Biden, McCarthy Fail To Reach Debt Ceiling Deal; Tesla Stock Has New Buy Point

Dow futures rose ahead of Tuesday’s open after the Dow Jones Industrial Average fell 140 points on Monday. President Joe Biden and House Speaker Kevin McCarthy Failed to reach an agreement At their upcoming meeting on the debt ceiling. while, Tesla (TSLA) The stock shows a new buy point amid a five-day winning streak.




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At the start of the meeting, Biden said, “We still have some disagreements but I think we may be able to get where we need to go. We both know we have a huge responsibility.”

After the meeting, McCarthy told reporters that the meeting had been “productive,” adding, “I think the tone tonight was better than any other time we’ve had discussions.”

He continued, “I think we can still get there. And I think we can get that done,” and that he expected to talk to Biden every day.

Over the weekend, debt ceiling talks collapsed, with President Joe Biden says Sunday at a news conference In Hiroshima, Japan, it is time for the other side to move from its extreme positions because much of what they have already proposed is simply, and frankly, unacceptable. Biden and McCarthy are trying to strike a deal that would see the United States avoid defaulting on its sovereign debt.

The main factors affecting earnings include late Monday Hey there (here) And Zoom for visual communications (ZM).

Heico shares fell 1.5% in extended trading, while ZM stock rose as much as 9.65% after the close before paring those gains.

stock market today

And on Monday, the Dow Jones Industrial Average fell 0.4%. The S&P 500 rose less than 0.1%, while the Nasdaq Technology Composite gained 0.5%.

Electric vehicle leader Tesla traded up 4.85% on Monday. Among Dow Jones stocks, apple (AAPL) fell 0.5% on the rating’s downgrade Microsoft (MSFT) rose 0.9% in today’s stock market action to reach a new high.

advanced micro devices (AMD), IBD Stock Leaderboard ASML (ASML), Cadence Design Systems (CDNS) and the idea of ​​IBD SwingTrader Shopify (Shop) – as well as Dow Jones shares Boeing (Bachelor’s), sales force (CRM) And visa (Fifth) – Among the best stocks to buy and watch in an uptrend of the stock market.

ASML and Salesforce are IBD Leaderboard stocks, Shopify is a new idea for IBD SwingTrader, while Boeing featured in this week’s column Stocks Near the Buy Zone.


4 growth stocks to buy and watch in Cursstock market rally


Dow Jones Stock Futures Today: Oil Prices and Treasury Yields

Before the opening bell on Tuesday, Dow Jones futures were up 0.25% against fair value, and S&P 500 futures were up 0.3%. Nasdaq 100 futures rose 0.4% against fair value in overnight trading. Remember that overnight action in Dow Jones futures and elsewhere does not necessarily translate into actual trading in the next regular stock market session.

The 10-year US Treasury yield rose to 3.71% on Monday, up for the seventh straight session. Meanwhile, US oil prices rose nearly 1% on Monday, with West Texas Intermediate crude futures settling above $72 a barrel.


IBD’s latest newsletter, MarketDiem, gives you actionable ideas for stocks, options and cryptocurrencies directly in your inbox.


What to do in the stock market

Now is an important time to read IBD’s Big Picture column with the stock market heading in a ‘confirmed uptrend’.

A confirmed uptrend gives IBD readers the green light to buy the big stocks that have crossed their new buy points. Given the upward movement in recent sessions, the recommended IBD exposure in stocks is in the range of 40% to 60% of your portfolio, with the Nasdaq and S&P 500 reaching new highs in 2023.

Two useful lists from IBD MarketSmith to check out right now are “Breaking Out Today” and “Near Pivot”. The latter shows stocks approaching buy points in the bases, while other sponsor stocks are rising past buy points during the session.

To find more stock ideas, check out our IBD stock listings, such as defect 50And Big Cap 20 And stocks near the buy area. These features identify bullish patterns and buy pips and should be checked every day.


Learn how to time the market with IBD’s ETF market strategy


Dow Jones stock to buy and watch: Boeing, Salesforce, Visa

Boeing, the Dow Jones aerospace giant, rose 0.2% Monday, still holding above its 50-day line and trading near the 221.43 flat buy point, according to IBD MarketSmith pattern recognition.

Previous Salesforce in alternative entries has rebounded at 194.01 and 200.10 in recent sessions despite falling for two days. Meanwhile, the RS line hit a new high last week, in a bullish sign.

Visa shares remain in a buy range above the 230.15 COP handle of a buy point amid Monday’s drop of 0.9%. The buying range rises to 241.66.

Best stocks to buy and watch: AMD, ASML, Cadence, and Shopify

Chip leader Advanced Micro Devices pulled back from buying range above the 102.53 cup bottom buy point, according to IBD MarketSmith pattern recognition, up 2.1% on Monday. The Buy Zone rose by 5% to 107.66.

IBD Leaderboard ASML stock broke above 683.28 buy points in a cup with handle last week and is in the 5% buy zone which tops at 717.44. ASML rose 0.7% on Monday.

Cadence Design Systems is trying to break through the 217.77 buy point in a flat base, but fell below entry with a 2.3% drop on Monday.

Shopify joined the IBD Leaderboard on Monday, making an upward move above trendline entry near 62. Shares rose 3.1% on Monday.


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


Tesla stock

Tesla stock rose another 4.85% on Monday, extending its winning streak to five sessions and moving further above the 50-day line. Stocks are building the right side of the new base which has 207.89 buys at the moment. Watch for a handle to make a lower entrance.

On Monday, the shares closed 40% off their 52-week high.

Dow Jones leaders: Apple and Microsoft

Among Dow Jones stocks, Apple shares fell 0.5% Monday on the back of an analyst downgrade, pulling back from Friday’s 52-week high of 176.39. The stock continues to increase gains above 157.48 buying points, and is outside the buying range that reached 165.35.

Shares of Microsoft rose 0.9% Monday, hitting a 52-week high of 322.59. The stock is well above 276.86 points buy flat base.

Follow Scott Litonen on Twitter @tweet For the most important stocks to buy, watch the movement of the Dow Jones Industrial Average.

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