Dow Jones futures rose slightly Tuesday morning, as the price of Bitcoin rallied past $30,000 for the first time since June 2022. Top stocks to buy and watch in today’s stock market action include retail leader Five Below (FIVE).
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Bitcoin surged more than 6% over the last 24 hours, trading around $30,130, according to CoinDesk. Cryptocurrency exchange Coinbase (COIN) climbed more than 2% in premarket trade.
On the economic front this week, key inflation data is due out Wednesday and Thursday, with the release of the consumer price index and the producer price index.
Meanwhile, first-quarter earnings season starts off with JPMorgan Chase (JPM), Citigroup (C), Wells Fargo (WFC) and PNC Financial (PNC) kicking off bank earnings. Further, Delta Air Lines (DAL) and UnitedHealth (UNH) are the first airline and health insurer, respectively, to report for the first quarter.
Stock Market Today
Moderna (MRNA) dropped nearly 5% in premarket trading after it failed to enroll enough cases in a late-stage trial of its experimental flu vaccine. Electric-vehicle giant Tesla (TSLA) moved up 1.2%. Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) were lower ahead of today’s stock market open.
Five Below, IBD Leaderboard watchlist stock Floor & Decor (FND), ServiceNow (NOW) and Vertex Pharmaceuticals (VRTX) — as well as Dow Jones stocks Boeing (BA), Cisco Systems (CSCO) and Visa (V) — are among the top stocks to buy and watch with the ongoing market strength.
Floor & Decor and Visa were featured in this week’s Stocks Near A Buy Zone column.
Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Tuesday’s opening bell, Dow Jones futures inched higher vs. fair value, while S&P 500 futures rose 0.1%. Tech-heavy Nasdaq 100 futures traded down 0.1% in morning action.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) retreated 0.2%, while the SPDR S&P 500 ETF (SPY) gained 0.1% early Tuesday.
The 10-year U.S. Treasury yield on Tuesday traded at 3.41%. Last week, the 10-year yield hit at its lowest level since mid-September.
U.S. oil prices continued to fall after Monday’s losses, edging lower in early morning trade Tuesday. West Texas Intermediate futures traded just below $80 a barrel.
Stock Market Rally
On Monday, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 edged higher. The tech-heavy Nasdaq composite inched lower.
Monday’s Big Picture column commented, “While the stock market is not in high gear, it is doing remarkably well considering the Fed continues a tightening campaign, earnings are weakening, a recession could take hold and geopolitical flare-ups threaten global stability.”
Now is an important time to read IBD’s The Big Picture column with the stock market in an uptrend.
Five Dow Jones Stocks To Buy And Watch Now
Dow Jones Stocks To Buy And Watch: Boeing, Cisco Systems, Visa
Dow Jones leader Boeing is nearing a flat base’s 221.43 buy point, according to IBD MarketSmith pattern recognition. Shares rose 0.2% Tuesday, just 5% away from the latest entry.
Cisco Systems is below a flat base’s 51.84 buy point, which it topped March 31. Bullishly, the stock’s relative strength line hit a new high in recent weeks, a sign of stock market outperformance. CSCO stock inched higher Tuesday morning.
Visa shares are still holding above their 50-day line. The stock continues to form a cup base with a 234.40 buy point. V stock tacked on 0.3% early Tuesday.
4 Top Growth Stocks To Watch In The Stock Market Rally
Top Stocks To Buy And Watch: Five Below, Floor & Decor, ServiceNow, Vertex
Five Below raced 4.7% higher Monday, breaking out past a 212.66 buy point in a flat base. Shares are in the 5% buy area that goes up to 223.29. The stock edged lower Tuesday morning.
Backstory: On March, 15, Philadelphia-based Five Below, which operates 1,292 teen- and tween-focused discount stores in 42 states, closed out 2022 with an earnings and revenue beat. For the fourth quarter, Five Below earnings popped 23% to $3.07 per share, ending a three-quarter string of year-over-year declines.
IBD Leaderboard watchlist stock Floor & Decor decisively regained its 50-day moving average with a 5.8% gain Monday. Last week, FND stock added a handle to a cup base, resulting in a 99.47 buy point. Shares lost 0.3% early Tuesday.
Backstory: Floor & Decor operates 191 warehouse-format stores and six design studios across 36 states. It sells tile, wood, laminate, vinyl, and natural stone flooring products. It also sells decorative accessories. Earnings are seen slipping 2% this year before rising to 27% in 2024 and 24% in 2025.
IBD SwingTrader pick ServiceNow continues to move up the right side of a cup base with a 494.72 buy point. Keep an eye out for a potential handle to offer a lower entry. NOW stock fell 0.7% Tuesday morning.
Backstory: ServiceNow software tracks and manages services provided by information-technology departments. Also, its self-service tech portal enables workers to access administrative and workflow tools.
Vertex Pharmaceuticals is trading just shy of a cup base’s 325.29 buy point. VRTX stock lost a fraction Tuesday morning.
Backstory: Vertex Pharmaceuticals researches and develops medical treatments for cystic fibrosis, sickle cell disease, muscular dystrophy, kidney disease and type 1 diabetes.
Learn How To Time The Market With IBD’s ETF Market Strategy
Stocks To Buy And Watch In Stock Market Rally
These are four top stocks to watch in today’s stock market, including two Dow Jones leaders.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| ServiceNow | (NOW) | 494.72 | Cup base |
| Nike | (NKE) | 131.41 | Flat base |
| Visa | (V) | 234.40 | Cup base |
| Cisco Systems | (CSCO) | 51.84 | Flat base |
Source: IBD Data As Of April 10, 2023
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock fell another 0.3% Monday, slashing losses after skidding as much as 4.8% at the market open. Still, it extended a losing streak to five sessions. Last week, shares triggered the 7%-8% loss rule from a buy point at 200.76 in a cup with handle. And they fell sharply below their 50-day line, a support level. The stock closed Monday 52% off its 52-week high.
TSLA stock rose 1.2% Tuesday morning, looking to snap the extended losing streak.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares fell 1.6% Monday after IDC data showed that Apple’s PC shipments fell more than 40% in the first quarter. AAPL stock traded down a fraction early Tuesday.
Microsoft shares moved back into buy range from a flat base’s 276.86 buy point, with a 0.8% fall Monday. The 5% buy area goes from the buy point to 290.70. MSFT stock dropped 1.6% in morning action.
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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