Dow Jones futures rose sharply ahead of Tuesday’s open. A new attempt at a stock market rally began on Monday, when the Dow Jones industrial average rose 765 points.
stock market today
On Monday, the Dow Jones Industrial Average rose 2.7%, leading the stock market higher. The S&P 500 rose 2.6% and the tech-heavy Nasdaq Composite rallied 2.3%. And the small-cap Russell 2000 advanced 2.65%.
Among exchange traded fundsNasdaq 100 follower Invesco QQQ Trust (QQQ) rose 2.35% and SPDR S&P 500 (TO SPY) rose 2.6%.
This week’s key earnings reports come from sharpness marks (DO), ConAgra Brands (CAG), constellation markings (STZ) Y McCormick (MCC).
general motors (GM) reported his third quarter car sales on Monday, beating expectations on strong consumer demand and better vehicle availability. GM shares rose 2.4% on Monday but are still more than 50% below their 52-week high.
giant EV Tesla (TSLA) submerged 8.6% after lost vehicle deliveries estimates. Among dow jones stocks, Apple (AAPL) traded 3.1%, while Microsoft (MSFT) rose 3.4% in stock market today.
In the continued weakness of the stock market, murphy USA (MUSE), Neurocrine Biosciences (NBIX), Vertex Pharmaceuticals (VRTX) Y World Wrestling Entertainment (WWE), as well as Dow Jones stocks United Health (UNH), are among the main actions to take into account. Keep in mind that the ongoing stock market correction is a time for investors to stay on the sidelines and build watch lists.
Vertex is a recent addition to IBD classification table. Murphy USA appeared on Stocks column near a buy zone this weekalong with three other main ideas about actions.
Dow Jones Futures Today: Treasury Yields, Oil Prices
Before the opening bell on Tuesday, Dow Jones futures were up 1.35% versus fair value, while S&P 500 futures were up 1.6%. Nasdaq 100 futures were up 2% versus fair value. Remember that the overnight action in Dow Jones Futures and elsewhere does not necessarily translate to actual trading in the next regular stock Exchange session.
The 10-year Treasury yield fell sharply to 3.65% on Monday. Last week, the 10-year Treasury yield briefly topped 4%, which it hadn’t done in over a decade.
Meanwhile, US oil prices rose more than 4% on Tuesday as West Texas Intermediate futures traded above $83 a barrel. Last week, they fell to their lowest level of the year. On Wednesday, OPEC+ will meet consider a production cut to help prop up falling oil prices.
What to do in the new stock market rally attempt
Despite Monday’s strong gains, the IBD market trend remains a “correcting market”, with strong selling in recent weeks. That means investors must stay in cash.
However, Monday’s gains kicked off a new rally attempt for the stock market, which is its Day 1. The action on Day 2 and Day 3 is irrelevant as long as the index doesn’t undermine its latest low. If that low is lowered, the rally attempt is made and the market must try again.
Investors should then look forward to a follow-up day, which comes on or after day 4. Starting Thursday (Day 4), expect the Nasdaq or S&P 500 to rally sharply on volume higher than the previous session. That is one day follow up. It gives investors the green light to start buying leading stocks that are above the correct value. buy points. You should get your portfolio and mindset in sync with the stock market action by gradually committing capital to the leading stocks.
Now, before a possible follow-up day, is the perfect time to build a strong watch list of high-yield stocks. Many long-term leaders tend to break at or near the follow-through, the market bottom signal. Missing out on that early opportunity can be a costly mistake.
Friday’s The Big Picture column commented: “Market averages have now fallen for the third consecutive quarter for the first time since 2009. The crumb of comfort for investors is the fact IBD Research Findings bear markets form over three or four waves of intense selling. This seems to be the third stage.”
Five Dow Jones Stocks to Watch Now
Dow Stocks to Watch: UnitedHealth
Shares of Dow Jones, UnitedHealth, advanced 2.1% on Monday, again finding support around the 200-day long line. Stocks are building a flat base that has a buy point of 553.23, according to IBD MarketSmith chart analysis. Shares are about 7% down from their last buying point and are facing a test of resistance at the 50-day line.
UNH shares shows a strong 95 from a perfect 99 IBD Composite Classificationfor him IBD stock check. Investors can use the IBD Composite Rating to easily gauge the quality of a stock’s fundamental and technical metrics.
4 top growth stocks to watch in the CurrCurrent Stock Market Correction
Top stocks to watch: Murphy USA, Neurocrine, Vertex, WWE
Gas station and convenience store leader Murphy USA is building a flat base with a buy point of 303.19. The stock rose 3.1% on Monday and is approaching potential resistance at its 50-day line. A decisive rally from this level would be bullish for equities’ base-building prospects.
Wednesday’s IBD 50 Stock Picks to WatchNeurocrine Biosciences, is building a flat bottom that has a buy point of 109.36, according to IBD MarketSmith chart analysis. Stocks are just 2% from the buying point after Monday’s 0.5% gain. The RS line made a new high on Friday, a bullish sign.
IBD classification table Vertex Pharmaceuticals decisively regained his 50-day line In the past week. Stocks are building a flat base with a buy point at 306.05 and an early entry at 296.24. The stock outperformed the early entry during Monday’s nearly 3% gain. While the weak state of the market may keep you on the sidelines, stock resilience makes it a good idea to watch. Its RS line is at new highs, a potential sign of great outperformance in the stock market.
World Wrestling Entertainment continues to build a flat base that has an entry of 75.33. The stock is back above its 50 day line and just 4% from the buy point. The RS line continues to hit new highs.
Join IBD experts as they discuss the top stocks in the current stock market correction on IBD Live
tesla shares it sank 8.6% on Monday, closing at its lowest level since July 18, after the company missed estimates on vehicle deliveries over the weekend.
The electric vehicle giant delivered 343,830 EVs in the third quarter, up 42% from a year earlier and topping the first quarter record of 310,048. It was also 35% higher than the 254,695 in the second quarter. The Shanghai plant faced a prolonged shutdown and slow recovery in Q2 due to Covid lockdowns.
But analysts had expected Tesla deliveries of 350,000-370,000, with the consensus slightly above 360,000. Tesla cited an increased number of vehicles in transit. But that may reflect weaker Chinese demand, prompting an earlier-than-usual export push from Shanghai.
Shares are more than 40% below their 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among dow jones stocksApple shares rose 3.1% on Monday, snapping a three-day losing streak. Still, the stock is more than 20% below its 52-week high and below its 50- and 200-day lines.
Microsoft rose 3.3% on Monday, recovering from Friday’s 52-week price low. The software giant remains more than 30% off its 52-week high.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more information on growth stocks and the Dow Jones Industrial Average.
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