The Dow Jones Industrial Average fell Tuesday morning after key economic data, the announcement of factory orders and the Labor Department’s employment survey. Tesla shares appeared to rebound Tuesday morning amid strong sales data in China.
X
Factory orders fell more than expected early on Tuesday, down 0.7% in February versus expectations of a 0.4% decline. Meanwhile, according to the Labor Department’s Jobs and Turnover Survey (JOLTS), he had 9.931 million job openings in February, below an estimated 10.4 million.
stock market today
electric car giant Tesla (TSLA) reversed slightly lower after giving up an early rise on Tuesday morning.Dow Jones Tech Giant apple (AAPL) and microsoft (MSFTMore) was rising after the stock market opened today.
IBD Leaderboard Strains axon enterprise (Axon), Service Now (now) and skyline (Sky) — similar to Dow Jones stocks boeing (Bachelor), Cisco Systems (CSCOMore) and Nike (NKE) — Continued market strength and one of the top stocks to buy and watch.
Boeing was featured in this week’s “Stocks Close to the Buy Zone” column. Axon, Skyline, and Microsoft were all recent targets for his IBD Stock Of The Day.
Dow Jones Today: Oil Prices, US Treasury Yields
After Tuesday’s opening bell, the Dow Jones Industrial Average fell 0.2% and the S&P 500 fell 0.1%. The technology-heavy Nasdaq Composite rose less than 0.1% in the morning move.
Invesco QQQ Trust, a NASDAQ 100 tracker among U.S. exchange-traded funds (QQQ) rose 0.1%, while the SPDR S&P 500 ETF (spy) rose 0.1% early on Tuesday.
The 10-year US Treasury yield rose to 3.47% on Tuesday. In recent weeks, 10-year yields briefly hit their lowest level since mid-September.
US oil prices joined Monday’s surge, gaining about 1% in early morning trading. West Texas Intermediate futures traded above $81 a barrel.
stock market rally
The Dow Jones Industrial Average rose 1% on Monday, united health group (UNH) and chevron (CVX) big winner. UNH shares were up 4.6%, while Chevron shares were up 4.2%. The S&P 500 rose 0.4%, while his tech-heavy Nasdaq Composite Index fell 0.3%.
Monday’s Big Picture column commented: The Nasdaq’s stock decline was marginally more favorable than the rising stock. ”
Now is an important time to read IBD’s The Big Picture column following Wednesday’s trend-changing rally.
5 Dow Jones Stocks to Buy Now and Watch
Dow Jones stocks to buy and watch: Boeing, Cisco Systems, Nike
Dow Jones leader Boeing is approaching the buy point at 221.43 on a flat base, according to IBD MarketSmith pattern recognition. The stock rose 1.4% on Monday, just 3% off the latest entry. BA shares fell 1.9% in the early hours of Tuesday.
Cisco Systems rose 1.6% on Friday to break above 51.84 buy points on a flat basis. But volume was only slightly above average, a potential flaw. This is a sign of market outperformance. Stocks fell 0.4% on Tuesday.
Nike shares fell below the 50-day line during Monday’s 1.3% decline. Early entries on 126.16 are also valid. NKE shares rose 0.1% on Tuesday.
4 top growth stocks to watch stock market rally
Top stocks to buy and watch: Axon, ServiceNow, Skyline
IBD Leaderboard shares Axon closed above the buy point at 226.10 on Monday, gaining 1.1% for short-term consolidation. Meanwhile, last week he topped early entry at 221.79, above the March 21 high. AXON shares rose 0.5% on Tuesday.
inside story: Axon’s products are considered critical to law enforcement and have helped build public trust. On the other hand, cloud-based software for managing police evidence, records and communications aims to make officers more productive. One key indicator is how essential police departments view his Axon contract. Axon’s net earnings retention rate in the fourth quarter was 121%. This means that contract growth more than offsets minimal customer attrition.
Late last week, IBD SwingTrader pick ServiceNow definitively regained the 50-day line, surging the right side of the cup base at 494.72 by points. Watch out for potential handles offering lower entries. NOW shares rose 2.2% early Tuesday after being upgraded from neutral to outperform in Baird.
Backstory: NOW Software tracks and manages the services provided by the Information Technology Department. A self-service technical portal also gives employees access to administrative and workflow tools.
The Santa Clara, Calif.-based enterprise software maker says earnings increased 56% to $2.28 per adjusted share in its latest quarter. Earnings increased 20% to his $1.94 billion.
Skyline snapped a five-day winning streak on Monday, down 3.5%. The stock is below the buy point of 73.50. SKY shares rose 0.4% on Tuesday morning.
Backstory: Based in Troy, Michigan, Skyline manufactures and installs factory-built homes, park models, and modular buildings for the family and hospitality sectors. It has 42 manufacturing facilities nationwide and employs more than 8,100 people.
Skyline has posted profit and revenue growth over the past nine quarters. The company’s revenue surged 183% in fiscal year 2022, with earnings up 56%.
Learn how to time the market with IBD’s ETF Market Strategy
Stocks to buy and monitor in the stock market rally
These are the top four stocks to watch in today’s stock market, including two Dow Jones leaders.
| Company Name | symbol | correct purchase point | Purchase point type |
|---|---|---|---|
| Service Now | (now) | 494.72 | cup base |
| Nike | (NKE) | 131.41 | flat base |
| Axon Enterprise | (Axon) | 226.10 | Linking |
| Cisco Systems | (CSCOMore) | 51.84 | flat base |
Source: IBD data as of 3 April 2023
Join IBD experts as they analyze key stocks in the current stock market rally on IBD Live
tesla stock
Tesla shares plunged 6.1% on Monday, giving up Friday’s gains and falling below the buy point of 200.76 in a cup with a handle. Shares on Monday closed at 50% off his 52-week high.
TSLA shares appeared to rebound on Tuesday morning, but fell slightly after abandoning an early rally.
According to data released by the China Passenger Vehicle Association, Tesla sold 88,869 Chinese electric vehicles in both domestic sales and exports in March, up 35% year-on-year. It increased by 19.4% compared to February.
The EV giant already reported its first-quarter global shipments on Sunday.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones shares, Apple shares rose 0.8% on Monday, extending its winning streak to four sessions and closing at its highest level since Aug. 25. AAPL shares rose 0.3% on Tuesday.
Despite Monday’s 0.4% drop, Microsoft shares remain in a buying range above the 276.86 buy point on a flat base. The stock price is in the 5% buy area from the buy point to 290.70. MSFT shares fell 0.1% in the early hours of Tuesday.
Microsoft’s stock soared earlier this month after it announced it would add artificial intelligence tools to its popular suite of Office productivity applications. This follows the company’s investment in artificial intelligence startup OpenAI, the company behind his much-talked-about ChatGPT application.
Follow Scott Lehtonen on Twitter. @IBD_SLehtonen Learn more about growth stocks and the Dow Jones Industrial Average here.
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