The Dow Jones Industrial Average sketched minor losses Tuesday morning, continuing to fall after the stock market's slight retreat on Monday. Meanwhile, AI stock Mobileye skidded after the company announced that Intel will sell part of its holdings in the self-driving technology firm. And cryptocurrency exchange Coinbase crashed after the SEC sued the company for operating as an unregistered broker.
As the March-quarter reporting season winds toward a finish, Tuesday's earnings reports include Academy Sports & Outdoors, Ciena, GitLab and Thor Industries.
Academy shares cut losses to 0.2% in morning trade, while CIEN stock was down 10.5%. GitLab shares soared 23%, while THOR stock raced 12% higher.
Stock Market Today
Mobileye skidded more than 4% after an Intel subsidiary, Intel Overseas Funding, launched a secondary offering for 35 million Mobileye shares. Coinbase dived more than 21% after the SEC sued the company in New York federal court on Tuesday morning. The SEC alleged that the company was acting as an unregistered broker and exchange.
Electric-vehicle giant Tesla traded down more than 1% Tuesday morning. Dow Jones tech giants Apple and Microsoft were lower after today's stock market open.
Arista Networks, Cloudflare, Fortinet and Taiwan Semiconductor — as well as Dow Jones stocks Boeing, Cisco Systems and Salesforce — are among the best stocks to buy or watch in the stock market uptrend.
Arista was a recent IBD Stock Of The Day, while Tesla is an IBD Leaderboard stock. And Cisco was featured in last week's Stocks Near A Buy Zone column.
Dow Jones Today: Oil Prices, Treasury Yields
After Tuesday's opening bell, the Dow Jones Industrial Average dipped 0.15%, while the S&P 500 fell 0.1%. The tech-heavy Nasdaq composite traded down 0.3% in morning action.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust traded down 0.4%, while the SPDR S&P 500 ETF fell 0.25% early Tuesday.
The 10-year U.S. Treasury yield on Tuesday traded up to 3.7%. On Monday, the 10-year yield added to Friday's sharp gains.
U.S. oil prices pulled back following Monday's short-lived OPEC-fueled rally. West Texas Intermediate futures descended more than 2% Tuesday, back to near $70 a barrel.
Stock Market Action
The Dow Jones Industrial Average on Monday fell 0.6%, ending a two-day rally. The S&P 500 lost 0.2%, while the tech-heavy Nasdaq composite inched lower.
Monday's Big Picture column commented, "there is no imminent sign of danger for the stock market. The fact the Nasdaq topped its August 2022 high and the S&P 500 last week broke out above 4,200 are bullish signs. After Friday's push above key levels, IBD raised its recommended exposure level from 40%-60% to 60%-80%."
Now is an important time to read IBD's The Big Picture column after the recent bullish change in the market's outlook.
Five Best Dow Jones Stocks To Buy And Watch Now
Dow Jones Stocks To Buy And Watch: Cisco, Boeing, Salesforce
Dow Jones networking giant Cisco Systems is building a cup base with a 52.56 buy point. Keep an eye out for a potential handle, which would show an earlier entry. CSCO stock fell 1.4% Tuesday.
Aerospace giant Boeing declined 2.1% Monday, holding above its 50-day line after a six-day advance. Shares are holding in a flat base with a 221.33 buy point, according to IBD MarketSmith pattern recognition. BA stock moved up 0.1% early Tuesday.
Salesforce rallied past alternative entries at 193.91 and 200.00 in recent weeks, according to Leaderboard analysis. Last week, shares reached the 20% profit zone from a 178.94 cup-with-handle entry, but now are pulling back. The stock may soon test its key 50-day line. CRM stock lost 0.6% Tuesday morning.
4 Top Growth Stocks To Watch In The Stock Market Rally
Best Stocks To Buy And Watch: Arista, Cloudflare, Fortinet, TSMC
Networking giant Arista Networks remains below its 171.44 buy point, according to IBD MarketSmith pattern recognition. ANET stock dropped 2% Tuesday morning.
Cybersecurity leader Cloudflare broke out last week past a 66.20 buy point in a double bottom. Shares closed Monday just out of the 5% buy area, which ran up to 69.62. NET stock moved down 0.6% Tuesday.
Monday's IBD Stock Of The Day, Fortinet, decisively regained its flat base's 69.07 buy point during the session's 4.6% rally. FTNT stock closed in the 5% buy zone that tops out at 72.52. Shares declined 0.7% Tuesday.
Chip foundry Taiwan Semiconductor cut losses to 0.9% Monday, in buy range from a double-bottom's 95.82 buy point. The 5% buy area runs up to 100.72. TSM stock was down 0.6% Tuesday morning.
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 two Dow Jones leaders.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| ASML | 683.18 | Cup with handle | |
| Salesforce | 200.00 | Consolidation | |
| Boeing | 221.33 | Flat base | |
| Arista Networks | 171.44 | Cup base |
Source: IBD Data As Of June 5, 2023
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
IBD Leaderboard stock Tesla stock rallied 1.7% Monday, moving further past a cup base's 207.79 buy point. Shares closed Monday 33% off their 52-week high.
TSLA stock threatened to give up a small part of Monday's gains, moving down 1.2% Tuesday morning.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple stock reversed 0.8% lower Monday after hitting a new all-time high. The stock continues to hold sharply above a 157.38 buy point and is out of the buy range that ran up to 165.35. AAPL stock dipped 0.9% in early trade Tuesday.
Apple Unveils Computer Goggles For Augmented, Virtual Reality Called Vision Pro
Microsoft shares extended a win streak to three sessions Monday, rising 0.2% and hitting a new 52-week high at 338.56. Shares have reached the 20%-25% profit zone from a 276.76 flat-base buy point, so investors could take at least some profits here. On Tuesday morning, MSFT stock was down 0.6%.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
