The Dow Jones Industrial Average rose more than 600 points before paring gains on Tuesday, as Goldman Sachs and Johnson & Johnson reported earnings results and global markets posted healthy gains. Netflix earnings will be released after the market close.
Stock Market Today: Earnings Season Continues
Third Quarter Earnings Season Continues, with Dow Jones Stock Results Goldman Sachs (SG) Y Johnson and Johnson (jnj) early Tuesday morning. Netflix (NFLX) will kick off tech gains after market close.
Shares of Goldman Sachs rose 4.5% after beating earnings and sales estimates. J&J shares fell more than 1% after the company reported strong results but cut its full-year sales guidance.
electric vehicle leader Tesla (TSLA) cut gains to around 1% on Tuesday as electric vehicle shares rallied in early trading. Among the industrialists of the Dow Jones, the technological titans Apple (AAPL) Y Microsoft (MSFT) were also markedly higher after stock market today open.
auto zone (AZO), cardinal health (CAH), Molina Health (medical officer) Y Vertex Pharmaceuticals (VRTX), as well as Dow Jones stocks Chevron (CLC) Y Merck (MRK), 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 create watch lists of the fastest growing stocks.
Cardinal Health and Vertex are IBD classification table stocks. Merck and Molina Healthcare were featured in the Stocks column near a buy zone this week, along with two other top stock ideas. AutoZone was the IBD reserve of the Dit is Thursday. cardinal health It was the action of the day on Friday.
Dow Jones Today: Treasury Yields, Oil Prices
After the opening bell on Tuesday, the Dow Jones Industrial Average was up 1.8%, trading almost 600 points. The S&P 500 gained 1.8%, with Tesla, Goal (TGT) Y Etsy (etsy) trading near the top of the list. The Nasdaq Tech Composite was up 1.9% in morning action.
Overseas, Asian markets generally closed with firm gains. In Europe, markets traded strongly higher in afternoon action.
Among exchange traded fundsNasdaq 100 follower Invesco QQQ Trust (QQQ) rose 1.9%, and the SPDR S&P 500 ETF (TO SPY) rose 1.8%.
The 10-year Treasury yield recovered early losses to trade down just over 4%, about the same level as Monday’s close. US oil prices fell more than 1% on Tuesday, threatening to add to the recent string of losses. West Texas Intermediate futures held just above $83 a barrel.
Stock market rally attempt continues
On Monday, the Nasdaq Composite led with a 3.4% blast. The S&P 500 rose nearly 2.7% and the Dow Jones Industrial Average rose 1.9%.
Monday’s Big Picture commented: “The indices remain above the lows of Thursday, which for now marks the beginning of a recovery attempt. Tests of resistance in their 21 day exponential moving averages come next for the big indices. The last few attempts haven’t gone well, so it’s worth watching the 21-day lines. Also note that indices are bouncing from oversold levels. That’s why waiting for a follow-up is the first step in shifting exposure back to equities.”
Psychologically, watching the market perform through repeated rally attempts can be a challenging process. Investors want to have watch lists on hand to take advantage of day-of-watch breakouts. But not all follow-ups work, so buying too early or with too much conviction can lead to frustration.
This is why it is important to increase exposure slowly and methodically, as the uptrend proves itself.
Verify IBD Stock ListsAs the IBD 50 Y Stocks near a buy zonefor common ideas.
Five Dow Jones Stocks to Watch Now
Dow Stocks to Watch: Chevron, Merck
Energy giant Chevron continues to hold above support at its 50-day line and is consolidating below a buy point of 182.50 ahead of the company’s earnings release on Oct. 28. Chevron shares rose 0.6% early Tuesday, ignoring falling oil prices.
CLC actions boast a strong 98 from a perfect 99 IBD Composite Classification, for him IBD stock check. Investors can use the IBD Composite Rating to easily gauge the quality of a stock’s fundamental and technical metrics.
Dow Jones member and Stock of IBD 50 Merck is breaking beyond a false bottom93.12 point of purchase, according to IBD MarketSmith Pattern Recognition. the relative strength line reached a new high last week. Third quarter earnings results are due Oct. 27 before the opening bell.
Merck shares added 0.3% on Tuesday morning and are above the buy point.
4 top growth stocks to watch in the CurrCurrent Stock Market Correction
Top Stocks to Watch: AutoZone, Cardinal, Molina, Vertex
leader in auto parts and Recent stock of IBD of the day AutoZone is about 3% from the purchase point of 2,362.34 of a cup basis. Keep an eye out for a potential handle to offer a lower entry. AutoZone shares rose 0.2% early Tuesday.
IBD classification table Medical and stock leader Cardinal Health is shaping a flat base that has a buy point of 72.38, according to IBD MarketSmith chart analysis. Winnings are due November 4. The shares rose 1.8% on Tuesday.
Molina Healthcare ended Monday just 2% below the buy point of 361.35 from a flat base. The stock’s RS line hit a new high last week, confirming that the healthcare stock is a leader to watch. Molina’s earnings are expected to be released on October 26. Shares of the Ministry of Health rose 1.4% early Tuesday.
Biotech leader Vertex Pharmaceuticals continues to build a flat base with a buy point of 306.05 and an early entry at 296.90. Its RS line hit a new high in recent sessions, a sign of strong outperformance in the stock market. Winnings are due October 27. The shares rose 1.8% on Tuesday morning.
Netflix earnings are due Tuesday after the stock market close. The streaming giant’s adjusted earnings are expected to fall 33% to $2.14 a share on revenue of $7.83 billion.
Netflix stock is building a double bottom base with a buy point of 250.49. The stock is 65% below its 52-week high.
Join IBD experts as they discuss the leading stocks in the current stock market rally attempt on IBD Live
tesla shares rose 7% on Monday, nearly erasing Friday’s 7.55% drop. On Friday, shares closed at their lowest level since June 2021. Despite Monday’s surge, shares are still 47% off their 52-week high. Tesla shares rose 1.1% on Tuesday.
The electric vehicle giant’s third-quarter results are due out on Wednesday night. Tesla is expected to earn an adjusted $1.01 per share on sales of $22.1 billion.
Dow Jones Leaders: Apple, Microsoft
Among dow jones stocksApple shares rose 2.9% on Monday, recovering from Friday’s 3.2% sell-off. Still, the stock is 23% below its 52-week high and below its 50- and 200-day lines. AAPL shares advanced 2.7% on Tuesday morning.
Microsoft rose 3.9% on Monday, continuing its recovery from last week’s 52-week price low. The software giant is down 32% from its 52-week high. Shares advanced 2.3% early Tuesday as the company reportedly cut nearly 1,000 jobs. Meanwhile, Barclays maintained an overweight rating on Dow Jones stocks, lowering the price target to 310 from 335.
Apple’s earnings are due on October 27, while Microsoft’s are due on October 25.
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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