Dow Jones futures rose after the stock market fell today, as major stock indices sold out with heavy losses to reach new correction lows. Next, President Joe Biden is scheduled to deliver a speech on inflation on Tuesday.
CarGurus (CARG) and chip (MCHP) was one of the main drivers of earnings after the close. CarGurus shares fell late 13%. Microchip stock is up nearly 3% in the extended trade.
Elsewhere, the leader of Chinese electric cars Lee Otto (LI), detachment (PTON), planet Fitness (PLNT) and transdigm (TDG) is among the companies reporting Tuesday morning.
Dow futures today: Treasury yields, Biden’s speech
After Monday’s close, Dow futures rose 0.35% against. Fair value, S&P 500 futures also rose 0.35%. Nasdaq futures gain 0.4% against stocks. fair value. Remember that overnight action in Dow Jones futures and elsewhere does not necessarily translate into actual trading in the next regular stock market session.
The 10-year Treasury yield traded at 3.13% on Monday, before closing around 3.08%. The 10-year Treasury yield reached its highest level since November 2018. Meanwhile, US oil prices are down about 7%, with Texas Intermediate crude trading above $102 a barrel.
President Biden will deliver a speech on Tuesday, highlighting his attempts to combat rising inflation. On Wednesday, the CPI for April will be released. According to Econoday, consumer prices are expected to rise 0.2% month over month in April versus a 1.2% increase in March which was the largest monthly increase in 42 years.
According to Bloomberg, the president plans to detail his legislative efforts ahead of the November midterm elections. Meanwhile, President Biden’s approval rating is back near its February lows.
stock market today
On Monday, the Dow Jones Industrial Average sold 2%, while the S&P 500 fell 3.2%. The tech-heavy Nasdaq Composite is down 4.3%. Among the exchange-traded funds, the Nasdaq 100 index tracking the Invesco QQQ Trust (QQQ) is down 3.9%, and the SPDR S&P 500 ETF (SPY) is down 3.2% on Monday.
Tesla TSLA shares slid 9.1% on Monday. Dow Jones Leaders, apple (AAPL) down 3.3% and Microsoft (MSFT) is down 3.7% in the stock market today.
Amid a deep stock market correction, Dow Jones leaders chevron (CVX) and merck (MRK) – with Cheniere Energy (liquefied natural gas) and ExxonMobil (XOM) – Among the biggest stocks to watch in IBD for Tuesday.
Microsoft and Tesla are IBD Leaderboard shares. Chevron appeared in the stock column near the buy zone for this week.
What to do after the stock market falls today
On Monday, the Dow Jones Industrial Average, Nasdaq and Standard & Poor’s all posted new correction lows, with the stock market falling. With the market entering new correction lows, all attempts to rise are over, which means that investors should be on the lookout for a bullish day to signal the start of a new bullish attempt.
In the midst of a deepening stock market correction, investors should often – if not entirely – be on the sidelines. New overseas purchases. Also, keeping a watch list of stocks that are well holding in a bear market is a good way to prepare for the next stock market bullish trend.
Keep in mind that the leading stocks of the past may not be the leaders of the future. To help identify stock leaders emerging in a new market uptrend, use the relative strength line to see which stocks are outperforming the general market.
During a stock market correction, investors should identify companies whose stock prices are fighting the downward trend of the stock market. The strong RS line will point sharply higher, either during the base period or shortly after the breakout.
Monday’s The Big Picture column commented, “NASDAQ’s 4.3% loss on Monday cemented a three-day losing streak by more than 10%. This is the largest three-day drop since March 2020 (during a pandemic bear market). According to Dow Jones market data, the loss The 1,341 points are the largest ever.”
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Investors can also create watch lists, find companies close to a point of purchase, or develop custom displays at IBD MarketSmith.
Five Dow Jones stocks to watch right now
Dow Jones stocks to watch: Chevron, Merck
Dow Jones leader and energy giant Chevron continues to build a flat base with 174.86 buying points, according to IBD MarketSmith chart analysis. CVX shares traded 6.7% lower on Monday, bringing it below the 50-day streak.
CVX Stock boasts a perfect 99 IBD compound rating, for every IBD stock check. Investors can use the IBD composite rating to easily gauge the quality of a stock’s fundamental and technical metrics.
Leading drugmaker Merck is under a cup with 89.58 buy handles after a short breakout attempt last week. Shares were down 0.85% on Monday, ending about 2% below their most recent entry.
Positively, the stock’s relative strength line reached new highs, which indicates an outperformance of the large stock market during the current stock market correction.
Top Three Growth Stocks to Watch on Cursstock market correction
Stocks to watch: Cheniere, Exxon
IBD Leaderboard Stock Cheniere Energy is one of the biggest stocks to watch despite losing 8.6% on Monday. The stocks are digging a flat base showing 149.52 buying points, according to IBD MarketSmith chart analysis.
Energy giant ExxonMobil passed a cup with a buy point of 89.90 with a handle last week. But stocks gave up the entry and are about 6% below their buying point after Monday’s 7.9% drop. A faltering breakout illustrates the risk of owning any stock in the current market environment.
Join IBD experts as they analyze the leading stocks in the current stock market correction on IBD Live
Tesla shares slid more than 9% on Monday, extending the losing streak to three sessions and closing at their lowest level since March 14. Stocks fell sharply below the 50 and 200 day moving averages.
The stock traded as high as 1,243.49 in November. 4 and about 37% off its all-time high.
Dow Jones Leaders: Apple and Microsoft
Among Dow Jones stocks, Apple shares sold 3.3% on Monday. The stock drops further below the long-term 200-day line.
Shares of software leader Microsoft fell 3.7% on Monday, hitting its lowest level since June 2021. Shares fell sharply below the 50 and 200-day lines. The stock has closed about 24% from its 52-week high.
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