The Dow Jones Industrial Average fell 100 points Monday morning after Friday’s jobs report for March. Tesla shares slid more than 3% after the company cut the prices of its cars in the US again on Friday. Apple shares sank after PC shipments fell 40% in the first quarter.
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On Friday, the March jobs report came in just short of Wall Street’s forecast of 240,000 jobs, as employers added 236,000 jobs. Average hourly earnings increased 0.3% in the month, as expected. Annual wage growth of 4.2% is lower than the forecast of 4.3%. The unemployment rate fell to 3.5% against expectations of 3.6%. The labor force participation rate increased to 62.6%.
On the economic front this week, inflation data is due for release in the middle of the week, with the release of the Consumer Price Index and the Producer Price Index. US Retail Sales is due on Friday.
Meanwhile, the first quarter earnings season begins with c. B. Morgan Chase (JPM), Citigroup (c) And Wells Fargo (WFC) And PNC Finance (PNC) start earnings bank. And Delta Airlines (DAL) And United Health (United nations) is the first airline and health insurer, respectively, to report for the first quarter.
stock market today
electric car giant Tesla (TSLA) fell 3.3% in Monday morning movement. Dow Jones Tech Giants apple (AAPL) And Microsoft (MSFT) were down after the stock market opened today.
IBD Stock Leaderboard Axon project (Axon), service now (now) And visa (Fifth) – as well as Dow Jones shares Boeing (Bachelor’s), Cisco systems (CSCO) And Nike (NKE) – among the top-bought and watched stocks with continued market strength.
Boeing appeared in the stocks column near the overbought zone last week. Axon, Microsoft, and Visa have all been recent topics in IBD stock.
Dow jones today: oil prices and treasury yields
After Monday’s opening bell, the Dow Jones Industrial Average fell 0.4%, and the S&P 500 lost 0.6%. The heavy Nasdaq Composite fell 0.9% in the morning move.
Among the US ETFs, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ(down 0.9%, while the SPDR S&P 500 ETF declined)spy) fell 0.6% early on Monday.
The 10-year US Treasury yield was trading Monday at 3.38%. Last week, the 10-year yield hit its lowest level since mid-September.
US oil prices took a pause after last week’s big gains, and fell in early morning trading on Monday. West Texas Intermediate futures traded at less than $81 a barrel.
Stock market rise
On Thursday, the Dow Jones Industrial Average rose, with its weekly gains rising to 0.6%. The S&P 500 rose 0.4%, with the index down just 0.1% this week. Finally, the heavy Nasdaq Composite rose 0.8% but fell 1.1% for the week, ending its recent lead.
The Big Picture column commented on Thursday, “Despite the NASDAQ’s losses this week, the market outlook remains emphatically bullish, meaning investors continue to get the green light to buy spinoffs. Exposure to IBD is currently recommended at 40% to 60%, but weak growth and other leading stocks in recent sessions is worrisome.
Now is an important time to read IBD’s Big Picture column with the stock market in an uptrend.
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 approaching the 221.43 buy point of the stable base, according to IBD MarketSmith pattern recognition. Shares rose 0.65% on Thursday, holding above the 50-day line. BA shares fell 0.4% early Monday.
Cisco Systems shed 51.84 points long on the flat base during Thursday’s 1.1% decline. To the upside, the stock’s relative strength line has reached a new high in recent weeks, indicating the market’s outperformance. Shares fell 0.4% on Monday.
Nike shares continue to see strong resistance around the 50-day line, falling 0.6% on Thursday. They continue to track the flat base which has 131.41 buy points. Early entry at 126.16 is also in play. NKE stock fell 0.6% on Monday.
4 top growth stocks to watch in Stock market rise
Top stocks to buy and watch: Axon, ServiceNow, Visa
IBD Leaderboard Axon is still below the 226.10 buy point Thursday on a short consolidation although it is up 1.1%. Meanwhile, it is also below early entry at 221.79, above the March 21st high. AXON stock fell slightly on Monday.
background storyAxon products are essential to law enforcement, helping to build public confidence. Meanwhile, its cloud-based software for managing police evidence, records and communications is designed to make officers more productive.
IBD SwingTrader pick ServiceNow continues to climb to the right side of the cup base with 494.72 buy points amid Thursday’s 1.2% rally, which could be part of a potential handle. NOW stock fell 1% early Monday.
Backstory: NOW tracks and manages the services provided by IT departments. The self-service technology portal also gives workers access to administrative tools and workflow tools. In the most recent quarter, the Santa Clara, California-based maker of enterprise software said earnings jumped 56% to $2.28 per adjusted share. Revenue increased 20% to $1.94 billion.
Visa shares fell 1% Thursday, still holding above the 50-day line. The stock continues to form a cup base with 234.40 buying points. V stock was down 0.3% Monday morning.
Backstory: Visa has not been affected by the recent banking crisis sparked by SVB Financial’s Silicon Valley Bank. The bank’s failure sent shock waves through financial markets, forcing regulators to scramble for emergency relief and calls for tougher industry legislation. Mid-sized banks bore the brunt of losses during the chaos in March, while credit card companies like them did Master Card Credit Card (Master’s) And American Express (AXP) a more modest decline.
Learn how to time the market with IBD’s ETF market strategy
Stocks to buy and watch the stock market rise
These are the top four stocks to watch in the stock market today, including two Dow leaders.
| Company Name | Code | The right point of purchase | Point of purchase type |
|---|---|---|---|
| service now | (now) | 494.72 | cup base |
| Nike | (NKE) | 131.41 | Flat base |
| visa | (Fifth) | 234.40 | cup base |
| Cisco systems | (CSCO) | 51.84 | Flat base |
Source: IBD data as of April 10, 2023
Join IBD experts as they analyze the leading stocks of the current stock market rally on IBD Live
Tesla stock
Tesla stock fell another 0.25% on Thursday, extending its losing streak to four sessions and ending with a weekly loss of 10.8%. Last week, stocks triggered a 7%-8% loss rule from a buy point of 200.76 in a cup with handle. They fell sharply below the 50-day line, which is a key support level. Thursday, the stock closed 52% off its 52-week high.
TSLA stock fell 3.3% Monday morning after Tesla slashed US prices on its Model S and Model X cars by $5,000 each, to $84,990 and $94,990 for the base models, respectively. The company also lowered the price on its Model 3 sedan and some Model Y crossovers.
Meanwhile, the electric car giant announced that it is Factory building in Shanghai to produce its Megapack battery.
Dow Jones leaders: Apple and Microsoft
Among Dow Jones shares, Apple shares rose 0.55% Thursday, ending a two-day decline. Stocks remain near their highest level since August. AAPL stock fell 1.8% on Monday after IDC data showed Apple’s PC shipments fell more than 40% in the first quarter.
Shares of Microsoft broke out of the buy range, crossing the 276.86 buy point of the flat base, with a gain of 2.55% on Thursday. The stock just exited the 5% overbought area that moved from the overbought point to 290.70. MSFT stock fell 1.2% early on Monday.
Shares of Microsoft rose earlier this month after the company announced that it was adding artificial intelligence tools to its suite of popular Office productivity applications. It follows the company’s investment in artificial intelligence startup OpenAI, the company behind the worthwhile ChatGPT app.
Be sure to follow Scott Lehtonen on Twitter at @tweet Learn more about developing stocks and the Dow Jones Industrial Average.
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