Dow Jones futures dipped Monday morning, along with S&P 500 futures and Nasdaq futures, as investors brace for this week’s Federal Reserve meeting. Meanwhile, DoorDash (DASH) jumped after Mizuho Securities upgraded the stock.


The Fed’s meeting wraps up Wednesday with a policy statement and new quarterly projections. Chances are that the Fed will not raise its interest rate target after 11 straight increases since early 2022. Wall Street places a 99% chance of holding interest rates steady, per the CME FedWatch Tool.

But the committee likely won’t go so far as to remove the risk of additional rate hikes in the foreseeable future. Even so, a pause could be enough to start and tilt the battle between hawks and doves toward the doves.

Key earnings reports this week include AutoZone (AZO), Darden Restaurants (DRI), FedEx (FDX), General Mills (GIS) and KB Home (KBH). And investors will stay closed tuned to the ongoing United Auto Workers strike against General Motors (GM), Ford (F) and Stellantis (STLA) .

Stock Market Today: DoorDash Rallies On Upgrade

Food delivery giant DoorDash rallied nearly 2% Monday after Mizuho Securities upgraded the stock from neutral to buy, raising the price target from 90 to 105. Dow Jones entertainment leader Walt Disney (DIS) edged higher in early trade, following an upgrade and price target hike from Raymond James, on the heels of the stock’s biggest weekly gain since March.

EV giant Tesla (TSLA) traded down 1% Monday morning, while Nvidia (NVDA) dropped more than 2%. Dow Jones tech icons Apple (AAPL) and Microsoft (MSFT) traded mixed, ahead of today’s stock market open.

Other stock market leaders include Alphabet (GOOGL) and Meta Platforms (META). GOOGL stock and Meta shares both inched lower in early action.

Dow Jones Today: Oil Prices, Treasury Yields

Ahead of Mondays opening bell, Dow Jones futures inched lower vs. fair value, while S&P 500 futures were down 0.1%. Tech-heavy Nasdaq 100 futures fell 0.2% in morning trade.

Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) was down 0.2%, while the SPDR S&P 500 ETF (SPY) was off 0.1% early Monday.

Early action Monday also showed the 10-year U.S. Treasury yield at 4.34%, just off its 52-week high, set to add to last week’s gains.

Also, oil prices continue to set new 2023 highs as West Texas Intermediate futures rose around 0.5% in morning action. WTI futures traded above $91 a barrel Monday.

Five Best Dow Jones Stocks To Buy And Watch Now

Stock Market Struggles

On Friday, the Dow Jones Industrial Average lost 0.8%, while the S&P 500 gave up 1.2%. The tech-heavy Nasdaq composite sold off 1.6%.

Friday’s Big Picture column commented, “The Dow Jones Industrial Average held up best out of the major indexes but still skidded 0.8%. Despite turning in a fractional weekly gain, it reversed back below its 50-day line. Microsoft was the worst performer on the blue chip index, while Disney fared best.”

Now is an important time to read IBD’s The Big Picture column as the stock market looks to rebound from recent losses.

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Dow Jones Stocks: Caterpillar, Intel

Dow Jones leader Caterpillar continues to build a new flat base that has a 293.88 buy point, according to IBD MarketSmith pattern recognition. Shares slipped Friday, moving down 1.2% and ending about 5% away from the new entry. CAT stock rose 0.3% Monday morning.

Chip giant Intel remains in the 5% buy range past a 37.19 flat-base entry, despite a 2% drop Friday. INTC stock moved down nearly 1% Monday.

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

Stocks To Watch: Airbnb, Amazon, Quanta, Shopify

Wednesday’s IBD Stock Of The Day, Airbnb, is tracing a cup-with-handle base with a buy point of 151.16. ABNB stock dropped 0.4% Monday morning.

E-commerce giant Amazon is back below a 143.63 buy point in a flat base following a short-lived breakout move last week. AMZN stock edged higher early Monday.

IBD Leaderboard stock Quanta Services finished Friday back below a 206.43 buy point in a short consolidation, according to IBD MarketSmith. Shares are also below their 50-day support level, a key area to watch. PWR stock was unchanged Monday morning.

Shopify shares are adding a handle to a cup base, taking the buy point to 67.60. They are trying to rebound from support around their key 50-day line. SHOP stock moved down a fraction in morning trade Monday.

Learn How To Time The Market With IBD’s ETF Market Strategy

Best Stocks In Today’s Stock Market Action

These are four best stocks to buy and watch in today’s stock market, including a Dow Jones leader.

Company Name Symbol Correct Buy Point Type Of Buy Point
Amazon (AMZN) 143.63 Flat base
Caterpillar (CAT) 293.88 Flat base
Airbnb (ABNB) 154.95 Cup base
Shopify (SHOP) 67.60 Cup base
Source: IBD Data As Of Sept. 18, 2023

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Tesla Stock

Tesla stock declined 0.6% Friday, ending a two-day win streak. Still, the stock ended with an over-10% weekly advance. Shares remain squarely above an early entry at 261.18. And TSLA stock has a 299.29 official cup-base buy point, but could look to add a handle.

On Monday morning, TSLA stock dropped around 1%, threatening to add to Friday’s losses.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks, Apple stock dropped 0.4% Friday, finishing near its recent lows. Despite the recent weakness, AAPL stock is building a flat base with a 198.23 buy point, but is falling further below the 50-day line. AAPL stock edged higher early Monday.

Microsoft shares sold off 2.5% Friday, ending back below the 50-day line. MSFT stock is trying to move up the right side of a cup base that has a 366.78 buy point. And on Monday morning, the stock lost a fraction.

Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.


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