Dow Jones Futures Rise Ahead Of Economic Data; Tesla Bounces On China Sales

Dow Jones futures rose Tuesday morning ahead of key economic data, with the release of factory orders and the Labor Department’s job openings and turnover survey (JOLTS). Tesla stock looked to bounce Tuesday morning amid strong China sales data.

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Early Tuesday, factory orders are due out at 10 a.m. ET. Orders are expected to fall 0.4% in February vs. January’s 1.6% drop. Meanwhile, the JOLTS, also out at 10 a.m., are expected at 10.4 million in February, down slightly from January’s 10.824 million.

Stock Market Today

Electric-vehicle giant Tesla (TSLA) moved up 1% Tuesday premarket. Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) were on the move higher ahead of today’s stock market open.

IBD Leaderboard stock Axon Enterprise (AXON), ServiceNow (NOW) and Skyline (SKY) — as well as Dow Jones stocks Boeing (BA), Cisco Systems (CSCO) and Nike (NKE) — are among the top stocks to buy and watch with the ongoing market strength.

Boeing was featured in this week’s Stocks Near A Buy Zone column. Axon, Skyline and Microsoft were all recent IBD Stock Of The Day subjects.

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Dow Jones Today: Oil Prices, Treasury Yields

Ahead of Tuesday’s opening bell, Dow Jones futures rose 0.2% vs. fair value, while S&P 500 futures gained 0.3%. Tech-heavy Nasdaq 100 futures were up 0.5% in morning action.

Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 0.5%, while the SPDR S&P 500 ETF (SPY) moved up 0.3% early Tuesday.

The 10-year U.S. Treasury yield on Tuesday ticked higher to 3.46%. In recent weeks, the 10-year yield briefly touched its lowest level since mid-September.

U.S. oil prices added to Monday’s surge, rising around 1% in early morning trade. West Texas Intermediate futures traded above $81 a barrel.

Stock Market Rally

On Monday, the Dow Jones Industrial Average rose 1%, with UnitedHealth Group (UNH) and Chevron (CVX) the big winners. UNH stock rallied 4.6%, while Chevron shares climbed 4.2%. The S&P 500 gained 0.4%, while the tech-heavy Nasdaq composite dropped 0.3%.

Monday’s Big Picture column commented, “After rising close to the Feb. 2 high last week, the Nasdaq shook off an early downdraft and scored an inside day. It was in impressive performance, considering the scope of the Nasdaq’s gains over the past three weeks. Declining stocks on the Nasdaq had a slight edge over advancers.”

Now is an important time to read IBD’s The Big Picture column following Wednesday’s trend-changing gains.

Five Dow Jones Stocks To Buy And Watch Now

Dow Jones Stocks To Buy And Watch: Boeing, Cisco Systems, Nike

Dow Jones leader Boeing is nearing a flat base’s 221.43 buy point, according to IBD MarketSmith pattern recognition. Shares climbed 1.4% Monday, just 3% away from the latest entry. BA stock fell 0.9% early Tuesday.

Cisco Systems broke out past a flat base’s 51.84 buy point during Friday’s 1.6% climb. But volume was only slightly above average, a potential flaw. On the plus side, the stock’s relative strength line hit a new high in recent weeks, a sign of stock market outperformance. Shares tacked on 0.4% Tuesday.

Nike shares fell back below their 50-day line during Monday’s 1.3% drop, as they continue to trace a flat base that has a 131.41 buy point. An early entry at 126.16 is also in play. NKE stock moved up 0.1% Tuesday.

4 Top Growth Stocks To Watch In The Stock Market Rally

Top Stocks To Buy And Watch: Axon, ServiceNow, Skyline

IBD Leaderboard stock Axon closed above a 226.10 buy point Monday in a short consolidation with a 1.1% rise. Meanwhile, it also topped an early entry at 221.79, above the March 21 high, last week. AXON stock edged higher Tuesday.

Backstory: Axon’s products are key for law enforcement, helping to build public trust. Meanwhile, cloud-based software for managing police evidence, records and communications makes officers more productive. One key metric gives an idea of how indispensable police departments see its Axon contracts. In the fourth quarter, Axon saw 121% net revenue retention. That means expanded contracts far more than offset minimal customer attrition.

Late last week, IBD SwingTrader pick ServiceNow decisively reclaimed its 50-day line, moving sharply up the right side of a cup base with 494.72 buy point. Keep an eye out for a potential handle to offer a lower entry. NOW stock rose 2.6% early Tuesday after receiving an upgrade from neutral to outperform at Baird.

Backstory: NOW software tracks and manages services provided by information-technology departments. Also, its self-service tech portal enables workers to access administrative and workflow tools.

In the latest quarter, the Santa Clara, Calif-based enterprise software maker said earnings jumped 56% to $2.28 per adjusted share. Revenue climbed 20% to $1.94 billion.

Skyline snapped a five-day win streak Monday, declining 3.5%. Shares are below a 73.50 buy point. SKY stock was little changed Tuesday morning.

Backstory: Troy, Mich.-based Skyline produces and installs factory-built homes, park models and modular buildings for families and the hospitality sector. It employs more than 8,100 people with 42 manufacturing facilities across the U.S.

Skyline has posted earnings and revenue gains for the past nine quarters. The company’s earnings surged 183% in fiscal-year 2022, while revenue jumped 56%.

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.

Source: IBD Data As Of April 3, 2023

Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live

Tesla Stock

Tesla stock dived 6.1% Monday, giving up Friday’s gains and falling back below a buy point at 200.76 in a cup with handle. The stock closed Monday 50% off its 52-week high.

TSLA stock looked to rebound Tuesday morning, bouncing 1% in early trade.

Tesla sold 88,869 units of China-made electric vehicles in March for both domestic sales and exports, up 35.0% from a year ago, according to data published by the China Passenger Car Association (CPCA). That was up 19.4% compared to February.

Tesla already reported global first-quarter deliveries on Sunday.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks, Apple shares rallied 0.8% Monday, extending a win streak to four sessions and closing at their highest level since Aug. 25. AAPL stock rose 0.4% Tuesday.

Microsoft shares remain in buy range past a flat base’s 276.86 buy point despite Monday’s 0.4% fall. The stock is in the 5% buy area that goes from the buy point to 290.70. MSFT stock moved up 0.8% early Tuesday.

Microsoft shares surged earlier this month after the company announced that it is adding artificial intelligence tools to its popular Office productivity applications suite. That follows the company’s investments in artificial intelligence startup OpenAI, the firm behind the buzzworthy ChatGPT application.

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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