The Dow Jones Industrial Average fell on Tuesday morning ahead of the release of key economic data, with the release of factory orders and the Labor Department’s jobs survey. Tesla stock rebounded on Tuesday morning amid strong sales data in China.
Early Tuesday, Factory Orders are due at 10 a.m. ET. Orders are expected to decline by 0.4% in February versus a decline of 1.6% in January. Meanwhile, the Department of Labor’s Job Vacancies and Turnover Survey, or JOLTS, is also scheduled for 10 a.m. The survey is expected to show 10.4 million jobs available in February, down slightly from 10.824 million in January.
stock market today
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.
Dow jones today: oil prices and treasury yields
After the opening bell on Tuesday, the Dow Jones Industrial Average fell 0.1%, and the S&P 500 rose 0.1%. The Nasdaq Composite Heavy Index rose 0.1% in the morning move.
The 10-year US Treasury yield rose on Tuesday to 3.47%. In recent weeks, the 10-year yield briefly touched its lowest level since mid-September.
US oil prices added to Monday’s rally, rising around 1% in early morning trading. West Texas Intermediate futures traded above $81 a barrel.
Stock market rise
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%.
Monday’s Big Picture column commented, “After rallying near the Feb. 2 high last week, the Nasdaq has scraped an early draw and posted an inside day. It was an impressive performance, considering the range of Nasdaq’s gains over the past three weeks has been pulling back.” Stocks on Nasdaq have a slight advantage over rallying stocks.
Now is an important time to read IBD’s The Big Picture column after Wednesday’s trend-changing gains.
Five Dow Jones stocks to buy and watch now
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. BA shares fell 1.9% early Tuesday.
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, a sign of the market’s outperformance. The shares lost 0.4% on Tuesday.
Nike shares fell back below the 50-day line during Monday’s decline of 1.3%, as it continues to track a flat base of 131.41 buy points. Early entry at 126.16 is also in play. NKE stock rose 0.1% on Tuesday.
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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. Exxon stock rose 0.5% on Tuesday.
background storyAxon products are essential to law enforcement, helping to build public trust. Meanwhile, its cloud-based software for managing police evidence, records and communications is designed to make 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. NOW stock rose 2.2% early Tuesday after receiving an upgrade from neutral to outperform at Baird.
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. SKY stock was up 0.4% Tuesday morning.
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%.
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Stocks to buy and watch the stock market rise
These are the top four stocks to watch in the stock market today, including two Dow leaders.
|Company Name||Code||The right point of purchase||Point of purchase type|
|service now||(now)||494.72||cup base|
|Cisco systems||(CSCO)||51.84||Flat base|
Source: IBD data as of April 3, 2023
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.
TSLA stock appeared to rebound Tuesday morning, bouncing 1.2% in early trade.
Tesla sold 88,869 units of electric cars made in China in March for domestic sales and exports, up 35% from a year ago, according to data released by the China Passenger Car Association. That was 19.4% higher than in February.
The EV giant has already reported global first-quarter deliveries on Sunday.
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. AAPL stock rose 0.3% on Tuesday.
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. MSFT shares fell 0.1% early on Tuesday.
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.
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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