some light on how consumer spending has stalled, and will update the Fed’s favorite inflation indicator: the PCE price index.
Cruise ship operator carnival (CCL) fell 7% after the earnings announcement on Monday morning. CCL stock on Friday closed sharply above 12.62 buy points for Cobb’s base.
Later this week, Dow Jones shares will come out Nike (NKE) And Walgreens (WBA) will report on their quarterly results. Nike earnings will be released on Thursday, while Walgreens will report on Tuesday.
Stock Market Today: Alphabet and Tesla Downgrade
Alphabet shares traded down 1.1% early Monday after UBS cut the stock from buy to neutral. The company raised its price target from 123 to 132. Meanwhile, the electric car giant Tesla (TSLAIt slid more than 2% on Monday after Goldman Sachs cut the stock’s rating from buy to neutral, raising its price target to 248 from 185.
Chipotle Mexican Grill (CMG), Makison (MCK), MongoDB (mdb) And Rocco (ROKU) – as well as Dow Jones shares c. B. Morgan Chase (JPM) And sales force (CRM) – among the best stocks to watch in the ongoing stock market downturn.
Tesla is the IBD stock leaderboard. McKesson is an IBD SwingTrader stock, while Chipotle appeared as a stock today Wednesday as well as in the most recent Stocks Near Buy Zone column.
Dow jones today: oil prices and treasury yields
After Monday’s opening bell, the Dow Jones Industrial Average rose 0.2%, while the S&P rose 0.3%. The heavy Nasdaq Composite was also up 0.1% in the morning move.
The 10-year US Treasury yield fell to 3.71%. The yield has recently been hovering in a range between 3.57% and 3.85%, settling on Friday’s low of 3.73%.
Oil prices rebounded modestly on Monday morning, rebounding from last week’s losses, but still near recent lows. West Texas Intermediate crude futures rose nearly 1%, to around $69.50 a barrel.
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Stock market action
On Friday, the Dow Jones Industrial Average fell nearly 0.7%, while the S&P 500 lost 0.8%. The heavyweight Nasdaq Composite was the worst performer, down 1%.
The Big Picture column commented on Friday, “While the market is pulling back, action remains constructive. Taking a breather now means indicators can gather steam for more advances. As a result, IBD continues to recommend exposure of 60% to 80%. Good for looking at your portfolio and maybe catching some profits on the big winners.”
Now is an important time to read IBD’s Big Picture column as the stock market remains in an uptrend but is pulling back.
The five best Dow stocks to buy and watch right now
Dow stocks to watch: JPMorgan, Salesforce
Dow Jones JPMorgan stock was down about 3% from a flat-based 143.37 buy after Friday’s drop of 0.5%. The arrows are right at the 50-day line. JPM shares rose 0.3% early on Monday.
Salesforce has managed to hold its own after a post-earnings slump. It is now testing support at the 21-day exponential moving average. The megacap tech previously surpassed a pair of alt entries at 194.01 and 200.10, according to IBD Leaderboard analysis.
In recent weeks, stocks have reached the 20% gain zone of 178.94 handle entry cups, and are now trying to rebound from the support at the 10-week line. CRM stock was down 0.4% Monday morning.
4 growth stocks to buy and watch Stock market rise
Best stocks to buy and watch: Chipotle, McKesson, MongoDB, and Roku
IBD Leaderboard Watch’s Chipotle stock is rebounding from a 10-week line and building a flat bottom with 2,139.88 Buy, according to IBD MarketSmith pattern recognition. Chipotle was IBD’s Wednesday stock of the day. CMG stock rose 0.2% Monday morning.
IBD SwingTrader McKesson stock is in a buy range after entering 401.53 cup handle. The buy zone rose 5% to 421.61. Shares rose 0.3% on Monday.
MongoDB is trading tight after a recent profit-fueled gap rally, providing a fresh entry. The narrowing three-week formation shows a buy point at 398.89, while aggressive investors can use a trend line around 386. MDB fell 1.6% Monday morning.
Streaming giant Roku is building a cup-by-handle base with 75.45 buys, according to IBD MarketSmith pattern recognition, even as the stock extended its losing streak to seven sessions on Friday. Roku stock is trying to stop its slide around the 50-day line, which is a key support level to watch. The stock fell 1% early on Monday.
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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|
|Rocco||(ROKU)||75.45||mug with handle|
Source: IBD data as of June 26, 2023
Shares of IBD Leaderboard Tesla slid 3% on Friday after a third analyst downgraded its rating in as many days. Stocks are still sharply extended above the 207.79 buy point of the double bottom base. They closed Friday down 18% from a 52-week high.
TSLA stock threatened to add to Friday’s losses, trimming losses to 0.5% on Monday. Last week, shares snapped a five-week winning streak, down 1.5% for the week.
Dow Jones leaders: Apple and Microsoft
Among Dow Jones stocks, Apple stock hit an all-time high on Friday before falling 0.2%. Shares traded last week as high as 187.56. The stock continues to hold above 157.38 buying points. Early Monday, AAPL shares were up 0.4%.
Shares of Microsoft fell 1.4% on Friday, extending its recent decline. Last week, the stock hit a high of 351.47. Despite the recent losses, MSFT stock is still in profit-taking territory by 20% to 25% from 276.76 flat-base buy points, so investors can at least take some profit. And Monday morning, Microsoft shares were down 0.2%.
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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