Dow Jones futures rise on cool CBI inflation data; Cathy Wood Sells Tesla Shares for $92 Million

Dow Jones futures rose, while tech futures extended gains after a cooler-than-expected CPI inflation reading on Tuesday. Cathie Wood’s Ark Invest sold 393,000 shares of Tesla stock. Worth about $92 million Based on Monday’s closing prices.


May’s consumer price index rose 0.1%, below estimates of 0.2%, and the annual inflation rate eased to 4.0%, below estimates of 4.9% expected to ease to 4.1%. Core CPI, which excludes food and energy, rose 0.4% in line with forecasts, reducing the core inflation rate to 5.3% from 5.5%.

Meanwhile, the two-day meeting of the Federal Reserve Bank begins on Tuesday. The central bank is widely expected to avoid a rate hike at its two-day policy meeting, which ends at 2pm ET on Wednesday. The move halts 10 consecutive fare hikes that began in March last year.

Finally, Oracle (ORCL) earnings came out late Monday, topping Wall Street’s estimates. ORCL shares rose 5% in premarket trade. Shares closed Monday on a 20%-25% gain from a 91.22 cup-with-handle buy point following a late-March breakout move.

Stock market today

EV is giant Tesla (D.S.L.A), now up 12 days in a row, rose another 0.8% on Tuesday morning. Even after revealing the sale of Cathie Wood’s Ark Invest shares. Arc Invest sold about 20,000 shares Nvidia (NVDA) Nvidia shares rose nearly 1% in early Tuesday trading.

Dow Jones is a tech giant Apple (AAPL) and Microsoft (MSFT) mixed trading ahead of today’s stock market open. Intel (INTC) shares rose more than 2% afterward Reports said The UK-based arm of SoftBank Group is in talks with Intel as a potential strategic investor for its initial public offering.

Dexcom (DXCM), Flooring and decoration (FND), Fortinet (FTNT) and Kinsale is the capital (KNSL) — as well as Dow Jones stocks Cisco systems (CSCO), JP Morgan Chase (JPM) and Salesforce (CRM) — is one of the best stocks to buy or watch in a stock market boom.

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Tesla is an IBD Leaderboard stock, while Floor & Decor is IBD’s Stock of the Day on Thursday.

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Dow Jones today: Oil prices, Treasury yields

Before the opening hours on Tuesday, Dow Jones futures were up 0.3% versus fair value. S&P 500 futures added 0.6%, while Nasdaq 100 futures traded 0.9% higher in morning action.

Among U.S. exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust (QQQtraded up 0.6%, while the SPDR S&P 500 ETF (espionage) rose 0.3% early Tuesday.

The 10-year U.S. Treasury yield fell to 3.7% on Tuesday after the CPI inflation data. On Monday, the 10-year yield rose to its highest level since late May.

After heavy losses on Monday, oil prices rebounded in Tuesday’s trade. West Texas Intermediate futures rose nearly 2% on Tuesday to above $68 a barrel — still at the low end of WTI’s trading range since early May.

Stock market activity

On Monday, the Dow Jones Industrial Average rose 0.6%. The S&P 500 rose 0.9%, while the tech-heavy Nasdaq composite climbed 1.5%, hitting a fresh 2023 high.

In Monday’s Big Picture column, “June — historically a bad month for the market — has been a hit so far. The S&P and Nasdaq are up roughly 4%. Out of eight sessions so far this month, the S&P 500 and Nasdaq have risen in six. The strength of the S&P’s rally in recent sessions is May 9 removed the delivery day, and made the index four days of high volume sales.”

Now is an important time to read IBD’s The Big Picture column after recent volatility in the market’s outlook.

Five Best Dow Jones Stocks to Buy and Watch Now

Dow Jones stocks to buy and watch: Cisco, JP Morgan, Salesforce

Dow Jones networking giant Cisco Systems added a handle to a cup base last week, now showing a buy point at 50.58. CSCO stock fell 0.3% in premarket trading on Tuesday.

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Dow Jones Bank leader JP Morgan is nearing a flat-base buy point of 143.37 after a four-day winning streak. Shares are 2% away from their latest buy point. JPM stock fell 0.1% in early trading Tuesday.

According to Leaderboard analysis, Salesforce has rallied past exchange entries at 193.91 and 200.00 in recent weeks.

In recent weeks, the stock has hit a 20% profit zone from the 178.94 cup-with-handle entry and is now breaking out from support at a 10-week line. CRM stock added 0.6% on Tuesday morning.

4 Best Growth Stocks to Watch Stock market rally

Best stocks to buy and watch: Dexcom, Floor & Decor, Fortinet, Kinsale

According to the IBD MarketSmith model consensus, Dexcom broke through a flat base’s 126.44 buy point on Monday with a 2.1% rally. 5% buy area goes up to 132.76. DXCM stock rose 0.9% premarket Tuesday.

IBD SwingTrader stock Floor & Decor decisively retook its 50-day line during Wednesday’s 5.1% advance. FND stock is just 4% away from a conventional buy point at 101.39. Shares were up 0.8% in early Tuesday trading.

Insurance leader Kinsale Capital fell 2.1% on the session despite crossing a 345.75 buy point in 5% buy territory on Monday. The buying zone runs up to 363.04. KNSL shares fell 0.7% on Tuesday morning.

During Monday’s 2.7% advance, Fortinet’s latest IBD stock moved above its flat base of a 69.07 buy point. Buy area goes up to 72.52. FTNT shares were unchanged in the premarket on Tuesday.

Learn how to time the market with IBD’s ETF Market Strategy

Best stocks to buy and watch in the stock market

These are four of the best stocks to buy and watch in today’s stock market, including the Dow Jones leader.

Name of the company Symbol Perfect buying point Type of point of purchase
ASML (ASML) 683.18 Cup with handle
Salesforce (CRM) 200.00 Integration
Cloudflare (net) 66.20 Double bottom
Fortinet (FTNT) 69.07 Flat base
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Source: IBD data as of June 12, 2023

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

Tesla stock

IBD Leaderboard Shares Tesla rallied 2.2% on Monday, moving further from buy range beyond the 207.79 buy point of the double-bottom floor. Shares shed 21% from their 52-week high on Monday.

TSLA stock was up 0.7% Tuesday morning, looking to add to its extended winning streak. Last week, shares advanced for the fourth straight week, rising 14%.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks, Apple shares rose for a third straight day, with a 1.6% gain on Monday. Shares hit an all-time high of 184.95 last week and are off that level. The stock remains active above the 157.38 buy point. In early Tuesday trading, AAPL shares fell 0.7%, with UBS downgrading the stock from buy to neutral, while raising its price target to 190 from 180.

Shares of Microsoft rose 1.55% on Monday, rebounding for a third straight session and nearly recovering from Wednesday’s 3.1% selloff. MSFT shares continue to hover in the 20%-25% profit-taking zone from the 276.76 flat-base buy point, so investors may have taken at least some profits. On Tuesday morning, Microsoft shares were up 0.3%.

Don’t forget to follow Scott Lehtonen on Twitter @IBD_SLehtonen Learn more about growth stocks and the Dow Jones Industrial Average.

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