Dow futures rise ahead of economic data tesla bounce on China sales

Dow Jones futures rose Tuesday morning ahead of key economic data, with the release of factory orders, job openings and the Labor Department’s Employment Turnover Survey (JOLTS). Tesla stock started to bounce back on Tuesday morning amid strong China sales data.

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Early Tuesday, Factory Orders are due at 10 a.m. ET. Orders are expected to decline by 0.4% in February versus a decline of 1.6% in January. Meanwhile, JOLTS, which will also be released at 10 am, is expected to reach 10.4 million in February, down slightly from 10.824 million in January.

stock market today

electric car giant Tesla (TSLA) rose 1% on Tuesday before marketing. Dow Jones Tech Giants apple (AAPL) And Microsoft (MSFT) was moving higher before the stock market opened today.

IBD Stock Leaderboard Axon project (Axon), service now (now) And skyline (sky) – as well as Dow Jones shares Boeing (Bachelor’s), Cisco systems (CSCO) And Nike (NKE) – among the top-bought and watched stocks with continued market strength.

Boeing appeared in the stocks column near the overbought zone this week. Axon, Skyline, and Microsoft were all recent subjects in today’s IBD inventory.

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Dow jones today: oil prices and treasury yields

Before the opening bell on Tuesday, Dow Jones futures were up 0.2% against fair value, while S&P 500 futures were up 0.3%. Futures for the tech-heavy Nasdaq 100 rose 0.5% in the morning move.

Among the US ETFs, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ(up 0.5%, while the SPDR S&P 500 ETF rose)spy) rose 0.3% early on Tuesday.

The 10-year US Treasury yield rose on Tuesday to 3.46%. In recent weeks, the 10-year yield briefly touched its lowest level since mid-September.

US oil prices added to Monday’s rally, rising around 1% in early morning trading. West Texas Intermediate futures traded above $81 a barrel.

Stock market rise

On Monday, the Dow Jones Industrial Average rose 1%, with United Health Group (United nations) And chevron (CVX) big winners. United Nations rose 4.6%, while Chevron rose 4.2%. The S&P 500 rose 0.4%, while the Nasdaq Technology Composite fell 0.3%.

Monday’s Big Picture column commented, “After rallying near the Feb. 2 high last week, the Nasdaq has scraped an early draw and posted an inside day. It was an impressive performance, considering the range of Nasdaq’s gains over the past three weeks has been pulling back.” Stocks on Nasdaq have a slight advantage over rallying stocks.

Now is an important time to read IBD’s The Big Picture column after Wednesday’s trend-changing gains.

Five Dow Jones stocks to buy and watch now

Dow Jones stocks to buy and watch: Boeing, Cisco Systems, Nike

Dow Jones leader Boeing is approaching the 221.43 buy point of the stable base, according to IBD MarketSmith pattern recognition. Shares rose 1.4% on Monday, just 3% off the most recent entry. BA shares fell 0.9% early Tuesday.

Cisco Systems broke through the 51.84 buy point of the flat base during Friday’s 1.6% rally. But the volume was just above average, which is a potential drawback. On the plus side, the stock’s relative strength line has reached a new high in recent weeks, in a sign of the stock market’s outperformance. Shares fell 0.4% on Tuesday.

Nike shares fell back below the 50-day line during Monday’s decline of 1.3%, as it continues to track a flat base of 131.41 buy points. Early entry at 126.16 is also in play. NKE stock rose 0.1% on Tuesday.

4 top growth stocks to watch in Stock market rise

Top stocks to buy and watch: Axon, ServiceNow, Skyline

IBD Leaderboard Axon closed above a buy point of 226.10 on Monday in a short consolidation with a gain of 1.1%. Meanwhile, it also topped early entry at 221.79, above the March 21 high, last week. AXON stock rose on Tuesday.

background storyAxon products are essential to law enforcement, helping to build public trust. Meanwhile, cloud-based software for managing police evidence, records, and communications makes officers more productive. One key metric gives an idea of ​​how indispensable police departments view Axon contracts. In the fourth quarter, Axon saw net revenue retention of 121%. This means that expanded contracts far more than make up for minimal customer attrition.

Late last week, IBD SwingTrader Pick ServiceNow decisively regained its 50-day streak, moving sharply up the right side of the base of the cup with 494.72 buy points. Keep an eye out for a potential handle to make a lower entrance. NOW stock rose 2.6% early Tuesday after receiving an upgrade from neutral to outperform at Baird.

Backstory: NOW tracks and manages the services provided by IT departments. The self-service technology portal also gives workers access to administrative tools and workflow tools.

In the most recent quarter, the Santa Clara, California-based maker of enterprise software said earnings jumped 56% to $2.28 per adjusted share. Revenue increased 20% to $1.94 billion.

Skyline snapped a five-day winning streak Monday, falling 3.5%. Stocks below 73.50 buy points. SKY stock was little changed Tuesday morning.

Backstory: Skyline, headquartered in Troy, Michigan, produces and installs factory-built homes, garden models, and modular buildings for families and the hospitality industry. It employs more than 8,100 people with 42 manufacturing facilities across the United States

Skyline has reported earnings and revenue gains for the past nine months. The company’s profits rose 183% in fiscal 2022, while revenue jumped 56%.

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Stocks to buy and watch the stock market rise

These are the top four stocks to watch in the stock market today, including two Dow leaders.

Source: IBD data as of April 3, 2023

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

Tesla stock

Tesla stock fell 6.1% on Monday, giving up Friday’s gains and falling below a buy point of 200.76 in a cup by handle. On Monday, the stock closed 50% off its 52-week high.

TSLA stock looked to be bouncing back Tuesday morning, bouncing 1% in early trade.

Tesla sold 88,869 units of electric cars made in China in March for domestic sales and exports, up 35.0% from a year ago, according to data released by the China Passenger Car Association (CPCA). That was 19.4% higher than in February.

Tesla already announced global deliveries in the first quarter on Sunday.

Dow Jones leaders: Apple and Microsoft

Among Dow Jones shares, Apple shares rose 0.8% on Monday, extending the winning streak to four sessions and closing at its highest level since Aug. 25. AAPL stock rose 0.4% on Tuesday.

Shares of Microsoft remained in a buy range crossing a buy point of 276.86 flat base despite Monday’s drop of 0.4%. The stock is in a 5% overbought area that extends from the buy point to 290.70. MSFT shares rose 0.8% early on Tuesday.

Shares of Microsoft rose earlier this month after the company announced that it was adding artificial intelligence tools to its suite of popular Office productivity applications. It follows the company’s investment in artificial intelligence startup OpenAI, the company behind the worthwhile ChatGPT app.

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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