The Dow Jones Industrial Average fell on Monday ahead of a meeting between President Joe Biden and House Speaker Kevin McCarthy, as debt ceiling talks failed to make headway over the weekend. while, apple (AAPL) (AAPL) shares fell after an analyst downgrade.
On Sunday, President Joe Biden said at a news conference in Hiroshima, Japan, that it was time for the other side to move from its extreme positions because so much of what they have already proposed is simply and quite frankly unacceptable. Biden and McCarthy agreed to meet on Monday afternoon to try to hammer out an agreement that would see the United States avoid defaulting on its sovereign debt.
On the economic front this week, the Fed meeting minutes from the May 2-3 summit are due to be released on Wednesday at 2 p.m.
Then on Friday, April personal income and spending data is due from the Commerce Department, which includes the Fed’s preferred inflation measure, the core personal consumption expenditures price index. Economists expect core inflation to rise 0.3% month over month, with the annual core inflation rate holding steady at 4.6%.
Meanwhile, a number of Fed speakers are taped Monday, with speeches by Fed Chairs James Bullard, Thomas Parkin and Mary Daley.
On the earnings side, it’s a chip giant nvidia (NVDA) Released late Wednesday. Also this week, earnings results from major retailers Louie (a little), Dick’s Sporting Goods (DKS), AutoZone (AZO), Urban Outfitters (URBN), dollar tree (DLTR) f kohl (KSS) on schedule.
stock market today
Meta platforms (META) rose 0.3% even after the social media giant was hit with a $1.3 billion fine by the EU privacy regulator over its handling of user data. micron technology (MU) fell 3.1% after a Chinese cyber regulator banned the sale of Micron products after a failed network security review.
electric car giant Tesla (TSLA) was up 2% Monday morning. Tech giants in the Dow Jones Apple and Microsoft (MSFT) was down after the stock market opened today.
advanced micro devices (AMD), IBD Leaderboard stock ASML (ASML), IBD SwingTrader stock L Research (LRCX) f Netflix (NFLX) – as well as Dow Jones shares Boeing (Bachelor’s) , sales force (CRM) f visa (V) – Among the best stocks to buy and watch in the stock market’s continued bullish trend.
Lam Research and Netflix were the IBD stock topics for the day.
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Dow jones today: oil prices and treasury yields
After Monday’s opening bell, the Dow Jones Industrial Average fell 0.3%, while the S&P 500 rose 0.1%. The Nasdaq Composite Heavy Index traded 0.45% lower in the morning move.
Among US exchange-traded funds, the Nasdaq 100 Invesco QQQ Trust (QQQ) Index rose 0.6%, while the SPDR S&P 500 ETF (SPY) rose 0.3% early Monday.
The 10-year US Treasury yield traded Monday up to 3.6%, on track to extend a six-day winning streak that has seen it rebound to its highest level since mid-March.
US oil prices continued to trade between $70 and $73 per barrel. West Texas Intermediate crude futures were slightly higher on Monday morning, holding just below $72 a barrel.
Stock market action
On Friday, the Dow Jones Industrial Average lost 0.3%, while the S&P 500 fell. The technology-heavy Nasdaq Composite reversed to a 0.2% loss.
The Big Picture column commented on Friday, “The Nasdaq Composite ended the day down 0.2%, avoiding distribution due to lower volume. However, it finished with a meaty gain of 3% for the week and remains near its highs for the year. The index has risen each week.” from the past four weeks and is up about 22% so far in 2023.”
Now is an important time to read IBD’s The Big Picture column after the recent upward change in market expectations.
The five best Dow stocks to buy and watch right now
Dow Jones stock to buy and watch: Boeing, Salesforce, Visa
Aerospace giant Boeing Dow Jones fell 0.8% on Friday, still holding above its 50-day line and trading near the 221.43 flat buy point, according to IBD MarketSmith pattern recognition. BA shares rose 0.5% early on Monday.
IBD Leaderboard Salesforce stock has climbed past alternate entries at 194.01 and 200.10 in recent weeks, according to Leaderboard analysis. Meanwhile, the RS line has made a new high this week, which is a bullish sign. CRM stock fell 0.5% Monday morning.
Visa shares remain in a buy range above 230.15 cups by a handle, after falling slightly on Friday. The buying range rises to 241.66. V shares lost 0.2% on Monday.
4 top growth stocks to watch in Stock market rise
Best stocks to buy and watch: AMD, ASML, Lam, and Netflix
Chip leader Advanced Micro Devices fell into a buy range above 102.53 cup bottom buy, according to IBD MarketSmith pattern recognition, with a 1.95% decline on Friday. The Buy Zone rose by 5% to 107.66. On Monday, AMD shares fell 1.7%.
IBD Leaderboard ASML stock broke above 683.28 buy points in a cup with handle last week and is in the 5% buy zone which tops at 717.44. ASML fell 0.6% on Monday.
Lam Research stock broke out from a flat bottom with a buy point of 548.95 last week and extended slightly beyond its buying range. LRCX stock fell 0.7% on Monday.
Streaming giant Netflix spread past a buy point of 349.90 from a handle cup base last week. NFLX stock fell 0.1% Monday morning.
Learn how to time the market with IBD’s ETF market strategy
Best stocks to buy and watch the stock market rise
These are the top four stocks to buy and watch in the stock market today, including two of the Dow Jones leaders.
|Company Name||Code||The right point of purchase||Point of purchase type|
|L Research||(LRCX)||548.95||Flat base|
|visa||(Fifth)||230.15||mug with handle|
|advanced micro devices||(AMD)||102.53||cup base|
Source: IBD data as of May 22, 2023
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Tesla stock rose 1.8% on Friday, regaining its 50-day line to the upside for the first time since April 4. On Friday, the shares closed 43% off their 52-week high.
TSLA stock appeared to be adding to Friday’s gains, as it rose 2% Monday morning.
Dow Jones leaders: Apple and Microsoft
Among Dow Jones stocks, Apple shares rose 0.1% on Friday, hitting a 52-week high of 176.39. The stock continues to increase gains above 157.48 buying points, and is outside the buying range that reached 165.35. AAPL stock fell 0.6% on Monday after Loop Capital downgraded the stock from buy to hold with a price target of 180.
Shares of Microsoft fell on Friday, down from Thursday’s 52-week high of 319.04. MSFT stock continues to increase gains above 276.86 fixed-base buying points. On Monday morning, MSFT stock was down 0.1%.
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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