Dow Jones futures rose modestly on Monday amid the release of key economic data. First-quarter earnings season is set to heat up this week with Tesla, Netflix and a half-dozen Dow industrials set to report. Chinese rival to Tesla Xpeng Motors (XPEV) increased after the new production platform was opened.
X:
Monday morning’s key earnings reporters include Charles Schwab (SCHW), M&T Bank (MTB) and: State street (STT). Charles Schwab rose 1%, while MTB shares rose 3.4% in premarket trading. State Street shares fell 8% early.
Q1 earnings season is gaining momentum this week as well Tesla (TSLA) and: Netflix: (NFLX), Goldman Sachs (GS) and: ASML: (ASML) should also be reported.
On the economic front, the New York Federal Reserve’s Empire State Manufacturing Index rebounded to 10.8 from -24.6 in March, better than the -18.3 estimate. Next, the Home Builders Housing Market Index will be released at 10 am ET. Wall Street expects the NAHB index to read 45 in April, up from 44 in March.
The stock market today
Xpeng rose nearly 12% after the company released a new technology platform that could help it improve production efficiency and cut costs. Electric car giant Tesla rose 1% in early trading.
Dow Jones tech giants Apple: (AAPL) and Microsoft ( MSFT ) were higher before today’s stock market open.
Five below (FIVE), the IBD Leaderboard Watchlist Floor and decor (FND), ServiceNow: (NOW) and: Vertex Pharmaceuticals: (VRTX) — as well as Dow Jones stocks Cisco Systems (CSCO), Nike: (NKE) and: Visa: (V) – one of the best stocks to buy and watch with the market continuing to grow.
Floor & Decor and Visa were featured in last week’s column near the Stocks shopping area.
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Dow Jones Today. Oil prices, Treasury yields
Ahead of Monday’s opening bell, Dow Jones futures rose 0.15% versus the real value, while S&P 500 futures edged higher. Tech Nasdaq 100 futures edged higher in morning trading.
In U.S. stocks, the Nasdaq 100 tracker Invesco QQQ Trust ( QQQ ) fell a share, while the SPDR S&P 500 ETF ( SPY ) traded on the positive side early Monday.
The 10-year US Treasury yield traded as low as 3.54% on Monday. Last week, the 10-year yield bounced back from its lowest level since mid-September.
U.S. oil prices stalled after Friday’s gains, falling in early morning trading on Monday. West Texas Intermediate futures traded at $82 per barrel. Last week, WTI futures extended its winning streak to four weeks.
Stock market rally
The Dow Jones Industrial Average lost 0.4% and the S&P 500 lost 0.2% on Friday. The tech Nasdaq composite fell 0.35%.
Friday’s Big Picture column comments: “The market is still in an established uptrend, IBD suggests 40% to 60% exposure as earnings season gets underway in earnest. Remember to keep on top of any sell signals in your portfolio.
Now is an important time to read IBD’s The Big Picture column with the stock market in an uptrend.
Five Dow Jones Stocks to Buy and Watch Now
Buy and Watch Dow Jones Stocks: Cisco Systems, Nike, Visa
Cisco Systems remains flat after falling 0.5% from a 51.84 buy point in the base straight Friday, but there’s no sell signal yet, according to IBD MarketSmith’s pattern recognition. CSCO stock tops March 31. Shares lost 0.1% on Monday morning.
Shares of Nike fell 0.4% on Friday, snapping a four-day winning streak that saw them resolutely retake their 50-day line. Shares are just below an early entry at 126.16 and nearing a flat base buy point at 131.41. NKE shares rose 0.1% on Monday.
Shares of Visa moved even higher, crossing a 230.15 buy point on the cup handle, up 0.6% on Friday. The buy range reaches 241.66. V shares were up 0.1% early Monday morning.
4 Best Growth Stocks to Watch The Stock market rally
The best stocks to buy and watch. Five Below, Floor & Decor, ServiceNow, Vertex
Five Below slipped another 2% Friday, below a 212.66 buy point on a flat base. If the stock retraces the entry, the 5% buy area will rise to 223.29. Shares were down 0.2% on Monday morning.
StoryOn March 15, Philadelphia-based Five Below, which operates 1,292 teen-and-two-focused discount stores in 42 states, closed 2022 with a profit and revenue beat. Five Below’s fourth-quarter earnings rose 23% to $3.07 a share, ending a three-quarter streak of year-over-year declines.
IBD Leaderboard Watchlist stocks Floor & Decor are still below the 99.47 buy point in the handle cup as the stock rose 0.2% on Friday. Shares were flat early Monday morning.
StoryFloor & Decor operates 191 warehouse-format stores and 6 design studios in 36 states. Sells tile, wood, laminate, vinyl and natural stone flooring products. It also sells decorative accessories. Profits are down 2% this year, before rising to 27% in 2024 and 24% in 2025.
ServiceNow ended sharply with a cup handle below a 482.43 buy point amid Friday’s 4.2% decline. NOW shares rose Monday morning.
Story. ServiceNow software tracks and manages services provided by IT departments. Also, its self-service technology portal gives employees access to administrative and workflow tools.
Vertex Pharmaceuticals crossed Friday from a 325.29 buy point in the cup base, 0.1% on VRTX shares, which were up a fraction Monday morning.
Story. Vertex Pharmaceuticals researches and develops medical treatments for cystic fibrosis, sickle cell disease, muscular dystrophy, kidney disease and type 1 diabetes.
Learn how to time the market with IBD’s ETF Market Strategy
Buy stocks and watch the stock market rally
These are four top stocks to watch in today’s stock market, including the top two Dow Jones.
| Company Name: | Symbol | The right point of purchase | Point of purchase type |
|---|---|---|---|
| ServiceNow: | (NOW) | 482.43 | Cup with handle |
| Nike: | (NKE) | 131.41 | Flat base |
| Visa: | (V) | 230.15: | Cup with handle |
| Cisco Systems | (CSCO) | 51.84 | Flat base |
Source: IBD data as of April 17, 2023
Join IBD experts as they analyze the top stocks on the current stock market rally on IBD Live
Tesla Stock:
Tesla shares ended last week with modest losses, still below the key 50-day mark. In recent weeks, the stock has triggered a 7%-8% loss rule from the 200.76 buy point in the handle cup. Shares closed Friday down 49% from a 52-week high.
Shares of TSLA rose 1% on Monday morning, looking to bounce back from Friday’s losses.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares fell 0.2% on Friday, giving back some of Thursday’s 3.4% jump. They remain firmly above the 157.48 buy point. Shares of AAPL traded marginally higher early Monday.
Microsoft shares remain above a flat base of 276.86 buy points, after losing 1.3% on Friday. 5% buy area from buy point to 290.70. Shares of MSFT rose 1.8% on Monday morning after a report in Sunday’s New York Times said Microsoft’s Bing could replace Alphabet’s Google as the default for Samsung Electronics devices. search service. In addition, Barclays raised its price target on Microsoft from 280 to 310, while maintaining an overweight rating.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.
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