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Investors Business Daily

Dow Jones Futures: Microsoft, Tesla At Key Support Levels; 5 Big Earnings Movers

Dow Jones futures were lower ahead of Tuesday's open after the Dow Jones Industrial Average rose 100 points Monday. Microsoft and Tesla stock are at key support levels, which could provide new buying opportunities for the stock market leaders.

Friday's jobs report will be in the spotlight this week. Economists forecast a steady 3.6% unemployment rate for July and see employers adding 190,000 jobs, down from June, with a moderate gain in average hourly earnings.

Late Monday, Arista Networks, DoubleVerify, Lattice Semiconductor, Monolithic Power, Rambus are key earnings movers.

Arista shares surged 12% in extended trade, while DV stock tumbled more than 7%. Lattice shares were modestly lower, while MPWR stock skidded more than 4%. Finally, Rambus shares dived more than 8% after the market close.

Stock Market Today: Dow Jones Rises

On Monday, the Dow Jones Industrial Average rose 0.3% after a late-day advance, while the S&P 500 gained 0.15%. The tech-heavy Nasdaq composite finished up 0.2%.

EV giant Tesla climbed 0.4% on Monday. Dow Jones tech giants Apple and Microsoft finished mixed in today's stock market action, with AAPL stock up 0.3% and Microsoft down 0.7%.

Allegro MicroSystems, Broadcom, Skechers — as well as Dow Jones stocks Boeing, Caterpillar and Salesforce — are among the best stocks to watch in the current stock market rally.

Tesla is an IBD Leaderboard stock, while Boeing and Skechers were recent IBD Stocks Of The Day. And Skechers featured in this Stocks Near A Buy Zone column.

IBD's latest newsletter MarketDiem gives you actionable ideas for stocks, options and crypto right in your inbox

Dow Jones Today: Oil Prices, Treasury Yields

Ahead of Tuesday's opening bell, Dow Jones futures dropped 0.15% vs. fair value, while S&P 500 futures lost 0.2%. Nasdaq 100 futures were down 0.3% vs. fair value. Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.

On Monday, the 10-year U.S. Treasury yield ticked lower to 3.95%. Oil prices added more than 1.5%, their highest level since mid-April. West Texas Intermediate futures traded near $82 a barrel.

Stock Market Action: What To Do Now

Now is an important time to read IBD's The Big Picture column, with the major stock indexes near their 2023 highs.

As the stock market holds at this year's highs, IBD's recommended exposure level sits at 80% to 100%. However, investors should take care when adding exposure, taking stock of current market levels and increasing at a measured pace. It is also key to remain nimble in case there is an extended pullback.

Five Best Dow Jones Stocks To Buy And Watch Now

Dow Jones Stocks To Watch: Boeing, Caterpillar, Salesforce

Aerospace giant Boeing broke out last week, surpassing a 223.91 flat-base entry. Shares are just out of the 5% buy area that went up to 235.11, as they rose 0.1% Monday.

Industrial giant Caterpillar moved further out of buy range past a 250.89 entry in a cup with handle, according to IBD MarketSmith pattern recognition. Caterpillar earnings are due Tuesday morning.

Salesforce's recent breakout continues to struggle, with the stock closing right at the flat base's 225.00 entry, according to IBD Leaderboard analysis. CRM stock cut losses to 0.2% Monday, after a Morgan Stanley downgrade from overweight to equal weight.

4 Top Growth Stocks To Watch In The Stock Market Rally

Best Stocks To Buy And Watch: Allegro, Broadcom, Skechers

Allegro MicroSystems surged past a new entry in recent weeks, out of the buy range that runs up from the 48.72 entry to 51.16. The company reports fiscal first-quarter results Tuesday morning.

Chip giant Broadcom is eyeing a 921.78 buy point in a consolidation, according to IBD MarketSmith pattern recognition. Shares are just 3% away from their latest entry.

Skechers broke out Friday, surging above a 54.77 buy point after the company's strong quarterly earnings results. Shares are in the buy area that runs up to 57.51, despite their 0.9% fall Monday.

Learn How To Time The Market With IBD's ETF Market Strategy

Best Stocks To Buy And Watch In Stock Market Rally

These are four best stocks to buy and watch in today's stock market, including a Dow Jones leader.

Company Name Symbol Correct Buy Point Type Of Buy Point
Allegro 48.72 Cup base
Salesforce 225.00 Flat base
Broadcom 921.78 Consolidation
Skechers 54.77 Flat base
Source: IBD Data As Of July 31, 2023

Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live

Tesla Stock

IBD Leaderboard stock Tesla rose 0.4% Monday, adding to Friday's gains. Amid the recent pullback, Tesla shares are trying to find support around their key 50-day line.

A decisive rebound from this area would place the electric-vehicle leader in a new buy zone.

Early Tuesday, Nio, Li Auto and XPeng are due to report July sales. Nio stock and Li Auto extended their hot streak Monday while XPeng took a breather, after huge rallies for Tesla's China rivals in recent weeks.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks, Apple stock added 0.3% Monday, holding near its recent highs. AAPL stock continues to hold sharply above a 157.38 buy point. Apple will report fiscal third-quarter results late Thursday.

Microsoft shares tried find support at their 50-day line last week, but look for more decisive rebound to place the stock in a new buy area. Microsoft shares slipped 0.7% Monday, right at their 50-day line.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.

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