Dow Jones futures traded lower Wednesday morning ahead of the minutes from the Federal Reserve’s recent policy meeting. Meta Platforms (META) readies its Twitter rival, called Threads, for its debut on Thursday.
On Wednesday, the Fed minutes are due out at 2 p.m. ET. They could shed light on why policymaker projections penciled in two more rate hikes.
Later this week, the Labor Department’s jobs report on Friday takes the spotlight. Economists are forecasting a gain of around 200,000 jobs and dip in the jobless rate to 3.6%.
Stock Market Today
Meta stock inched lower in morning trade. Threads, which has been referred to as a “Twitter killer,” will be launched under the umbrella of social-media site Instagram. While its debut isn’t until Thursday, the web interface is available now for exploration.
Other leaders in the stock market rally include Google-parent Alphabet (GOOGL). Alphabet shares dipped 0.5%.
Chipotle Mexican Grill (CMG), Dynatrace (DT), MongoDB (MDB), Lam Research (LRCX) and Nvidia (NVDA) — as well as Dow Jones stocks JPMorgan Chase (JPM), Visa (V) and Salesforce (CRM) — are among the best stocks to watch in the ongoing stock market advance.
Dow Jones Today: Oil Prices, Treasury Yields
Heading into Wednesday’s opening bell, Dow Jones futures fell 0.45% vs. fair value. S&P 500 futures dropped 0.5%, while Nasdaq 100 futures moved down 0.6% in morning action.
The 10-year U.S. Treasury yield ticked higher to 3.86%. The 10-year yield has been testing its recent highs, established in late May. The yield settled higher Monday at 3.85%.
Oil prices rebounded Wednesday morning, after a mild pullback on Monday. West Texas Intermediate futures traded up around 2%, to above $71 a barrel.
On Monday, oil prices declined, despite news that Saudi Arabia said it would extend its production cuts into August, and Russia announcing a 500,000 barrel-per-day cutback in its output next month. OPEC’s meeting kicks off Wednesday.
Stock Market Action
On Monday, the S&P 500 edged up 0.1%, while the Nasdaq composite added 0.2%. Both chalked up their highest close since April 2022. The Dow Jones Industrial Average was nearly flat but still made its highest close since Dec. 2.
Monday’s Big Picture column commented, “The (Nasdaq) composite’s 31.7% six-month gain was the best first half of any year since 1983, according to Dow Jones Market Data. The big-cap focused Nasdaq 100 surged 38.8%, for its best first half in history.”
Now is an important time to read IBD’s The Big Picture column as the stock market holds near this year’s highs.
Dow Jones Stocks To Watch: JPMorgan, Salesforce, Visa
Dow Jones banking leader JPMorgan moved further above a 143.37 flat-base buy point during Monday’s gains. The 5% buy zone goes up to 150.54. JPM stock fell 0.2% Wednesday morning.
Salesforce managed to steady itself after slumping following earnings. It is now testing support at the 50-day line. The megacap tech previously moved past a pair of alternative entries at 194.01 and at 200.10, according to IBD Leaderboard analysis.
In recent weeks, shares reached the 20% profit zone from a 178.94 cup-with-handle entry. CRM stock dropped 0.6% Wednesday morning.
Payments leader Visa traded above a flat base’s 235.57 buy point Monday, with a 0.2% gains. The buy range tops out at 247.35. V stock dipped 0.3% early Wednesday.
Best Stocks To Buy And Watch: Chipotle, Dynatrace, MongoDB, Lam Research
IBD Leaderboard watchlist stock Chipotle is trying to break out past flat base’s 2,139.88 buy point, according to IBD MarketSmith pattern recognition. An early entry at 2,092.51 was also available due to a trendline. Chipotle was a recent IBD Stock Of The Day. CMG stock fell a fraction Wednesday morning.
Software maker Dynatrace has formed a three-weeks-tight chart pattern, representing a brief consolidation in which institutional investors pause their buying. Shares are about 3% away from their latest entry at 52.99. DT stock was down 0.6% Wednesday morning.
IBD SwingTrader stock Lam Research moved above a 615.80 early buy point and a three-weeks-tight pattern with a 630.72 entry during last week’s gains. LRCX stock traded down 0.8% early Wednesday.
MongoDB traded tightly after its recent earnings-fueled jump, which offered a new entry. Shares are above the three-weeks-tight formation that showed a buy point at 398.89, while aggressive investors could have used a trendline entry around 386. MDB stock moved down 0.7% Wednesday morning.
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|
|ASML||(ASML)||683.18||Cup with handle|
|Roku||(ROKU)||75.45||Cup with handle|
Source: IBD Data As Of July 5, 2023
IBD Leaderboard stock Tesla extended a win streak to five sessions Monday after the company said it delivered more than 466,000 vehicles to customers worldwide in the April-to-June period, a record quarter for sales. Price cuts and discounts propelled demand well above Wall Street forecasts.
Amid the recent rebound, Tesla shares remain sharply out of buy range beyond a double-bottom’s 207.79 buy point.
TSLA stock threatened to give up a part of Monday’s gains, falling 0.6% Wednesday.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple stock faded from Friday’s record high at 194.48, declining 0.8% Monday. Shares continue to hold sharply above a 157.38 buy point. Early Wednesday, shares lost 0.5% in morning action.
Microsoft shares lost 0.75% Monday, giving back a part of Friday’s gains. Still, the stock is just 4% away from its June 16 all-time high at 351.47.
In recent weeks, the stock reached the 20% to 25% profit zone from a 276.76 flat-base buy point, so investors could have taken at least some profits there. And on Wednesday morning, Microsoft shares were down 0.7%.
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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