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Dow Jones futures rose on Wednesday morning on cooler-than-expected inflation data, with the release of the Labor Department’s CPI reading. Netflix (NFLX) rose after UBS raised its price target on the streaming giant.

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Overall and core CPI rose 0.2% month over month, cooler than expected monthly increases of 0.3% for both. Year on year consumer inflation increased by 3.0%, the lowest rate since early 2021. Annual inflation was expected to increase by 3.1%.

Core CPI inflation, which excludes food and energy prices, fell from 5.3% yoy in May to 4.8%, below the estimate of 5.0%.

The earnings season also kicks off this week Delta Airlines (VALLEY), Cintas (CTAS) and Confirmation (FAST) will report on Thursday. Earnings reports from major banks mark the official start of the season on Friday JPMorgan Chase (J.P.M.), Citi group (C) and Wells Fargo (WFC) due to report.

Fair today

Streaming giant Netflix rose 1.25% on Wednesday morning after UBS raised its price target from 390 to 525, maintaining its buy rating. Giant of electric vehicles Tesla (TSLA) climbed 2.5%.

Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) were also markedly higher leading up to today’s stock market open.

Domino’s Pizza (DPZ) posted an early gain of 12% after The Wall Street Journal reported that Domino’s struck a deal to expand its menus Uber (UBER) delivery lists. The move implied a change in Domino’s stance not to partner with outside home delivery companies. Uber shares gained 1.9%.

Other stock market leaders include Alphabet (GOOGL) and Meta platforms (META). GOOGL shares gained 0.9%, while Meta shares rose 1.1% in premarket trading.

Dynatrace (DT), meta platforms, MongoDB (MDB) and Nvidia (NVDA) — as well as Dow Jones stock American Express (AXP), Caterpillar (CAT) and Sales team (CRM) – are among the best stocks to watch in the current stock market downturn.

Tesla is an IBD Leaderboard stock, while American Express was seen in this column Stocks near a buy zone. Dynatrace was a recent choice for IBD Stock Of The Day.

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Dow Jones Today: Oil Prices, Treasury Yields

Prior to Wednesday’s opening bell, Dow Jones futures were up 0.5% from fair value, while S&P 500 futures were up 0.7%. Nasdaq 100 futures rose 0.9% from fair value. Remember that overnight action in Dow futures and elsewhere does not necessarily translate into actual trading in the next regular trading session.

Among US exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) was up 0.35%, while the SPDR S&P 500 ETF (SPY) was up 0.3% early Wednesday.

The 10-year US Treasury yield was lower at 3.89%, following CPI inflation data. The return came in at 3.98% on Tuesday.

Oil prices extended Tuesday’s gains, with West Texas Intermediate rising 0.5% Wednesday morning and approaching a high above $75 in early June. The Energy Information Administration’s weekly report on oil inventories is due at 10:30 a.m

Stock market action

On Tuesday, the Dow Jones Industrial Average rose 0.9%, while the S&P 500 gained 0.7%. The tech-heavy Nasdaq composite climbed 0.55%. Finally, the small-cap Russell 2000 rose 1% to close above the 1,900 level for the first time since early March.

Tuesday’s Big Picture column noted: “After two days of good action, stock investors have little to grumble. Still, major indices are trending sideways. After rising more than 30% so far, it may be too much to ask for the Nasdaq to add another 5% or 10%. The good news is that participation in this market continues to broaden.”

Now is an important time to read IBD’s The Big Picture column as the stock market is close to this year’s highs.

Five best Dow Jones stocks to buy and watch right now

Dow Jones stocks to watch: American Express, Caterpillar, Salesforce

American Express is building a cup-with-handle base with a buy point of 177.04. Equities are 1% off their entry after a 1.7% rally on Tuesday. AXP shares rose 0.3% on Wednesday morning.

According to IBD MarketSmith pattern recognition, industrial giant Caterpillar is breaking past a buy mark of 250.89 in a handle cup. CAT shares moved up early Wednesday.

Salesforce firmly recovered from its 50-day line on Tuesday and entered new buying territory. The stock is also approaching the 225 buying point from a flat base, according to the IBD Leaderboard analysis. CRM shares added 0.3% early Wednesday morning.

4 Top Growth Stocks to Buy and Watch Stock market rally

Best stocks to buy and watch: Dynatrace, Meta, MongoDB, Nvidia

Software maker Dynatrace breaks out past a three-week tight chart pattern of 52.99. Tight action represents a short consolidation in which institutional investors pause their buying. Shares are in the 5% buy territory rising to 55.64.l per IBD MarketSmith chart analysis. DT shares were up 0.2% on Wednesday morning.

Facebook parent company Meta Platforms has been solidly consolidating over the past three weeks and has posted a new listing at 298.12. Now that the stock has expanded this far from the previous base, this buy point should be used as an add-on. Metashares added 0.4% premarket on Wednesday.

MongoDB traded briskly after its recent profit-driven jump, which offered another entry. Shares are just short of the tight three-week formation that showed a buy point at 398.89 after recent declines. Meanwhile, aggressive investors could have used a trendline around 386. MDB shares rose 0.4% early Wednesday.

After the May 25 earnings-fueled gap-up, Nvidia shares have moved consistently higher. Amid a pullback since June 20, the stock is once again offering an opportunity to buy shares. It formed a trendline entry at 418 after the stock found support near its 21-day exponential moving average. Nvidia is an IBD Leaderboard stock. Nvidia shares gained 0.5% Wednesday morning.

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

Best stocks to buy and watch in stock market rally

Here are the top four stocks to buy and watch in the current stock market, including a Dow Jones leader.

Source: IBD data as of July 10, 2023

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

Tesla stock

Tesla’s IBD Leaderboard share ended a three-day losing streak on Tuesday, up just 0.1%. Despite the recent declines, Tesla shares remain well out of the buy range past the double bottom buy point of 207.79 and near their 2023 highs.

TSLA shares appeared to add to Tuesday’s gains, rising more than 2% on Wednesday. Tesla plans to release second quarter results on July 19.

Dow Jones leaders: Apple, Microsoft

Among Dow Jones stocks, Apple stock extended a losing streak to three sessions, falling 0.3%. AAPL shares, down in five of the last six trading sessions, remain sharply above a buy point of 157.38. On Wednesday morning, shares were up 0.7% in the morning action.

Microsoft shares reversed early losses on Tuesday to finish 0.2% higher. They appear to be finding support at their 50-day support level. An increase in large volume would result in a new buying area. And on Wednesday morning, Microsoft shares were up 0.8%.

Follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more information on growth stocks and the Dow Jones Industrial Average.

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