Dow Jones futures rise as Tesla set to make new high in 2023 Netflix jumps higher due to price target increases.

Dow Jones futures were up slightly Wednesday morning, while S&P 500 futures and Nasdaq futures posted slightly larger gains. In the meantime, Tesla (TSLA) shares were sharply higher in morning trade and are likely to make a new high in 2023. And Netflix (NFLX) surged after two raises in analyst price targets.




X



Wednesday's earnings reports include: Dave & Buster's (PLAY), love sack (LOVE), Ollie's Bargain Outlet (OLLI) and stitch fix (SFIX).

Shares of Dave & Buster are up more than 5%, while LOVE shares are up 4% in premarket trading. Ollie shares rose 7% before falling nearly 2% in premarket trading. Finally, Stitch Fix was up 10% early on.

stock market today

Netflix shares were up 3% on Wednesday, heading towards a fresh 52-week high. JPMorgan and Wells Fargo increased their price targets on Netflix shares to 470 and 500, respectively. Both maintained their overweight positions.

Electric vehicle giant Tesla, which has been up for eight days, was up 3% on Wednesday morning. Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) was trading slightly lower ahead of today's market open.

cloud flare (NETWORK), Dexcom (DXCM), Fortinet (FTNT) and Taiwan Semiconductor (TSM) – as well as Dow Jones shares Cisco systems (CSCO), MC Donalds (MCD) and Foreclosure (CRM) – are among the best stocks to buy or watch when the stock market is up.

Arista was recently an IBD stock of the day, while Tesla is an IBD leaderboard stock. And McDonald's was featured in the Stocks Near A Buy Zone column this week.


IBD's latest newsletter, MarketDiem, brings you actionable stock, options and crypto ideas right to your inbox


Dow Jones today: oil prices, government bond yields

Before Wednesday's opening bell, Dow Jones futures recouped early losses and rose marginally from fair value. Salesforce.com led the Dow, up more than 1%.

S&P 500 futures were also up slightly, and Nasdaq 100 futures were trading 0.15% higher in morning trade.

Among U.S. exchange-traded funds, Nasdaq 100-tracker Invesco QQQ Trust (QQQ) was up 0.15%, while the SPDR S&P 500 ETF (SPY) was up modestly early Wednesday.

The US 10-year Treasury yield fell to 3.68% on Wednesday. On Tuesday, the 10-year yield extended the winning streak to three sessions.

U.S. oil prices rallied Wednesday morning ahead of the Energy Information Administration's weekly oil inventories at 10:30 a.m. ET. West Texas Intermediate futures were up more than 1% on Wednesday to about $72.50 a barrel.

stock market action

The Dow Jones Industrial Average edged higher on Tuesday, while the S&P 500 gained 0.2%. The tech-heavy Nasdaq Composite gained 0.4%.

Tuesday's Big Picture column said: “The Nasdaq Composite Index and Nasdaq 100 appear to be widening from their 50-day moving averages, increasing the likelihood of a decline. However, the same cannot be said for the S&P 500, which broke out. Friday with higher volume — the same day that IBD increased its investment allocation to 60% to 80%.”

Now is an important time to read IBD's The Big Picture column given the recent positive shift in the market outlook.


The five best Dow Jones stocks to buy and watch right 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. Look for a possible handle that would indicate a previous entry. CSCO stock rose slightly premarket on Wednesday.

Dow Jones restaurant giant McDonald's has fallen below its 10-week moving average, a bearish sign. The stock has been trying to stay above the 281.67 buy point since breaking through two months ago. Profits are dwindling quickly. Although the stock is near a buy point, its action suggests not to buy now. Watch for a more bullish recovery before considering buying stocks. MCD shares were trading unchanged early Wednesday.

According to leaderboard analysis, Salesforce has surpassed the alternative entries at 193.91 and 200.00 for the past few weeks. Last week, shares entered 20% profit at an entry of 178.94 cups with Henkel, but are now falling back. The stock could soon test its key 50-day moving average. CRM stock was up 1.5% on Wednesday morning.


The 4 top growth stocks to watch stock market rally


The best stocks to buy and watch: Dexcom, Cloudflare, Fortinet, TSMC

IBD SwingTrader stock Dexcom is approaching a flat base level of 126.44 after a five-day winning streak, according to pattern recognition by IBD MarketSmith. DXCM stock rose 0.1% on Wednesday, within striking distance of the entry.

Cybersecurity leader Cloudflare broke above a buy point of 66.20 in a double bottom last week. Shares closed Tuesday in the 5% buy range stretching to 69.62. The NET share remained unchanged before the market on Wednesday.

Monday's IBD stock, Fortinet, remains above its flat base of 69.07 despite falling 2.4% in the session. FTNT stock closed in the 5% buy zone, which peaks at 72.52. Shares gained 0.1% premarket on Wednesday.

Chipmaker Taiwan Semiconductor rallied 0.9% on Tuesday to trade range-bound from a double bottom at 95.82 buy points. The 5% buy range extends to 100.72. TSM shares rose 0.7% on Wednesday 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
Foreclosure (CRM) 200.00 consolidation
cloud flare (NETWORK) 66.20 Double bottom
Fortinet (FTNT) 69.07 flat base
Source: IBD data as of June 6, 2023

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


Tesla stock

IBD Leaderboard Stock Tesla shares rose 1.7% on Tuesday, moving out of the buy range above the buy point of a double bottom at 207.79. Shares closed 33% below their 52-week high on Tuesday.

TSLA stock appeared to add to Tuesday's gains, rising 3% on Wednesday morning. Shares are currently working on a fourth straight weekly gain and are on track to make a new high in 2023.

Dow Jones leaders: Apple, Microsoft

Among Dow Jones stocks, Apple shares extended Monday's losses, down 0.2% on Tuesday. Shares hit an all-time high of 184.95 on Monday. The stock continues to hold well above a buy point of 157.38 and is outside the buy range that extended to 165.35. AAPL shares fell 0.2% in premarket trading on Wednesday.

Microsoft shares ended a three-day winning streak on Tuesday, falling 0.7%. The stock is just below Monday's 52-week high at 338.56. From a flat base buy point of 276.76, stocks have entered the 20% to 25% profit zone, so investors could at least take some profits here. MSFT shares fell 0.3% on Wednesday morning.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen Learn more about growth stocks and the Dow Jones Industrial Average.

YOU MAY ALSO LIKE:

Top growth stocks to buy and watch

Learn how to drive the market with IBD's ETF market strategy

Find the best long-term investments with IBD Long-Term Leaders

MarketSmith: Research, charts, data and coaching all in one place

How to research growth stocks: Why this IBD tool makes finding top stocks easy

Leave a Reply

Your email address will not be published. Required fields are marked *