Dow Jones futures were up 200 points from Tuesday’s open. The Dow Jones Industrial Average finished in a bear market, down 20% or more from recent highs, selling off more than 300 points on Monday.
Stock market today
On Monday, the Dow Jones Industrial Average sold off 1.1%, while the S&P 500 fell 1%. The tech-heavy Nasdaq composite fell 0.6%. and the small-cap Russell 2000 lost 1.4%.
In continued stock market weakness, DoubleVerify (TV), Hostess Brands (TWNK), Neurocrine Biosciences (NBIX), Tour (TTC) and Vertex Pharmaceuticals (VRTX) — as well as Dow Jones stock United Health (UNH) — is one of the best stocks to watch. Remember that a deepening stock market correction is a big reason why investors are on the sidelines.
Dow Jones Futures Today: Treasury yields, oil prices
Ahead of Tuesday’s open, Dow Jones futures rose 0.65% versus fair value, while S&P 500 futures rose 0.7%. Nasdaq 100 futures rose 0.8% above fair value. Remember that it is an overnight operation Dow Jones futures The next routine elsewhere doesn’t necessarily translate into actual trading stock market session.
The 10-year Treasury yield rose to 3.87% on Monday, hitting another fresh high. The 10-year Treasury yield rose to its highest level since April 2010 at 4.01%. Meanwhile, US oil prices continued to decline on Monday, falling nearly 3%. West Texas Intermediate futures traded below $77 a barrel, the lowest since early January.
What to Do in a Deteriorating Stock Market Correction
IBD’s market trend is “Market in Correction” as major stock indexes continue to sell off. That means investors should be defensive and on the sidelines.
Investors should wait for the day ahead to prepare for a new stock market rally. When the market is in a correction, look for at least one major index. We are still looking for the first date. 2nd and 3rd day activity will be irrelevant unless the index breaks its recent lows. If the low is cut short, the rally attempt is over and the market should try again.
On Day 4 and beyond, you expect the Nasdaq or S&P 500 to move higher than the previous session. It is A follow-up day. This gives investors the green light to buy Pioneer shares Buy points. It should synchronize your portfolio and mindset with the stock market action.
However, investors need to make good use of this downtime. Now is a great opportunity Read the bottom of the market And Create a robust watch list Best performing stocks. Many long-term leaders tend to exit at or near the bottom signal of the market. Missing that early opportunity is a costly mistake.
Monday’s The Big Picture column “At one point on Monday, the Nasdaq composite was up 1.4%. It turned out to be a mirage, as stock indexes quickly faded and closed with heavy losses. It was a sign of a false rally in bear markets, as stocks often find themselves. Early morning strength but buyers disappear.”
Dow Jones stocks to watch: UnitedHealth
Dow Jones shares of UnitedHealth fell 1% on Monday, paring its decline in a long-running 200-day streak. Shares are forming a flat base with a buy point of 553.23 IBD MarketSmith Chart analysis. With shares about 8% off their 52-week high, they have their work cut out ahead of a potential breakout.
UNH share Showing a strong 95 out of a perfect 99 IBD Joint Assessmentfor one IBD Stock Checkout. Investors can use the IBD Composite Rating to easily gauge the quality of a stock’s fundamental and technical metrics.
Key stocks to watch: DoubleVerify, Hostess, Neurocrine, Toro, Vertex
Share on the IBD Leaderboard Despite Monday’s 0.55% rise, DoubleVerify remains below its 28.07 buy point. According to Leaderboard Commentary, DoubleVerify has reversed at a bottom base below the initial trendline entry near 27 and is looking for support near its 50-day line.
Twinkie maker Hostess Brands is in a 5% buy zone over a cup with a 23.23 buy point on the handle. IBD MarketSmith Chart analysis. Ironically, Hostess’s RS lineup is at a new peak. Remember that a weak market trend should keep you on the sidelines, but this is one of the best stocks to watch.
Wednesday’s IBD 50 Stocks to Watch Pick, Neurocrine Biosciences, forming a flat base with a buy point of 109.36. Shares finally gave up support at the 50-day line on Monday, falling 2.8%. Despite Monday’s decline, the RS line hit new highs last week, thus avoiding the stock market’s weakness.
Vertex Pharmaceuticals fell further below its 50-day line following Monday’s 2.35% loss. This forms a flat base with a buy point of 306.05. Stock regression makes it a good idea to watch.
Tesla stock It rose 0.25% on Monday, snapping a four-day losing streak. However, shares are sharply below their 50-day line following last week’s sharp losses.
Last week, the stock’s relative strength line hit its highest level since April, but has fallen sharply in recent sessions. Shares are 34% off their 52-week high.
Dow Jones Leaders: Apple, Microsoft
in the middle Dow Jones Stocks, Apple shares rose 0.2% on Monday, ending a three-day losing streak. Even as its RS line hit another new high on Monday, the stock is trading near recent lows.
Microsoft lost 0.2% on Monday, closing at a 52-week low on Friday. The software company is more than 30% above its 52-week high.
Don’t forget to follow Scott Lehtonen on Twitter @IBD_SLehtonen Learn more about growth stocks and the Dow Jones Industrial Average.
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