Dow Jones futures were little changed ahead of Tuesday’s open, with a busy week of earnings results ahead that included tech titans Google-parent Alphabet (GOOGLE), Amazon (AMZN), Facebook owner Meta Platforms (META) and Microsoft (MSFT). last monday, First Republic Bank (FRC) fell after the company’s late earnings results.
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last monday too, Swing Design Systems (CDNS) and First Republic Bank moved after earnings. Cadence shares lost nearly 4% in extended trading.
First Republic fell more than 20% after total deposits fell 35.5% from a year earlier to $104.5 billion as of March 31, despite a $30 billion injection from the biggest banks. Deposits fell by $72 billion in the quarter, down 40.8% from the end of the year. FactSet analysts expected deposits to drop to $145 billion.
“With the closure of several banks in March, we experienced unprecedented deposit outflows,” commented CFO Neal Holland in a statement.
early tuesday, 3M (MMM), Dow (DOW), General Electric (GE), General Motors (GM), Halliburton (E.G), McDonald’s (MCD), PepsiCo (PEP), PulteGroup (Phm), Spotify (SPOT), UPS (UPS) and Verizon Communications (VZ) will be the primary income reporter.
Google-parent Alphabet and Microsoft will report later Tuesday. Meta earnings are scheduled for Wednesday after the market closes. And Amazon earnings are due late Thursday.
Stock Market Today
On Monday, the Dow Jones Industrial Average rose 0.2%, with Chevron (CVX) one of the big winners. CVX stock rallied 1.4%. The S&P 500 rose 0.1%, while the tech-heavy Nasdaq composite lost 0.3%.
EV leader Tesla traded up 1.5% on Monday. In Dow Jones stocks, Apple (AAPL) increased by 0.2% and Microsoft (MSFT) lost 1.4% in today’s stock market action.
Crocs (CROX), DraftKings (DKNG), IBD Leaderboard stocks Las Vegas Sands (LVS) and IBD SwingTrader stocks Lululemon Athletica (LULU) — as well as Dow Jones stocks JPMorgan Chase (JPM), Nike (NKE) and Visa (v) — are among the top stocks to buy and watch in the ongoing market rally.
Nike and DraftKings are featured in this week’s Stocks Near A Buy Zone column.
3 Top Growth Stocks to Buy and Watch In Current Stock Market Rally
Dow Jones Futures Today: Oil Prices, Treasury Yields
Before the opening bell on Tuesday, Dow Jones futures, S&P 500 futures and Nasdaq 100 futures were little changed compared to fair value in overnight trading. Note that overnight action in Dow Jones futures and elsewhere does not necessarily translate into actual trading in the next regular stock market session.
The 10-year US Treasury yield fell to 3.51% on Monday. Over the past two weeks, the 10-year yield has rebounded from its lowest level since mid-September. US oil prices rose on Monday, as West Texas Intermediate futures settled just below $79 a barrel.
What to Do With a Stock Market Rally
Now is an important time to read IBD’s The Big Picture column with the stock market trending in a “confirmed uptrend” after continued gains.
Amid Monday’s quiet action, the market outlook remains in a confirmed uptrend, which means investors continue to have the green light to buy breakout stocks. The recommended IBD exposure is currently 40% to 60%.
Two useful IBD MarketSmith lists to look at today are “Breaking Out Today” and “Near Pivot.” The latter shows stocks that are close to buy points at the bases, and the other flags show stocks that are rising to buy points during the session.
To find more stock ideas, check out IBD Stock Lists, such as IBD 50, Big Cap 20 and Stocks Near a Buy Zone. These features identify bullish patterns and buy points and should be checked daily.
Learn How To Time The Market With IBD’s ETF Market Strategy
Dow Jones Stocks to Buy and Watch: JPMorgan, Nike, Visa
JPMorgan shares rose on Monday, holding steady near the 144.44 flat base buy point and above the 50-day moving average, according to IBD MarketSmith pattern recognition.
Nike shares rose 1.2% on Monday, still above their 50-day line and approaching the 127.59 cup-with-handle buy point.
Visa shares remain in a buy range above the 230.15 cup-with-handle buy point. The buy range reached 241.66. Visa reports fiscal second quarter results late Tuesday.
Top Stocks to Buy and Watch: Crocs, DraftKings
Shares of Crocs climbed 2.7% on Monday, extending a winning streak to seven sessions and ending above the 143.60 point buy cup base, according to IBD MarketSmith. The 5% buy range climbed to 150.78. The company plans to report first-quarter earnings on Thursday.
Backstory: Broomfield, Colo.-based Crocs is known for its rubbery, casual-wear shoes. The company in recent years has expanded its Crocs brand portfolio from the classic slip-on clogs to include boots, sandals, wedges and sneakers. The Crocs brand accounts for approximately 75% of sales.
DraftKings broke out above a 21.72 point buy a cup base last week, but gave up entering the period down 2.55% on Monday. The 5% buy zone tops out at 22.81.
Backstory: Boston’s DraftKings is an online sports platform that allows users to play daily fantasy games and win cash prizes. Sports betting prospects look strong, with about 20% of US adults saying they have bet money on sports in some way in the past 12 months, according to a Pew survey Research Center in 2022. DraftKings reports Q1 results on May 4.
Las Vegas Sands, Lululemon
IBD Leaderboard stock Las Vegas Sands left the 5% buy range above the 60.40 buy point in a cup with a handle during Monday’s 1.4% rally. The buy zone topped out at 63.42.
Backstory: Last week, Las Vegas Sands smashed revenue expectations for the first quarter and hinted at a “robust recovery” in China’s Macau gaming hub. Casino stock posted earnings of 28 cents per share, up from a net loss of 40 cents a year earlier. Revenue rose nearly 125% to $2.12 billion.
IBD SwingTrader’s Lululemon stock soared past the 371.36 entry in a cup handle, up nearly 1% on Monday.
Backstory: On March 28, Lululemon raised guidance to 2023 after beating earnings and revenue estimates for the holiday fourth quarter, which caused a 12.7% surge on March 29. The yogawear and athleisure’s final fourth-quarter results The apparel retailer also went beyond its own initial announcement, released in early January.
Join IBD experts as they analyze the top stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock fell 1.5% on Monday, hitting its lowest level since Jan. 26. In recent weeks, shares have triggered a 7%-8% loss rule from a point of purchase at 200.76 in a cup with a handle. And they are trading well below their 50-day line, a key level.
The stock closed Monday down 55% from its 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares gained 0.2% on Monday. They remain firm above the 157.48 buy point and are at the top of the buy range that runs up to 165.35.
Microsoft shares are still above the 276.86 buy point of a flat base despite a three-day losing streak, as they fell 1.4% on Monday. The 5% buy area rises from the buy point at 290.70. Earnings should be released late Tuesday.
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