Dow Jones stock futures were higher ahead of Tuesday’s open after the Dow Jones Industrial Average fell 140 points on Monday. President Joe Biden and House Speaker Kevin McCarthy failed to reach an agreement in their highly anticipated meeting on the debt ceiling. During this, Tesla (TSLA) stock shows a new buy point amid a five-day winning streak.
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At the beginning of the meeting, Biden said, “We still have some disagreements but I think we may be able to get where we need to go. We both know we have an important responsibility.”
After the meeting, McCarthy told reporters that the meeting was “productive”, and added, “I think the tone of tonight was better than any other time we’ve had discussions.”
He continued, “I believe we can still get there. I believe we can get it done,” and that he expects to speak with Biden every day.
Over the weekend, debt-limit talks broke down, with President Joe Biden telling a news conference in Hiroshima, Japan, on Sunday that it was “time for the other side to move beyond their extreme positions because of what they’ve already proposed.” Simply, quite frankly, unacceptable.” Biden and McCarthy are trying to reach a deal that would allow the US to avoid defaulting on its sovereign debt.
Major income movers late Monday night include heiko (HEI) and zoom video communication (ZM).
Heiko shares were down 1.5% in extended trading, while ZM stock rose 9.65% after the close and then pared gains.
stock market today
The Dow Jones Industrial Average fell 0.4% on Monday. The S&P 500 rose less than 0.1%, while the tech-heavy Nasdaq Composite climbed 0.5%.
EV leader Tesla traded 4.85% on Monday. in dow jones stocks, Apple (AAPL) fell 0.5% on the downgrade and Microsoft (MSFT) hit new high with a gain of 0.9% in today’s stock market action.
Advanced Micro Devices (amd), ibd leaderboard stock asml (asml), Cadence Design Systems (CDNS) and IBD SwingTrader Ideas Shopify (shop) – as well as Dow Jones stocks boeing (B. A), sales force (CRM) and Visa (V) – are among the best stocks to buy and watch the rally in the stock market.
ASML and Salesforce are IBD leaderboard stocks, Shopify a new IBD SwingTrader idea, while Boeing was featured in this week’s Stocks Near a Buy Zone column.
4 top growth stocks to buy and watch currentlyRENT stock market rally
Dow Jones Stock Futures Today: Oil Prices, Treasury Yields
Ahead of Tuesday’s opening bell, Dow Jones futures were up 0.25% versus fair value, and S&P 500 futures were up 0.3%. Nasdaq 100 futures also rose 0.4% versus fair value in overnight trading. Remember that overnight action in Dow Jones futures and elsewhere does not necessarily translate into actual trading in the next regular stock market session.
The 10-year US Treasury yield rose to 3.71% on Monday, climbing for a seventh-straight session. Meanwhile, US oil prices rose nearly 1% on Monday as West Texas Intermediate futures settled above $72 a barrel.
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What to do in a stock market rally
Now is an important time to read IBD’s The Big Picture column with stock market trends in “confirmed uptrends”.
A confirmed uptrend gives IBD readers the green light to buy top stocks by breaking previous new buy points. Due to the bullish action in recent sessions, IBD’s recommended exposure to stocks is 40% to 60% of your portfolio, with the Nasdaq and S&P 500 at new 2023 highs.
Two useful IBD MarketSmith lists to check out right now are “Breaking Out Today” and “Near Pivot”. The latter shows shares close to buy points in the bases, and other flags extend past buy points during the session.
To find more stock ideas, check out IBD stock lists, such as the IBD 50, Big Cap 20 and Stocks Near a Buy Zone. These features identify bullish patterns and buy points and should be examined daily.
Learn to Time the Market with IBD’s ETF Market Strategy
Dow Jones Stocks to Buy and Watch: Boeing, Salesforce, Visa
Dow Jones Aerospace giant Boeing rose 0.2% on Monday, still above its 50-day line and trading near the flat base’s 221.43 buy point, according to IBD MarketSmith pattern recognition.
Salesforce held off previous alt entries at 194.01 and 200.10 in recent sessions despite two days of losses. Meanwhile, the RS line hit a new high last week, a bullish signal.
Visa shares remain in a buying range above the $230.15 cup-with-handle buy point amid Monday’s 0.9% decline. The buying limit goes up to 241.66.
Best stocks to buy and watch: AMD, ASML, Cadence, Shopify
Chip leader Advanced Micro Devices moved back from buy range above the cup base’s 102.53 buy point, posting a 2.1% gain on Monday, according to IBD MarketSmith Pattern Recognition. 5% buy zone goes up to 107.66.
IBD leaderboard stock ASML broke above 683.28 buy point in cup handled last week and is in 5% buy zone which topped out at 717.44. ASML rose 0.7% on Monday.
Cadence Design Systems is trying to overcome the 217.77 buy point in a flat base, but fell below entry on Monday, down 2.3%.
Shopify joined the IBD leaderboard on Monday as it made a bullish move above a trendline entry near $62. Shares rose 3.1% on Monday.
Join IBD experts as they analyze the top stocks in the current stock market rally on IBD Live
Tesla stock
Tesla stock soared another 4.85% on Monday, extending its winning streak to five sessions and moving past its 50-day line. The shares are forming a new base on the right side which has 207.89 buy point for now. Keep an eye on a handle to offer a lower entry.
The stock closed 40% on Monday from its 52-week high.
Dow Jones Leaders: Apple, Microsoft
In Dow Jones shares, Apple shares fell 0.5% on Monday, hitting Friday’s 52-week high of 176.39. The stock continues to add to gains above the 157.48 buy point and is outside the ongoing buy range till 165.35.
Microsoft shares rose 0.9% on Monday, hitting a 52-week high of 322.59. The shares are well above the flat-basis buy point of 276.86.
Follow Scott Lehtonen on Twitter at @IBD_SLehtonen for top stocks to buy and Dow Jones Industrial Average action to watch.
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