The Dow Jones Industrial Average reversed higher on Wednesday despite hot inflation data from the Producer Price Index. The minutes of the Federal Reserve’s latest policy meeting are due to be released later in the day.
The US Department of Labor’s Producer Index, or PPI, rose 0.4% in September versus the previous month, higher than the expected 0.2% rise, according to Econoday estimates. Wholesale inflation was up 8.5% from a year ago, up from an estimate of 8.4%.
Also Wednesday, the minutes of the Federal Reserve’s September 20-21 meeting are due out at 2 p.m. ET. The CPI is due on Thursday with the September retail sales on Friday.
Third-quarter earnings season begins this week, with PepsiCo (PEP) reported strong earnings results on Wednesday morning. Shares are up 3% in early morning trade.
Stock Market Today: Earnings on Click
Thursday morning , Black stone (BLK), Delta Air lines (DA), Domino’s Pizza (DPZ), Taiwan’s semiconductor industry (TSM) And the Walgreens Boots Alliance (WBA) their quarterly earnings results will be released.
electric car leader Tesla (TSLA) is down 1.5% on Wednesday. Among the Dow Jones industrial companies, technology giants apple (AAPL) And the Microsoft (MSFT) was mixed after stock market today Open. Intel Corporation (INTC) down 0.7% after that Bloomberg mentioned The company plans to lay off thousands of workers early this month.
Cardinal’s health (CAH), ConocoPhillips (policeman), Denberry (den) And the Vertex Pharmaceuticals (VRTX) – as well as the shares of Dow Jones chevron (CVX) And the merck (Mrk) – Among the top stocks to watch. Keep in mind that an ongoing stock market correction is a time when investors sit on the sidelines and build watch lists of the top growth stocks.
Cardinal Health and Vertex IBD Leaderboard Stores. Chevron and Conoco appeared In the stock column near the buy zone for this week, along with two other ideas for the hottest stocks. Vertex was from IBD Today’s stock Friday. it was merck Stock pick on Tuesday from 50 IBD to watch.
Dow Jones today: Treasury yields and oil prices
After the opening bell on Wednesday, the Dow Jones Industrial Average rose 0.4% after rebounding from its early losses, while the S&P 500 rose 0.2%. The tech-heavy Nasdaq Composite is up 0.2% in the morning’s move.
The 10-year Treasury yield surged on Wednesday, climbing to 3.96% and on pace to extend its four-day winning streak. The 10-year Treasury yield is approaching 4%, just as it did in late September.
Meanwhile, US oil prices fell more than 1% on Wednesday, sending West Texas Intermediate crude futures to nearly $88 a barrel. Oil prices continue to decline after two consecutive days of sharp losses.
Trying to go up in the stock market
On Tuesday, the Nasdaq extended its losing streak to five sessions, falling 1.1%. Four consecutive closes near session lows bring the possibility of a trip down to the 10,000 level. It is a key support level to watch, especially as it is very close to the Nasdaq breakout area in June 2020.
And commented on Tuesday the big picture“With the Dow Jones still stable above its September 30 low, Tuesday marked the seventh day to try to rally the index, but the S&P 500 and Nasdaq are still looking for the first day of their attempts to rally. September 30 is down with a loss on Tuesday.” .
The S&P 500 held above its recent lows. Therefore, a bullish attempt for the S&P 500 is still intact, which means that a possible follow-up day on this indicator is still possible.
Before the possible follow-up day, now is the perfect time to build Powerful watchlist A high performance stock. Many long-term leaders tend to breakout on or near the follow-up day, confirming a new uptrend. Missing this early opportunity can be a costly mistake.
One of the challenges in forming a watchlist during the correction is that while waiting for the follow-up day, the stock charts may change. This means that some of the rules among your watchlist stocks may deteriorate. So the update is important.
Dow Jones stocks to watch: Chevron, Merck
Energy giant Chevron decisively restored its 50-day production streak last week, with US oil prices recovering. Stocks consolidate below 182.50 buying points ahead of the company’s October 28 earnings announcement. Chevron shares were down 0.3% early Wednesday, following a drop in oil prices.
CVX stock boasts 98 strong out of 99 perfect IBD compound classification, 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.
Member of Dow Jones and IBD 50 . stock Merck is building a double bottom with 93.12 buy pointAnd the to me IBD MarketSmith Pattern Recognition. The line relative force It hit a new high on Monday, as the stock decisively reclaimed its major 50-day moving average. Third-quarter earnings results are due on October 27, before the opening bell.
Merck shares rose Wednesday morning. Meanwhile, biotechnology Moderna (mRNA) surged nearly 5% on news that it will partner with Merck to develop a skin cancer treatment the companies are calling a personalized cancer vaccine.
Top stocks to watch: Cardinal, Conoco, Denbury, Vertex
IBD Leaderboard Leading equities and medical firm Cardinal Health is forming a flat base with 72.38 points of purchase, according to IBD Market Smith Graph analysis. The stocks are also in a buying range amid the first test of their 10-week moving average, according to a leaderboard comment. Dividends are payable on November 4th. Shares were trading up about 2% on Wednesday.
Energy giant ConocoPhillips has fallen more than a 118.49 points of purchase in a cup with a handle During Tuesday’s 1% drop. The RS line of the stock reached a new high last week, which indicates a strong performance in the stock market. Profits are scheduled for November 3. Shares fell 0.2% on Wednesday, their decline coinciding with lower oil prices.
Denbury stock rose 6.6% on Monday, surpassing 94.05 buying points for the cup base, Next reports who – which ExxonMobil (XOM) are considering an acquisition. Stocks are barely back in the 5% chase territory that stretches to 98.75, although the market is still in a correction. The company will announce its earnings on November 3. Stocks lost 0.3% on Wednesday.
Leading biotech company Vertex Pharmaceuticals continues to build a flat base with a buy point of 306.05 and an early entry at 296.90. The RS line made a new high on Tuesday, signaling an outperformance in the stock market. VRTX stock fell 0.4% Wednesday, after the company said it was introducing an investigation program regarding a treatment for a rare protein-based disease that can cause liver and lung damage.
Tesla stock It fell 2.9% on Tuesday, extending its losing streak to five sessions. Stocks are at their lowest since early July and about 48% from a 52-week high. Tesla stock fell 1.5% Wednesday morning.
The electric car giant’s third-quarter results were on October 19. Tesla is expected to earn $1.03 per share on adjusted sales of $22.4 billion.
Dow Jones Leaders: Apple and Microsoft
within Dow Jones stockApple shares fell 1% on Tuesday, but are still holding above their recent lows. With that said, shares are down nearly 24% from their 52-week highs and below their 50 and 200-day lines. Apple stock fell 0.1% on Wednesday.
Microsoft fell 1.7% on Tuesday, extending its losing streak to four sessions and hitting a 52-week low. The software giant is about 36% from its 52-week high. Microsoft shares lost 0.4% early Wednesday.
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