The Dow Jones Industrial Average rose slightly on Friday. In the meantime, You’re here (TSLA) shares and General Motors (GM) has pounced on a deal to expand GM’s access to Tesla’s SuperCharger network. And Target (TGT) was downgraded to neutral at Citigroup.
China-based electric vehicle manufacturer Nio (NIO) released mixed first-quarter results on Friday and was guided to another sharp decline in second-quarter EV shipments, but a notable gain in June. Nio stock rose nearly 4%, just above 52-week lows.
Another key revenue report includes DocuSign (DOCU). Shares rebounded more than 7% early Friday after the company’s strong first-quarter earnings report.
stock market today
Electric vehicle giant Tesla, up 10 straight days, jumped more than 5% on Friday morning, while shares of General Motors also rose 5%. According to GM’s press release, the Tesla Supercharger network will be open to GM drivers starting in 2024, although it will initially require the use of an adapter.
Target shares fell more than 1% after Citigroup downgraded the stock to buy to neutral, with a price target lowered to 130. The analyst said Target’s sales have peaked and are expected to drop again.
Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) traded slightly higher after the stock market opened today.
Dexcom (DXCM), Floor and decor (NDF), Fortinet (FTNT) and Capital of Kinsale (KNSL) – as well as Dow Jones stocks Cisco Systems (CSCO), McDonald’s (MCD) and Selling power (CRM) – are among the best stocks to buy or watch in the uptrend of the stock market.
Tesla is an IBD stock, while McDonald’s was in the Stocks Near A Buy Zone column this week. Floor & Decor was IBD’s stock of the day on Thursday.
IBD’s latest newsletter, MarketDiem, brings you practical insights for stocks, options and crypto straight to your inbox
Dow Jones Today: Oil Price, Treasury Yields
After Friday’s opening bell, the Dow Jones Industrial Average shrugged off early losses to rise 0.1%, while the S&P 500 rose 0.4%. The tech-heavy Nasdaq composite climbed 0.8% in morning action.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 0.8%, while the SPDR S&P 500 ETF (SPY) gained 0.5% early Friday.
Ahead of the Federal Reserve’s June meeting, the 10-year US Treasury yield rose Friday to 3.75%. On Thursday, the 10-year yield ended a four-day winning streak, still near its late-May highs.
A loss on Thursday took oil prices back toward the middle of their trading range since early May. West Texas Intermediate futures edged up 0.5% on Friday, topping $71.50 a barrel.
The Dow Jones Industrial Average rose 0.5%, closing at its highest level since May 1. The S&P 500 climbed 0.6%, a new 2023 closing high. The Nasdaq composite rebounded 1%, taking back much of Wednesday’s selloff. And the small-cap Russell 2000 fell 0.4%, ending a two-day rally.
Thursday’s Big Picture column commented: “With the Nasdaq hovering near its 2023 highs, IBD’s recommended market exposure is between 60% and 80%. The composite still looks extended and continues to test resistance. .”
Now is an important time to read IBD’s The Big Picture column after the recent bullish shift in market outlook.
Five Best Dow Jones Stocks to Buy and Watch Now
Dow Jones stocks to buy and watch: Cisco, McDonald’s, Salesforce
Dow Jones networking giant Cisco Systems is building a cup base with a buy point of 52.56. Keep an eye out for a potential handful, which is within trading days of the formation. This could produce an earlier entry. CSCO stock fell slightly on Friday.
Restaurant giant Dow Jones McDonald’s remains below its 10-week moving average, a bearish sign, despite rallying 1.4% on Thursday. For now, the stock is holding above the buy point of 281.67 since a breakout two months ago. Earnings decline rapidly.
While the stock is close to a buy point, its action suggests avoiding buying at this time. Look for a more bullish bounce before considering buying stocks. MCD stock traded down 0.2% early Friday.
Salesforce has topped alternate entries at 193.91 and 200.00 in recent weeks, according to ranking analysis.
Last week, stocks hit the 20% profit zone from a 178.94 cup entry with a handle, but are now pulling back. The stock is gearing up for a key test of its 50-day line. A decisive rebound would provide additional entry for the software leader. CRM stock gained 1.4% on Friday morning.
4 growth stocks to watch in the Stock market rally
Best stocks to buy and watch: Dexcom, Floor & Decor, Fortinet, Kinsale
Dexcom continues to form a flat base with a buy point of 126.44 as the stock gained 1.2% on Thursday, according to IBD MarketSmith Model Recognition. Shares of DXCM rose 0.3% on Friday.
IBD SwingTrader Floor & Decor stock decisively regained its 50-day line on Wednesday’s 5.1% advance, putting the flooring retailer in a new buy zone. FND stock is only 5% away from a conventional buy point at 101.39. FND stock fell 0.4% on Friday.
Insurance leader Kinsale Capital closed in the 5% buy zone on Thursday after a buy point of 345.75. The buy zone is up to 363.04. KNSL stock rose 0.3% on Friday.
Monday’s IBD stock, Fortinet, remains below the 69.07 buy point of its flat base despite Thursday’s 2.9% rebound. The shares were up 0.5% on Friday.
Learn to Time the Market with IBD’s ETF Market Strategy
Best stocks to buy and watch during the stock market rally
These are the four best stocks to buy and watch in today’s stock market, including a leader in the Dow Jones.
|Company Name||Symbol||Correct point of purchase||Point of purchase type|
|ASML||(ASML)||683.18||Mug with handle|
Source: IBD data as of June 6, 2023
Join IBD experts as they analyze the top stocks of the current stock market rally on IBD Live
IBD Leaderboard Tesla stock rebounded 4.6% on Thursday, moving further away from the buy range past the 207.79 double-bottom buy point. Shares closed Thursday 27% off their 52-week high.
Tesla stock hits 2023 high with $32,000 starting price for Model 3
TSLA stock looked to add to its extended winning streak, rallying more than 5% on Friday morning. Equities are expected to advance for a fourth consecutive week, at the rate of a rise of more than 10%.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple stock rebounded 1.55% on Thursday, ending a three-day losing streak. Shares hit an all-time high at 184.95 on Monday. The stock continues to hold well above a buy point of 157.38 and is outside the buy range that hit 165.35. AAPL stock rose 0.6% on Friday.
Microsoft shares rose 0.6% on Thursday, recouping only a small portion of Wednesday’s 3.1% selloff. Earlier this week, MSFT stock hit the 20%-25% profit zone from a fixed-base buy point of 276.76, so investors could have taken at least a few profits. On Friday morning, MSFT stock was up 1%.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.
YOU MIGHT ALSO LIKE:
Top growth stocks to buy and watch
Learn to Time the Market with IBD’s ETF Market Strategy
Find the best long-term investments with IBD’s long-term leaders
MarketSmith: research, charts, data and coaching in one place
How to Research Growth Stocks: Why This IBD Tool Simplifies Finding the Best Stocks