The fall in the stock markets continues, what to do now; Nvidia and Tesla sell themselves

Dow Jones futures were little changed ahead of Tuesday’s market open as major stock indexes continued to fall on Monday. Nvidia (NVDA) and Tesla (TSLA) sold off heavily on Monday.


On Monday, the Dow Jones Industrial Average was down slightly while the S&P 500 lost 0.45%. The tech-heavy Nasdaq Composite declined 1.2% to end at daily lows. On the plus side, the Russell 2000 small-cap index was up slightly.

Tech giant Nvidia shed 3.7% on Monday, closing at its lowest level since June 12. Electronics giant Tesla slipped 6.1% after another downgrade, this time from Goldman Sachs.

Later this week, Dow Jones shares Nike (NKE) and Walgreens (WBA) will release its quarterly results. Nike’s earnings will be released on Thursday, while Walgreens will report on Tuesday.

stock market today

Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) are down 0.8% and 1.9% respectively in trading today.

chipotle Mexican grill (CMG), floor & decor (FND), Lam Research (LRCX) and MongoDB (MDB) – as well as Dow Jones stocks Merck (MRK), 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, Floor & Decor is an IBD SwingTrader stock, while MongoDB is featured in this week’s “Stocks Near A Buy Zone” column.

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Dow Jones today: oil prices, government bond yields

Before Tuesday’s opening bell, Dow Jones futures, as well as S&P 500 futures and Nasdaq 100 futures showed little change from their fair value.

On Monday, the 10-year US Treasury yield fell to 3.71%.

Oil prices rallied slightly on Monday, recovering from last week’s losses but remaining close to their recent lows. West Texas Intermediate futures rose almost 1% to around $69.50 a barrel.

Stock market events: what to do now

Now is an important time to read IBD’s The Big Picture column as major stock indices continue their decline from their 2023 highs.

While the market retreats, events remain largely normal. Taking a breather now allows the indices to gather strength for further advances.

For this reason, IBD still recommends 60% to 80% exposure. But this is a good opportunity to take a look at your portfolio and maybe make some profits on your big winners. Conversely, don’t hesitate to sell breakout stocks that aren’t making it. For example, integration device (INTA) tumbled nearly 14% on Monday, triggering the 7% loss rule from a buy point of 47.04.

The five best Dow Jones stocks to buy and watch right now

Dow Jones stocks to buy and watch: JPMorgan, Merck, Salesforce

Dow Jones banking leader JPMorgan is about 3% below a flat base buy point of 143.37 after rising 0.3% on Monday. The shares are right on their 50-day moving average.

Pharma giant Merck is nearing the 119.65 buy point amid a four-day winning streak that has seen shares regain their 50-day moving average. But on Monday, the stock fell 1.3%, slipping back below the 50-day moving average.

Salesforce was able to stabilize after the slump in earnings that followed. Support at the 50-day moving average is currently being tested. According to IBD leaderboard analysis, the megacap technology sector previously surmounted two alternative entries at 194.01 and 200.10.

For the past few weeks, shares have hit the 20 percent gain zone with an entry at 178.94 cups with handles.

The 4 top growth stocks to watch stock market rally

Best stocks to buy and watch: Chipotle, Floor & Decor, Lam Research, MongoDB

IBD Leaderboard Watchlist stock Chipotle is retesting its 10-week moving average and forming a flat base with a buy point of 2139.88, according to pattern recognition by IBD MarketSmith. Chipotle was Wednesday’s IBD stock of the day.

IBD SwingTrader stock Floor & Decor is within striking distance of a cup and handle buy point at 101.49, despite falling 0.8% on Monday.

Lam Research surpassed the 615.80 early buy point Monday with a 1.9% rally. Meanwhile, a three-week tight pattern also sees an entry at 630.72.

MongoDB is trading tight on the recent earnings-driven gap to the upside and offers a fresh entry. The 3-week tight formation shows a buy point at 398.89 while aggressive investors could use a trendline entry around 386.

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 26, 2023

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

Tesla stock

Tesla’s IBD leaderboard stock slipped 6.1% on Monday after Goldman Sachs downgraded the stock to neutral from “buy” and raised its price target to 248 from 185.

Despite the recent losses, Tesla shares remain well outside the buy range beyond the 207.79 buy point of the double bottom basis.

Dow Jones leaders: Apple, Microsoft

Among Dow Jones stocks, Apple shares hit another record high on Monday, trading at 188.05. Shares rebounded 0.8% as it continues to hold well above a buy point of 157.38.

Microsoft shares fell 1.9% on Monday, adding to Friday’s losses. On June 16, MSFT stock hit an all-time high of 351.47. Over the past few weeks, the stock has been trading in the 20-25% range from a flat base buy point of 276.76, giving investors at least some profits to take there.

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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