Dow Jones futures dipped on Monday in response to inflation data and comments from Fed Chair Jerome Powell. Tesla stock rose after the company increased Model Y prices in the U.S.
In the morning, Dow Jones futures fell 0.1%, while S&P 500 futures rose slightly. Nasdaq 100 futures were up 0.2%. The 10-year Treasury yield increased to 4.21%, while oil prices stabilized around $83 per barrel.
Among ETFs, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) and the SPDR S&P 500 ETF (SPY) saw gains. Tesla shares rose after raising Model Y prices by $1,000 in the U.S. Analysts anticipate Tesla’s Q1 delivery numbers on Tuesday.
The Fed’s Powell stated that they are not in a hurry to cut rates and will wait for lower inflation before making a decision. The Labor Department’s March employment report is expected to reveal the addition of 180,000 payroll positions.
Stocks to watch include Alphabet (GOOGL), Arista Networks (ANET), DraftKings (DKNG), and ServiceNow (NOW), as well as Dow Jones components Disney (DIS), IBM (IBM), and Verizon Communications (VZ).
Dow Jones and S&P 500 rose on Thursday, with the S&P 500 hitting a new high. The Small-cap Russell 2000 gained 0.5%. IBD maintains its recommended exposure level at 60%-80%.
Top growth stocks include Disney, IBM, Verizon, Alphabet, Arista Networks, DraftKings, and ServiceNow. Google-parent Alphabet is nearing a consolidation buy point, while Arista Networks and ServiceNow are building bases.
Nvidia is another top stock to watch, while Apple and Microsoft are among the Dow Jones leaders. Nvidia is up 0.1% on Monday. Apple and Microsoft saw declines ahead of the market open.
