Dow Jones Futures Drop as Tesla Reaches 2023 High on First Austin Cybertruck; AT&T, Verizon Plunge.

Dow futures were down ahead of Tuesday’s start, despite the Dow Jones Industrial Average rising 76 points on Monday. Tesla shares reached a new high in 2023 when the firm announced the completion of its first Cybertruck at its Austin, Texas factory. Meanwhile, telecom behemoths AT&T (T) and Verizon Communications (VZ) fell on news of lead-sheathed cables being put in phone networks.

One of the week’s main economic highlights is the release of June retail sales data on Tuesday. According to Econoday, the initial reading on June consumer activity is projected to indicate a modest overall 0.5% gain, after a 0.3% increase in May.

This week’s earnings highlights include Tesla (TSLA) and Netflix (NFLX). Tuesday morning, Lockheed Martin (LMT) says. United Airlines (UAL) and Delta Air Lines (DAL), as well as Dow Jones companies such as Goldman Sachs (GS) and Johnson & Johnson (JNJ), report.

The Dow Jones Industrial Average climbed 0.2% on Monday, while the S&P 500 gained 0.4%. The Nasdaq composite, which is heavily weighted toward technology, rose 0.9%.

As the sell-off in telecom stocks continued Monday, AT&T shares fell 6.7% and VZ stock fell 7.5%. The Wall Street Journal revealed this week that telecom firms put potentially hazardous lead-covered wires aloft on poles, in the soil, and underwater. According to the Journal, they will most likely need to take efforts to make regions ecologically safe.

Tesla’s stock rose 3.2% on Monday. Apple (AAPL) and Microsoft (MSFT), both Dow Jones tech heavyweights, concluded mixed in today’s stock market activity, with AAPL stock up 1.7% and Microsoft stock up 0.1%.

Allegro MicroSystems (ALGM), Cloudflare (NET), On Holding (ONON), and Monolithic Power Systems (MPWR) are among the top stocks to follow in the current stock market boom, as are Dow Jones stocks American Express (AXP), Caterpillar (CAT), and Salesforce (CRM).

Tesla is an IBD Leaderboard stock, while Caterpillar was just highlighted in our Stocks Near A Buy Zone post. On Holding was just named an IBD Stock of the Day. Monolithic Power is a stock recommended by IBD SwingTrader.

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