July 4, 2022

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Futures Advance; Tesla Climbs After ‘Cyber Rodeo’

5 min read

Dow Jones futures angled higher Friday morning, as the 10-year Treasury yield continues to rise, on pace to extend a win streak to six sessions. Tesla stock climbed after the company’s “Cyber Rodeo” product launch event.




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Among the Dow Jones leaders, JPMorgan Chase (JPM) led the industrials, up 0.6% as it aimed to stem a three-day slide. Apple (AAPL) rose 0.3%, and Microsoft (MSFT) traded up 0.35% in today’s stock market.

Supermarket leader Kroger (KR) advanced almost 2% Friday morning after BofA Securities upgraded the stock from neutral to buy. Cybersecurity play CrowdStrike (CRWD) scrambled 4% higher following an analyst price target hike.

Electric vehicle giant Tesla (TSLA) rallied 0.5% early Friday, on pace to add to Thursday’s gains in the wake of the company’s “Cyber Rodeo” product launch event.

As the stock market’s uptrend struggles, Dow Jones financial leader American Express (AXP) — along with Alphabet (GOOGL), Broadcom (AVGO), IBD Leaderboard watchlist stock SolarEdge Technologies (SEDG) and Shell (SHEL) — are among Friday’s top stocks to buy and watch.

Arista, Microsoft and Tesla are IBD Leaderboard stocks. Alphabet and Tesla stock were featured in this week’s Stocks Near A Buy Zone column.

Dow Jones Today: Treasury Yields, Oil Prices

Before Friday’s open, Dow Jones futures rose 0.4% vs. fair value, and S&P 500 futures moved up 0.4%. Nasdaq 100 futures advanced 0.4% vs. fair value in early morning trade.

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Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 0.3%, and the SPDR S&P 500 ETF (SPY) was up 0.4% ahead of Friday’s open.

On Thursday, the 10-year U.S. Treasury yield extended this week’s gains, closing at 2.65% and hitting a new 52-week high. The 10-year yield continued higher Friday morning, rising to 2.68%, its highest level since March 2019.

Meanwhile, U.S. oil prices were slightly higher Friday morning with West Texas Intermediate crude trading around $96 a barrel.

Stock Market Rally

The stock market snapped a two-day losing streak with modest gains Thursday after reversing higher, as the tech-heavy Nasdaq composite tested its 50-day support level.

The Big Picture column commented, “The tech-heavy Nasdaq composite sold off as much as 1.4% before reversing higher to close up less than 0.1%. The Nasdaq appeared to find much-needed support at its key 50-day moving average, but there hasn’t been a definite show of support yet.”

If you’re new to IBD, consider taking a look at its stock trading system and CAN SLIM basics. Recognizing chart patterns is one key to the investment guidelines. IBD offers a broad range of growth stock lists, such as Leaderboard and SwingTrader.

Investors also can create watchlists, find companies nearing a buy point, or develop custom screens at IBD MarketSmith.


Four Dow Jones Stocks To Watch Now


Dow Jones Stocks To Buy And Watch: American Express

Dow Jones financial stock American Express is tracing a cup-with-handle base, showing a 194.45 buy point. Shares declined 0.9% Tuesday, closing just below the 50-day moving average line. AXP shares edged higher Friday morning.

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Keep an eye on the stock’s relative strength line. Amid its recent ascent, the RS line is nearing its old highs, but does have some work cut out for it ahead of a potential breakout. The RS line measures a stock’s price performance vs. the S&P 500. The RS line should hit a new high on the breakout day or shortly thereafter to confirm the strength of stock’s breakout.


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


Stocks To Buy And Watch: Alphabet, Broadcom, SolarEdge, Shell

Tuesday’s IBD 50 Stocks To Watch pick, Alphabet, shows a 2,875.97 buy point in a cup with handle, according to IBD MarketSmith chart analysis. GOOGL shares are about 5% away from the entry after Thursday’s 2.9% slide. The FANG stock rose 0.3% Friday morning.

Broadcom inched 0.2% higher Tuesday, as the chip stock remains below an early entry at 614.74. The stock is looking for support at it 50-day lin. Meanwhile, shares have put in another buy point, a handle entry at 645.41. AVGO shares were effectively flat Friday morning.

IBD Leaderboard watchlist stock SolarEdge Technologies finished Thursday about 6% below a 340.10 cup-with-handle buy point. Shares were 0.3% higher Friday morning.

Oil-and-gas producer Shell, the April 1 IBD Stock Of The Day, is approaching a flat base’s 56.23 buy point after Thursday’s 0.7% rise. Shares gained 0.25% Friday morning.


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


Tesla Stock

Tesla stock edged up 0.1% early Friday, looking to add to Thursday’s 1.1% advance. Shares of the EV giant are about 12% away from a cup base’s 1,208.10 buy point. Meanwhile, a handle could form amid this week’s poor showing. That would create a 1,152.97 entry. For now, the  handle is only three days long — five days, or one week, is the minimum length of a handle.

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The company’s “Cyber Rodeo” saw Tesla deliver roughly a handful of Model Ys at its Texas factory launch Thursday night. Giga Austin Model Ys will be the first to feature Tesla’s new structural battery pack and 4680 battery cells.

The stock traded as high as 1,243.49 on Nov. 4. and ended Thursday, about 15% away from that all-time high.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks, Apple shares moved up 0.2% Thursday, still below a 176.75 buy point in a double-bottom base. Along with that entry, a handle buy point is also in play at 179.71. Look for a decisive move above those levels as a buy signal. AAPL stock rose 0.2% early Friday.

Software leader Microsoft rose 0.6% Thursday, as shares continue to build the right side of a new base formation. Microsoft shares traded up 0.25% Friday morning.

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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