Dow Jones futures fell sharply Monday as the market looks to wrap up on strong January performance. The Federal Reserve's policy meeting headlines the week, with a key decision also due from OPEC. Apple supplier NXP Semiconductors (NXPI) will report its quarterly earnings results after Monday's close, kicking off another busy week of earnings reports. Meanwhile, Tesla stock received a buy upgrade following last week's 33% surge.
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The Fed's two-day meeting will start Tuesday, and the central bank is widely expected to raise the target federal funds rate by 25 basis points, to a range of 4.5% to 4.75%. Investors place a 99% probability of that size hike, according to the CME's FedWatch tool.
Tech titans Amazon (AMZN), Apple (AAPL), Alphabet (GOOGL) and Meta Platforms (META) will report this week, along with Exxon Mobil (XOM), Dow Jones member Merck (MRK) and Starbucks (SBUX). Automakers Ford (F) and General Motors (GM) are also due to report.
Investing Action Plan — January Wrap: Apple, OPEC, Exxon And The Fed
Stock Market Today
Electric-vehicle leader Tesla reversed early losses to rise nearly 1% Monday morning, looking to add to last week's big gains. Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) were lower ahead of today's stock market open.
IBD Leaderboard stock Axon Enterprise (AXON), recent IBD Stock Of The Day Etsy (ETSY), Monster Beverage (MNST) and Vertex Pharmaceuticals (VRTX) — as well as Dow Jones stocks Chevron (CVX) and JPMorgan Chase (JPM) — are among the top stocks to buy and watch, with the ongoing strength of the market rally.
Axon is an IBD Leaderboard stock. Etsy and Vertex were recent IBD Stocks Of The Day. Axon and JPMorgan were featured in last week's Stocks Near A Buy Zone column.
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Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Monday's opening bell, Dow Jones futures dropped 0.6% vs. fair value, and S&P 500 futures moved down 0.9%. Nasdaq 100 futures sold off 1.2% in morning action. China-based online retailer JD.Com (JD) dropped more than 4%, the Nasdaq's hardest hit, after announcing it was exiting its operations in Thailand and Indonesia.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) lost 1.1% and the SPDR S&P 500 ETF (SPY) traded down 0.8% early Monday.
The 10-year U.S. Treasury yield ticked higher to 3.55% Monday morning, looking to extend a win streak to three sessions. Last week, the 10-year yield barely ended a three-week losing skid.
Oil prices were essentially flat as markets look toward this week's OPEC meeting. West Texas Intermediate futures held just below $80 a barrel. Ministers from the Organization of Petroleum Exporting Countries and its allies, including Russia (OPEC+) will meet on Wednesday. OPEC is widely expected to maintain current oil production levels but may discuss possible policy tweaks.
Stock Market Rally
On Friday, the Dow Jones Industrial Average extended a win streak to six sessions with a 0.1% rise. The S&P 500 gained 0.25%, while the Nasdaq composite outperformed, rallying 0.95%.
Friday's The Big Picture column commented, "Given recent bullish action, IBD recommends increasing exposure to 60% to 80%. But be ready to move quickly as things can rapidly change on the stock market."
Now is an important time to read IBD's The Big Picture column amid the ongoing stock market rally.
Five Dow Jones Stocks To Buy And Watch Now
Dow Jones Stocks To Buy And Watch: Chevron, JPMorgan
Energy giant Chevron dived 4.4% Friday after the company's earnings results. Shares are adding a handle to a cup base, lowering the entry from 189.78 to 187.91, according to IBD MarketSmith chart analysis. CVX stock fell another 0.4% Monday morning.
Banking giant JPMorgan is in buy range above a 138.76 flat-base buy point amid a six-day win streak. JPM shares were down 0.7% Monday morning.
JPM stock shows a solid 94 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup. The Composite Rating is designed to help investors easily find top growth stocks.
4 Top Growth Stocks To Buy And Watch In The Stock Market Rally
Top Stocks To Buy And Watch: Axon, Etsy
Security leader Axon fell 0.4% Friday, still in the 5% buy range above a 189.72 buy point in a cup-with-handle base. The buy zone tops out at 199.21. Axon shares were down 0.6% Monday morning.
Backstory: Formerly known as Taser International, the company has taken advantage of the business opportunity offered by public demands for more oversight of police departments. Its line of body cameras and accompanying software are now market leaders. The Scottsdale, Ariz.-based company also boasts a cloud-based digital evidence platform.
Etsy is back above a 137.01 buy point in a cup with handle after Friday's 2.4% rally. The 5% buy area goes up to 143.86. ETSY stock lost 1% Monday.
Backstory: The company is a provider of an online e-commerce platform where creators of arts and crafts, vintage items and other unique goods go to sell their products. It has a unique business model that, in the last few years, has gone from a niche e-commerce marketplace to a top-of-mind shopping destination across numerous categories.
Monster, Vertex Eye Buy Points
Monster Beverage is nearing a breakout past a flat base's 104.75 buy point despite Friday's 1.1% decline. MNST stock was off 1% early Monday.
Backstory: Monster Beverage leads an energy-drink duopoly with privately held competitor Red Bull. The company's portfolio of energy drink brands include Monster Energy, Reign and NOS Energy.
Monster dominates energy drinks in the U.S. and claimed a 39% market share last year, according to Jefferies data, resulting in a record $5.5 billion in revenue for the company. Red Bull accounted for 37% of the American energy drink market in 2021. Upstart Celsius (CELH), which is on an impressive growth streak, claimed 4.9% of the market.
Recent IBD Stock Of The Day, Vertex Pharmaceuticals, is within striking distance of a 324.85 buy point in a cup base after a sixth straight gain Friday. Quarterly earnings are due out Feb. 7. VRTX stock was edged lower Monday.
Backstory: The company is well-known for its cystic fibrosis treatments — a market that Vertex estimates at 88,000 patients. Of those, there are still 20,000 patients who could receive its old-school oral treatments. But analysts are watching for what's new from Vertex, including an updated regimen of three drugs that could strengthen Vertex's position against rival AbbVie (ABBV).
Stocks To Buy And Watch In Stock Market Rally
These are seven top stocks to buy and watch in today's stock market, including three Dow Jones leaders.
Company Name Symbol Correct Buy Point Type Of Base Monster (MNST) 104.75 Flat base Vertex (VRTX) 324.85 Cup base Axon (AXON) 189.72 Cup with handle Etsy (ETSY) 137.01 Cup with handle JPMorgan (JPM) 138.76 Flat base Chevron (CVX) 187.91 Cup with handle Visa (V) 220.08 Cup with handle
Source: IBD Data As Of Jan. 30, 2023
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Tesla Stock
Tesla stock surged another 11% Friday, extending a win streak to six sessions and pushing the stock sharply above its 50-day line. Despite their strong rebound since Jan. 6, shares are still below their 200-day line. Tesla stock closed about 54% off its 52-week high.
Shares of the EV giant reversed higher, moving up nearly 1% Monday morning after receiving an upgrade at Berenberg from hold to buy. The new price target is 200, down from 255.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares rallied 1.4% Friday, propelling the stock near its long-term 200-day line. The 200-day line will likely be a key resistance area to watch. The stock is around 20% off its 52-week high. Apple will report its quarterly earnings on Thursday. AAPL stock traded down 1.1% Monday.
Microsoft stock rose 0.1% Friday, moving further above its recently retaken 50-day line, which is bullish for the stock's immediate prospects. Still, shares remain 21% off their 52-week high. Shares were down 1.4% early Monday.
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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This data comes from MediaIntel.Asia's Media Intelligence and Media Monitoring Platform.