Dow futures tumble ahead of big retail gains; Cathy Wood sells more Tesla shares
Dow futures turned lower on Monday morning, as investors braced for a big week of retail earnings. Meanwhile, Cathie Wood’s Ark Innovation ETF (ark) has sold more than 31,000 shares of Tesla stock. The EV giant has slipped after cutting the starting prices of its Model Y in China.
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On the economic front this week, retail sales for July will be closely watched on Tuesday, after the June report showed a smaller-than-expected increase as sales to service stations and building materials stores slowed. Homebuilding markets are getting a strong dose of data, with construction sentiment from the National Association of Home Builders on Tuesday and Commerce Department housing starts in July and permits on Wednesday.
Retail earnings highlight this week, with results from Dow Jones names Walmart (wmt) And Home Depot (HD). outside retail, Cardinal health (CAH) Cisco systems (CSCO), on hold (Onon) And Palo Alto Networks (Banu) will be several names to view.
Early Monday, AI stock was a major earnings driver Monday.com (MNDY). Shares jumped about 6% in pre-market trading.
stock market today
electric car giant Tesla (TSLA) fell 2.3% early Monday. Kathy Wood continued selling Tesla shares on Friday, according to ARK Invest’s daily trade disclosure, selling 31,312 shares. On Thursday, Cathie Wood’s Ark Invest sold more than 76,000 shares for about $18.75 million, based on a TSLA closing price of 245.34.
US Steel (X) rose 27% on Monday after the company rejected a $7.3 billion takeover offer from Cleveland Cliffs (CLF). CLF stock fell about 2%.
Dow Jones technology icons apple (AAPL) And Microsoft (MSFT) were higher before the stock market opened today.
Includes other stock market leaders the alphabet (Google) And Meta platforms (meta). GOOGL shares and Meta shares were both trading up 0.3% in early trade.
the previous (XPRO), slb (slb), Free market (millie) And Interactive Brokers (IBKR) – as well as Dow Jones shares Boeing (Bachelor’s), Intel (INTC) And visa (Fifth) – Among the best stocks to watch as the market’s upside is under increasing pressure.
Tesla is IBD Leaderboard stock, while SLB is IBD SwingTrader stock and today’s modern IBD stock. MercadoLibre appears in the stocks column near the buy area.
Dow jones today: oil prices and treasury yields
Before Monday’s opening bell, Dow futures fell against fair value, while S&P 500 futures lost 0.1%. Futures for the tech-heavy Nasdaq 100 were also down 0.1% in the morning move, with Octa (OKTA) leads the index in a promotion to buy from Goldman Sachs.
Among the US ETFs, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) was down 0.1%, while the SPDR S&P 500 ETF (spy) fell 0.1% early on Monday.
Early Monday, the 10-year US Treasury yield fell to 4.15%, after settling at 4.16% on Friday on hot producer price inflation data.
WTI oil prices are still far from their 2023 highs, as WTI futures fell on Monday, trading below $83 a barrel.
Stock market action
On Friday, the Dow Jones Industrial Average rose 0.3%. The S&P 500 fell, while the Nasdaq Composite fell 0.7%.
The Big Picture column commented on Friday, “With continued pressure on the stock market’s upside, IIB recommends investors hold exposure at the 60% to 80% level. Stay alert for any sell signals in your portfolio, such as round trips or moving average violations for 50 days.”
Now is an important time to read IBD’s The Big Picture column as the stock market is pulling back from this year’s highs.
The five best Dow stocks to buy and watch right now
Dow Jones shares: Boeing, Intel, Visa
Aerospace giant Boeing has erupted in recent weeks, eclipsing its entry point with a flat base of 223.91. Stocks are just outside the 5% buy zone, which rose to 235.11. The Bibliotheca Alexandrina stock rose today, Monday.
Chip giant Intel continues to dig a handle on the base of a teacup, offering 37.19 buy points. The stock is about 6% below that buy point, and 3% higher than the previous entry point. INTC stock rose 0.5% Monday morning.
Finally, payments leader Visa at Dow Jones continues to hold buy range above 235.57 buy points with a flat bottom, according to IBD MarketSmith pattern recognition. Stocks rose Monday morning.
4 growth stocks to buy and watch Stock market rise
Stocks to watch: Expro, SLB, MercadoLibre, Interactive Brokers
Offshore drilling services provider Expro is attempting to edge Cup with 23.72 Buy per handle, according to IBD MarketSmith pattern recognition. Shares pared that entry during Friday’s drop of 2.7%. XPRO stock fell 1.5% early Monday.
IBD SwingTrader SLB stock, formerly known as Schlumberger, crosses a Buy point of 58.70 in a cup with handle. Stocks in the buy zone. SLB stock was trading slightly higher on Monday morning.
MercadoLibre jumped last week, breaching the cup base, 1,365.64 buy points. But MELI stock is below the buy point, down more than 4% on Friday. Shares fell 0.7% on Monday.
Interactive Brokers broke out last week over 90.19 buy points in a consolidation. The stock is above that buy trigger, with Friday’s gain of 1.3%. Shares were up 0.4% Monday morning.
Learn how to time the market with IBD’s ETF market strategy
The best stocks in the stock market rally
These are the top four stocks to buy and watch in the stock market today, including leader Dow Jones.
| Company Name | Code | The right point of purchase | Point of purchase type |
|---|---|---|---|
| slb | (slb) | 58.70 | mug with handle |
| sales force | (CRM) | 225.00 | Flat base |
| from Broadcom | (AVGO) | 921.78 | merge |
| Skechers | (SKX) | 54.77 | Flat base |
Source: IBD data as of August 10, 2023
Join IBD experts as they analyze the leading stocks of the current stock market rally on IBD Live
Tesla stock
IBD Leaderboard Tesla stock fell 1.1% on Friday, hitting a recent low and closing below its 50-day line. A bounce from here would be positive for the stock’s near-term outlook, and would eventually lead to a new buying point. But continued weakness means that the stock needs more time to consolidate before a new entry.
TSLA stock threatened to extend gains on Friday, falling more than 2% Monday morning.
Dow Jones leaders: Apple and Microsoft
Among Dow Jones stocks, Apple fell on Friday, holding near its recent lows. Stocks have fallen sharply from the 50-day line. While AAPL stock is still above a buy point of 157.38, the recent weakness was a sell signal, which means that investors should lock in gains. Shares rose 0.2 percent early on Monday.
Shares of Microsoft hit a recent low, falling 0.6% on Friday. With the stock directly below the 50-day line, the stock needs more time to consolidate before a new buying point emerges. And Monday morning, Microsoft shares were up 0.5%.
Be sure to follow Scott Lehtonen on Twitter at @employee Learn more about developing stocks and the Dow Jones Industrial Average.
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