The Dow Jones Industrial Average reversed higher on Tuesday after weaker-than-expected retail sales data for June. This came as major banks and other financial stocks continued to post earnings American bank (Buck), Charles Schwab (SCHW) And Morgan Stanley (Ms) delivery results.
X
Retail sales data for June released by the Commerce Department came in less than expected Tuesday morning, with sales rising 0.2% versus the expected 0.5% increase.
Meanwhile, Bank of America, Charles Schwab, Lockheed Martin (LMT) and Morgan Stanley were chief earnings reporters on Tuesday morning.
BAC stock rose 2.2% in morning trade after the company’s second-quarter results beat estimates. Schwab shares jumped more than 13% after its second-quarter results.
Shares of Lockheed Martin rose 1% in morning trading, while Morgan Stanley rose 1.3% after the bank beat earnings and sales estimates.
stock market today
Electric car giant Tesla’s trading fell nearly 1% early Tuesday. Dow Jones Tech Giants apple (AAPL) And Microsoft (MSFT) were down after the stock market opened today.
Includes other stock market leaders the alphabet (Google) And Meta platforms (meta). GOOGL stock was down 0.8%, while Meta stock was down 0.1% in early trading.
Allegro Micro Systems (ALGM), Cloud Flair (network), on hold (Onon) And Harmonious energy systems (MPWR) – as well as Dow Jones shares American Express (AXP), Larva (cat) And sales force (CRM) – among the top stocks to watch in the current stock market rally.
Tesla is the IBD Leaderboard stock, while Caterpillar is featured in the Stocks Near A Buy Zone column. On Holdings was the last stock of the day from IBD. Cloudflare was also a recent IBD stock pick of the day.
Dow jones today: oil prices and treasury yields
After the opening bell on Tuesday, the Dow Jones Industrial Average rose 0.5%, while the S&P 500 rose 0.1%. The heavy Nasdaq Composite fell 0.3% in the morning move.
Among the US ETFs, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ(down 0.35%, while the SPDR S&P 500 ETF declined)spy) rose 0.1% early Tuesday.
The 10-year US Treasury yield fell to 3.76% on Tuesday morning. On Monday, the 10-year US Treasury yield settled down at 3.79%.
WTI oil prices rebounded modestly on Tuesday morning, rebounding from Monday’s losses. West Texas Intermediate crude futures were trading up 0.5%, at around $74.50 a barrel.
Stock market action
On Monday, the Dow Jones Industrial Average rose 0.2%, while the S&P 500 rose 0.4%. The Nasdaq Technology Composite Index rose 0.9%.
Monday’s Big Picture column said Monday’s action indicates that institutional investors have so far been sticking to their accumulation strategies. “However, given the sell-off in a few companies, IBD readers may want to remain alert for signs of this inevitable downturn. The next three to four weeks’ earnings news may provide that catalyst for profit-taking.”
Now is an important time to read IBD’s The Big Picture column as the stock market has reached its highest levels for the year.
The five best Dow stocks to buy and watch right now
Dow Jones stocks to watch: American Express, Caterpillar, Salesforce
American Express is attempting to overtake the 177.04 buy point for a cup base with handle. Stocks are still short of a buy trigger, even after rising 1.2% on Monday. Second-quarter earnings are due on Friday. AXP stock fell slightly on Tuesday morning.
Industrial giant Caterpillar is in a buy range after entering a $250.89 handle cup, according to IBD MarketSmith pattern recognition. CAT stock was unchanged early Tuesday.
Salesforce is within a buying range of more than 225 flat bottom entries, according to IBD Leaderboard analysis. CRM stock fell 0.6% Monday, still above its entry level. Shares fell 0.6% on Tuesday morning.
4 growth stocks to buy and watch Stock market rise
Stocks to buy and watch: Allegro, Cloudflare, Over Holdings, Homogeneous Power
Allegro MicroSystems jumped past a fresh entry last week, finishing just above the buy zone after Monday’s 4.2% rally. The buying range increased from 48.72 points to 51.16. The company announces its financial results for the first quarter on August 1. On Tuesday, ALGM stock was down 0.3%.
Cloudflare is currently in the process of consolidation and is trading about 1% below its traditional buy point of 72. But Cloudflare stock was viable at 69.61, its intraday high on July 12 before shares sold off due to Microsoft concerns. Also, the entry point lines up with a trend line going back to June 2nd. The second-quarter earnings return is scheduled for August 3. Shares net rose 2.2% early on Tuesday.
On Holding was breached again to 33.68 buy points in a cup with handle, according to IBD MarketSmith pattern recognition. The shares closed in overbought territory, down 5%, at 35.36. ONON stock rose 6.4% Monday after TD Cowen initiated coverage with an outperforming rating and a price target of 38. ONON stock was down 0.4% Tuesday morning.
Chip leader Monolithic Power is within a buying range of 5% clearing the 553.64 entry level on a flat base, rising 4.2% on Monday. Shares fell 0.7% Tuesday.
Learn how to time the market with IBD’s ETF market strategy
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) | 747.13 | Flat base |
| sales force | (CRM) | 225.00 | Flat base |
| Cloud Flair | (network) | 72.00 | merge |
| Rocco | (ROKU) | 75.45 | mug with handle |
Source: IBD data as of July 167, 2023
Join IBD experts as they analyze the leading stocks of the current stock market rally on IBD Live
Tesla stock
IBD Leaderboard Tesla stock rose 3.2% on Monday, extending its winning streak to five sessions. Amid recent gains, Tesla shares remain sharply outside the buy range after entering 207.79 for the double bottom. They hit a new high for 2023 on Monday.
TSLA stock threatened to end that winning streak, falling 0.8% on Tuesday. Tesla will report its results for the second quarter on the Wednesday after the close.
Dow Jones leaders: Apple and Microsoft
Among Dow Jones stocks, Apple rose 1.7% Monday, up for the fourth straight session. AAPL stock continues to settle sharply above 157.38 buying points. The tech giant’s fiscal third-quarter results are expected to be announced on August 3.
Microsoft shares found support at the 50-day line last week, which put the stock in new buy territory. The software giant is scheduled to announce its earnings results on July 25. On Monday, Microsoft shares were up 0.1%, closing off their 2023 highs. On Tuesday morning, Microsoft shares were down a tiny percentage.
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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