Dow Jones futures chased tech futures higher Monday morning, looking to kick off the week with modest gains. On Tuesday, investors will shift their attention to January’s consumer price index and recent revisions showed that inflation was running hotter than previously thought.
Early Monday, Check Point Software (CHKP) reported strong quarterly earnings results, but shares dropped 2% in early morning trade.
Arista Networks (ANET), Cadence Design Systems (CDNS), Lattice Semiconductor (LSCC), Medpace (MEDP) and SolarEdge Technologies (SEDG) will report earnings results after Monday’s close.
Additional earnings results this week include Airbnb (ABNB), Albemarle (ALB), Applied Materials (AMAT), Coca-Cola (KO), GlobalFoundries (GFS), Roblox (RBLX), Roku (ROKU) and Shopify (SHOP).
Stock Market Today
Electric-vehicle leader Tesla (TSLA) traded down nearly 1% Monday morning, while Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) were squarely higher ahead of today’s stock market open.
IBD Leaderboard stock Snowflake (SNOW), Inspire Medical Systems (INSP) and Wingstop (WING) — as well as Dow Jones stocks Caterpillar (CAT) and JPMorgan Chase (JPM) — are among the top stocks to buy and watch, with the ongoing strength of the market rally.
Snowflake is an IBD Leaderboard stock. Inspire was a recent IBD Stock Of The Day. Caterpillar was featured in last week’s Stocks Near A Buy Zone column.
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Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Monday’s opening bell, the Dow Jones futures rose 0.1% vs. fair value, while S&P 500 futures moved up 0.2%. Tech-heavy Nasdaq 100 futures climbed 0.5% in morning action,.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) traded up 0.7% and the SPDR S&P 500 ETF (SPY) rose 0.3% early Monday.
The 10-year U.S. treasury yield rose to 3.74% Friday, ending with big weekly gains. The 10-year yield ticked lower to 3.73% Monday morning.
Oil prices eased Monday morning, pausing after a 2% gain last week lifted West Texas Intermediate futures above $80 a barrel. WTI futures traded back below $80 early Monday.
Stock Market Rally
On Friday, the Dow Jones Industrial Average climbed 0.5%, and the S&P 500 rose 0.2%. Meanwhile, the Nasdaq composite fell for a third straight day, losing 0.6%.
Friday’s The Big Picture column commented, “With strong jobs strengthening hawkish monetary policy, everyone will be watching January consumer price index (CPI) Tuesday, which is expected to rise 6.2% year-over-year. A higher-than-expected number will increase pressure on central bankers to continue raising rates. On the flip side, a cool number will add further fuel to the current stock market rally.”
Five Dow Jones Stocks To Buy And Watch Now
Dow Jones Stocks To Buy And Watch: Caterpillar, JPMorgan
Top Dow Jones stock Caterpillar is back in buy range above a 239.85 flat-base entry, as it tries to find support around its 50-day moving average, according to IBD MarketSmith chart analysis. Shares were up 0.6% Friday. CAT stock slid 1.5% Monday morning after Baird downgraded the stock from outperform to neutral, with a lowered price target of 230.
Banking giant JPMorgan is in the 5% buy range above a 138.76 flat-base buy point after a 0.4% rise Friday. The 5% buy zone tops out at 145.70. JPM shares inched lower early Monday.
JPM stock shows a solid 94 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup. The Composite Rating is designed to help investors easily find top growth stocks.
4 Top Growth Stocks To Buy And Watch In The Stock Market Rally
Top Stocks To Buy And Watch: Inspire, Snowflake, Wingstop
Recent IBD Stock Of The Day Inspire Medical Systems’ breakout past a flat base’s 262.64 buy point stalled amid Friday’s 1.9% loss, according to IBD MarketSmith pattern recognition. The buy zone tops out at 275.77. INSP stock shows a modest 84 IBD Composite Rating. Shares were inactive Monday morning.
Backstory: The company sells an implantable device to treat sleep apnea through electrical stimulation of the nerves — a process called neurostimulation.
New IBD Leaderboard stock Snowflake is approaching an early entry at 178.80, as the software leader moves up the right side of a deep cup base that features a 205.76 buy point. SNOW stock was up 0.8% early Monday.
Backstory: The software firm offers a new way for enterprises and large organizations to access, arrange and analyze their data. To help customers maximize their investments in data analytics, Snowflake charges by time of usage. Earnings are due out March 1.
Wingstop added a handle to a cup base, lowering the correct entry to 169.04. WING stock was flat Monday morning.
Backstory: The Dallas-based restaurant chain has more than 1,900 locations in the U.S. and international markets, according to Dow Jones Newswires. Its international locations include Mexico, Columbia, Panama, Singapore and the U.K. The company added a net 40 stores in the prior quarter. Earnings are due out Feb. 22.
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Stocks To Buy And Watch In Stock Market Rally
These are seven top stocks to buy and watch in today’s stock market, including a Dow Jones leader.
|Company Name||Symbol||Correct Buy Point||Type Of Base|
|Inspire Medical Systems||(INSP)||262.64||Flat base|
|Wingstop||(WING)||169.04||Cup with handle|
Source: IBD Data As Of Feb. 13, 2023
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Tesla stock skidded 5% Friday, snapping an eight-day win streak. Despite their strong rebound since Jan. 6, shares are still below the 200-day line. And Tesla stock closed Friday about 46% off its 52-week high.
Shares threatened to add to Friday’s losses, falling 0.8% Monday morning.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares rose 0.1% Friday, ending a two-day skid. Shares are around 15% off their 52-week high and are moving up the right side of a new base. Apple stock traded up 0.3% Monday.
Microsoft stock extended a losing streak to three sessions Friday, falling 0.2% Shares are back above their 200-day line and are about 17% off the 52-week high after recent gains. Microsoft shares were up 1.4% early Monday.
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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