Sunday, June 4, 2023
    HomeBusinessMcCarthy Says Sides Are 'Far Apart' On Debt Ceiling; Rockets 23%

    McCarthy Says Sides Are ‘Far Apart’ On Debt Ceiling; Rockets 23%

    Dow Jones stock futures were little changed ahead of Tuesday’s open after the Dow Jones Industrial Average climbed 47 points Monday. AI stock (AI) rocketed 23%, while Home Depot (HD) and Walmart (WMT) are big earnings reporters Tuesday.


    President Joe Biden said Monday that the next debt ceiling meeting with congressional leaders will be on Tuesday, but said there no updates regarding talks. House Speaker Kevin McCarthy said that the two sides remain “far apart” and that he would like a deal to be done this week.

    Former hot AI stock soared more than 23% Monday after announcing its preliminary fiscal Q4 results. said its Q4 revenue was $72.1 million to $72.4 million, better than the company’s previous guidance.

    Home Depot and Walmart earnings are due out Tuesday morning. On Holding (ON) will also report early Tuesday.

    Stock Market Today

    On Monday, the Dow Jones Industrial Average rose 0.1%. The S&P 500 gained 0.3%, while the tech-heavy Nasdaq composite climbed 0.7%.

    EV leader Tesla (TSLA) traded down 1% Monday. Among Dow Jones stocks, Apple (AAPL) fell 0.3% and Microsoft (MSFT) rose 0.2% in today’s stock market action.

    Advanced Micro Devices (AMD), IBD Leaderboard stock Nvidia (NVDA), IBD SwingTrader idea Netflix (NFLX) and Uber Technologies (UBER) — as well as Dow Jones stocks Salesforce (CRM) and Visa (V) — are among the best stocks to buy and watch in the stock market uptrend.

    Netflix and Nvidia were recent IBD Stock Of The Day topics.

    4 Top Growth Stocks To Buy And Watch In The Current Stock Market Rally

    Dow Jones Stock Futures Today: Oil Prices, Treasury Yields

    Ahead of Tuesday’s opening bell, Dow Jones futures, S&P 500 futures and Nasdaq 100 futures were little changed vs. fair value in overnight trading. Remember that overnight action in Dow Jones futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

    The 10-year U.S. Treasury yield rose to 3.5% Monday. Meanwhile, U.S. oil prices climbed Monday, as West Texas Intermediate futures settled just above $71 a barrel.

    IBD’s latest newsletter, MarketDiem, gives you actionable ideas for stocks, options and crypto right in your inbox.

    What To Do In The Stock Market Rally

    Now is an important time to read IBD’s The Big Picture column with the stock market trend in a “confirmed uptrend.”

    A confirmed uptrend gives IBD readers the green light to purchase top stocks breaking out past new buy points. Despite the acknowledgment of better action in recent sessions, IBD’s recommended exposure in stocks remains at 20% to 40% of your portfolio due to the ongoing news-driven volatility.

    Two useful IBD MarketSmith lists to check right now are “Breaking Out Today” and “Near Pivot.” The latter shows stocks nearing buy points in bases, and the other flags stocks rising past buy points during the session.

    To find more stock ideas, check IBD Stock Lists, like IBD 50, Big Cap 20 and Stocks Near A Buy Zone. These features identify bullish patterns and buy points and should be checked every day.

    Learn How To Time The Market With IBD’s ETF Market Strategy

    Dow Jones Stocks To Buy And Watch: Salesforce, Visa

    IBD Leaderboard stock Salesforce rallied past alternative entries at 194.01 and 200.10 in recent sessions, according to Leaderboard analysis. Meanwhile, the RS line hit a new high last week, a bullish signal.

    Visa shares remain in buy range above a 230.15 cup-with-handle buy point amid Monday’s 0.6% rise. The buy range goes up to 241.66.

    Best Stocks To Buy And Watch: AMD, Nvidia, Netflix, Uber

    Chip leader Advanced Micro Devices continues to rally up the right side of a cup base that has a 102.53 buy point, according to IBD MarketSmith pattern recognition. Last week’s advance saw AMD stock climb above an early trendline entry, using May 4’s high of 91.64 as the buy point.

    IBD Leaderboard stock Nvidia finished Monday up 2.2%, still in buy range above a 280.10 buy point in a short consolidation. The 5% buy zone goes up to 294.11.

    Recent IBD Stock Of The Day Netflix popped above its 50-day moving average line last week. That positive action created a buying opportunity for aggressive investors. Further, Netflix shares now are near a buy point of 349.90 out of a cup-with-handle base.

    Uber Technologies remains in buy range past a 37.68 buy point in a cup base, amid a 0.8% fall Monday. The 5% buy area goes up to 39.56. Uber is still extended from the 50-day line, though.

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

    Tesla Stock

    Tesla stock skidded another 1% Monday, adding to Friday’s losses that saw the stock find stout resistance around its key 50-day line. Amid gains since late April, shares are looking to build a new base.

    The stock closed Monday 47% off its 52-week high.

    Dow Jones Leaders: Apple, Microsoft

    Among Dow Jones stocks, Apple shares slipped 0.3% Monday, still near their 52-week high, which was set back in mid-August. The stock continues to add to gains above a 157.48 buy point and is out of the buy range that ran up to 165.35.

    Microsoft shares rose 0.2% Monday, holding near last week’s 52-week high price of 313. Shares are significantly above a 276.86 flat-base buy point.

    Follow Scott Lehtonen on Twitter at @IBD_SLehtonen for top stocks to buy and watch and Dow Jones Industrial Average action.


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