Dow Jones futures chased technology futures higher on Friday morning, ahead of a key indicator of consumer sentiment that includes an inflation survey of future expectations. Virgin Galactic (SPCE) soared after the company announced it was scheduled to launch its first commercial spaceflight in late June.
As for the economy, the University of Michigan Prelim Consumer Sentiment Survey will be released at 10am ET. Consumer sentiment is expected to improve to 60.0 in June from 59.2 in May.
Inflation expectations for one and five years are now included in the survey. One-year inflation expectations declined to 4.2% in May from 4.6% in April. In addition, May's five-year expectations declined to 3.1%, according to the University of Michigan survey, compared to 3.0% in April.
SPCE shares are up 40% in premarket trading on Friday, but remain a long way off their 52-week high amid severe weakness over the past 23 months. The company said the launch of its first commercial spaceflight – “Galactic 01” – is scheduled between June 27 and 30. A second flight will follow in early August and monthly space flights are expected.
On the earnings front is the software giant Adobe (ADBE) significantly beat Wall Street's estimates for the second fiscal quarter. However, mixed forecasts have been made for the current period. ADBE shares are up 4.6% in premarket trading.
stock market today
EV giant Tesla (TSLA) was up 1% on Friday morning. Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) were mixed ahead of today's market open.
Dexcom (DXCM), floor & decor (FND), Kinsale Capital (KNSL) and Chipotle Mexican Grill (CMG) – as well as Dow Jones shares Boeing (BA), JPMorgan Chase (JPM) and Foreclosure (CRM) – are among the best stocks to buy or watch when the stock market is up.
Tesla is an IBD leaderboard stock, while Floor & Decor was a recent IBD stock of the day. Dow Jones giant Boeing is an IBD SwingTrader stock.
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Dow Jones today: oil prices, government bond yields
Ahead of Friday's opening bell, Dow Jones futures were up 0.2% versus fair value, while S&P 500 futures were up 0.3%. Nasdaq 100 futures were up 0.4% in morning trade. The stock exchange will be closed on Monday due to the June 19 holiday.
Among U.S. exchange-traded funds, Nasdaq 100-tracker Invesco QQQ Trust (QQQ) is up 0.4%, while the SPDR S&P 500 ETF (SPY) is up 0.2% early Friday.
The US 10-year Treasury yield rose to 3.73% on Friday, likely to end the week slightly lower.
Oil prices remain near their recent lows – unchanged this week despite Thursday's rally. West Texas Intermediate futures edged higher on Friday, trading just below $71 a barrel.
stock market action
The Dow Jones Industrial Average rose 1.3%, or 428 points, to hit a new 2023 high. The S&P 500 climbed 1.2%, and the Nasdaq Composite followed, up nearly 1.2%. Both extended their winning streaks to six sessions, setting new highs for 2023. The small-cap Russell 2000 index rose 0.8%.
Thursday's Big Picture column said, “With the Nasdaq making new highs in 2023, the IBD recommended market exposure is 60-80%. The daily moving average is above the 6% to 7% line that has historically caused the Nasdaq 100 to pull back.”
With stock markets continuing to rally, now is an important time to read IBD's The Big Picture column.
The five best Dow Jones stocks to buy and watch right now
Dow Jones Stocks To Buy And Watch: Boeing, JPMorgan, Salesforce
Aerospace giant Dow Jones and IBD SwingTrader Boeing stock is attempting to break out of the 221.33 buy point on a flat basis. BA shares rose 0.2% premarket on Friday.
Dow Jones banking leader JPMorgan is just below a flat-base buy point of 143.37 after rising 1.1% on Thursday. JPM stock was up slightly early Friday.
According to the IBD leaderboard analysis, Salesforce has surpassed the alternative entries at 193.91 and 200.00 for the past few weeks. For the past few weeks, the stock hit 20 percent gains from an entry at 178.94 cups with handles and is now attempting to recover from support at the 10-week moving average with two consecutive days of gains. CRM stock was up 1% on Friday morning.
4 top growth stocks to buy and watch in the stock market rally
Best stocks to buy and watch: Dexcom, Floor & Decor, Kinsale, Chipotle
Pattern recognition by IBD MarketSmith showed Dexcom moving further above the 126.44 flat base buy point on Thursday, up 3.1%. The 5% buy area rises to 132.76. DXCM shares rose slightly premarket on Friday.
IBD SwingTrader stock Floor & Decor recaptured its 50-day moving average during last week's gains, placing the flooring retailer in a new buy zone. FND stock is 4% off a traditional buy point at 101.39. Shares were flat early Friday.
Leading insurance provider Kinsale Capital closed back above a buy point of 345.75 on Thursday, up 1.75% on the session. The buy zone extends to 363.04. KNSL shares rose 1% on Friday morning.
IBD leaderboard watchlist stock Chipotle is trading tight after a big rally making another entry at 2139.88. Meanwhile, the stock is also falling back to its 10-week moving average. A decisive recovery from this level would also create a buying opportunity. CMG stock was up slightly on Friday morning.
Learn how to drive the market with IBD's ETF market strategy
The best stocks to buy and watch as the stock market rallies
These are the top four stocks to buy and keep an eye on in today's stock market, including a Dow Jones leader.
|Company Name||symbol||Right buying point||Type of purchase point|
|ASML||(ASML)||683.18||Cup with handle|
|cloud flare||(NETWORK)||66.20||Double bottom|
Source: IBD data as of June 15, 2023
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Tesla's IBD leaderboard stock was down for the second day on Thursday, falling 0.35%. This week, shares hit new highs for 2023 and are still trending for a fifth straight weekly rise. Shares are extended well past the buy point of a double bottom basis of 207.79. They closed 19% below their 52-week high on Thursday.
TSLA stock appeared to be recovering from Thursday's losses and was up 1% on Friday morning.
Dow Jones leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares rose 1.1% on Thursday to hit a new all-time high of 186.52. The stock continues to hold well above a buy point of 157.38. Early Friday, AAPL stock fell a fraction.
Microsoft shares rose 3.2% on Thursday, hitting a record 349.84 for the sixth consecutive day. MSFT stock is just above the 20-25% take-profit zone from a flat base buy point of 276.76, leaving investors taking at least some of the profits. And as of Friday morning, Microsoft shares were up 0.6% and on track to make another new high.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen Learn more about growth stocks and the Dow Jones Industrial Average.
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