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Dow Jones futures chased tech futures higher Friday morning ahead of a key consumer sentiment gauge, one which includes an inflation survey for future expectations. Virgin Galactic (SPCE) rocketed after the company said its first commercial spaceflight is planned to launch at the end of June.
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On the economic front, the University of Michigan’s preliminary consumer sentiment survey is due out at 10 a.m. ET. Consumer sentiment is expected to improve to 60.0 in June, up from 59.2 in May.
Meanwhile, one-year and five-year inflation expectations are included in the survey. May’s one-year inflation expectations eased to 4.2%, down from April’s 4.6%. Further, May’s five-year expectations dipped to 3.1% compared to April’s 3.0%, per the University of Michigan survey.
SPCE stock soared 40% in premarket trade Friday, but remains far off its 52-week high amid sharp weakness over the last 23 months. The company said its first commercial spaceflight — “Galactic 01” — is planned to launch between June 27 and June 30. A second flight will follow in early August and monthly spaceflights are expected.
On the earnings front, software giant Adobe (ADBE) easily beat Wall Street’s estimates for its fiscal second quarter. But it offered mixed guidance for the current period. ADBE stock jumped 4.6% in premarket trade.
Stock Market Today
EV giant Tesla (TSLA) climbed 1% Friday morning. Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) were mixed ahead of today’s stock market open.
Dexcom (DXCM), Floor & Decor (FND), Kinsale Capital (KNSL) and Chipotle Mexican Grill (CMG) — as well as Dow Jones stocks Boeing (BA), JPMorgan Chase (JPM) and Salesforce (CRM) — are among the best stocks to buy or watch in the stock market uptrend.
Tesla is an IBD Leaderboard stock, while Floor & Decor was a recent IBD Stock Of The Day. Dow Jones giant Boeing is an IBD SwingTrader stock.
Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Friday’s opening bell, Dow Jones futures rose 0.15% vs. fair value, while S&P 500 futures gained 0.25%. Nasdaq 100 futures climbed 0.4% in morning action. The stock market will be closed on Monday for the Juneteenth holiday.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) traded up 0.4%, while the SPDR S&P 500 ETF (SPY) rose 0.2% early Friday.
On Friday, the 10-year U.S. Treasury yield ticked higher to 3.73%, set to end modestly lower for the week.
Oil prices continue to hold near recent lows — flat for the week despite Thursday’s gain. West Texas Intermediate futures inched higher Friday, trading just below $71 a barrel.
Stock Market Action
The Dow Jones Industrial Average rose 1.3%, or 428 points, hitting a new 2023 high. The S&P 500 climbed 1.2%, and the Nasdaq composite followed up with a nearly 1.2% gain. Both extended win streaks to six sessions and reached new 2023 highs. The small-cap Russell 2000 moved up 0.8%.
Thursday’s Big Picture column commented, “With the Nasdaq at new 2023 highs, IBD’s recommended market exposure sits at 60%-80%. The composite still looks extended, with the Invesco QQQ Trust (QQQ) closing more than 11% above the 50-day moving average. That’s above the 6% to 7% threshold that has flagged pullbacks for the Nasdaq 100 in the past.”
Now is an important time to read IBD’s The Big Picture column amid the ongoing stock market uptrend.
Five Best Dow Jones Stocks To Buy And Watch Now
Dow Jones Stocks To Buy And Watch: Boeing, JPMorgan, Salesforce
Dow Jones aerospace giant and IBD SwingTrader stock Boeing is trying to break out past a flat base’s 221.33 buy point. BA stock rose 0.2% Friday premarket.
Dow Jones banking leader JPMorgan is just below a 143.37 flat-base buy point after Thursday’s 1.1% rise. JPM stock inched higher early Friday.
Salesforce rallied past alternative entries at 193.91 and 200.00 in recent weeks, according to IBD Leaderboard analysis. In recent weeks, shares reached the 20% profit zone from a 178.94 cup-with-handle entry, and are now trying to bounce from support at the 10-week line, with two straight days of gains. CRM stock climbed 1% Friday morning.
4 Top Growth Stocks To Buy And Watch In The Stock Market Rally
Best Stocks To Buy And Watch: Dexcom, Floor & Decor, Kinsale, Chipotle
Dexcom moved further past a flat base’s 126.44 buy point, with a 3.1% advance Thursday, according to IBD MarketSmith pattern recognition. The 5% buy area goes up 132.76. DXCM stock edged higher premarket Friday.
IBD SwingTrader stock Floor & Decor decisively regained its 50-day line during last week’s gains, placing the flooring retailer in a new buy area. FND stock is 4% away from a conventional buy point at 101.39. Shares were flat early Friday.
Insurance leader Kinsale Capital closed Thursday back above a 345.75 buy point amid a 1.75% advance in the session. The buy zone runs up to 363.04. KNSL stock was up 1% Friday morning.
IBD Leaderboard watchlist stock Chipotle is trading tightly after a big advance, creating another entry at 2,139.88. Meanwhile, the stock is also pulling back to its 10-week line. A decisive rebound from that level would also create a buying opportunity. CMG stock inched higher Friday morning.
Learn How To Time The Market With IBD’s ETF Market Strategy
Best Stocks To Buy And Watch In Stock Market Rally
These are four best stocks to buy and watch in today’s stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| ASML | (ASML) | 683.18 | Cup with handle |
| Salesforce | (CRM) | 200.00 | Consolidation |
| Cloudflare | (NET) | 66.20 | Double bottom |
| Fortinet | (FTNT) | 69.07 | Flat base |
Source: IBD Data As Of June 15, 2023
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
IBD Leaderboard stock Tesla declined for a second day Thursday, falling 0.35%. This week, shares hit a new 2023 highs and are still leaning toward a fifth straight weekly advance. Shares are extended far above a double-bottom base’s 207.79 buy point. They closed Thursday 19% off their 52-week high.
TSLA stock looked to rebound from Thursday’s losses, rising 1% Friday morning.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple stock climbed 1.1% Thursday, hitting a new all-time high at 186.52. The stock continues to hold sharply above a 157.38 buy point. Early Friday, AAPL stock was down a fraction.
Microsoft shares surged 3.2% Thursday, notching a sixth-straight session and hitting an all-time 349.84. MSFT stock is just above the 20%-25% profit-taking zone from a 276.76 flat-base buy point, so investors take at least some profits. And on Friday morning, Microsoft shares were 0.6% higher, on pace to hit another new high.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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