Dow Jones Reverses as Fed Debates Size of Future Rate Hikes; Instant Crash 30%

The Dow Jones Industrial Average reversed higher on Friday, as the The Wall Street Journal reported that Federal Reserve officials were debating the magnitude of future interest rate increases. Social media company Snap plunged as much as 30% on weak revenue results. And Dow Jones American Express and Verizon shares fell on earnings results.


According to the WSJ report, some Fed officials are “signaling their desire to both slow the pace of increases soon and stop raising rates early next year to see how their actions this year slow the pace of increases.” economy”.

Stock Market Today: Instant Profits

Early Third Quarter Earnings Results from Dow Jones Stocks American Express (AXP) and Verizon (VZ), in the same way Schlumberger (SLB) and Instantaneous (INSTANTANEOUS).

American Express fell more than 2% despite better-than-expected earnings and sales results. Verizon fell about 4% in early action, while shares of Schlumberger rose 3% in morning trading.

Snap reported third-quarter results late Thursday that missed revenue estimates but topped earnings. SNAP stock plunged more than 30% in response.

Electric vehicle giant You’re here (TSLA) was trading down 1% on Friday morning. Dow Jones Tech Titans Apple (AAPL) and Microsoft (MSFT) also fell after today’s stock market open.

Auto area (AZO), DoubleVerify (DV), Molina Health (MS) and Vertex Pharmaceuticals (VRTX) — as well as Dow Jones stocks Chevron (CLC) and Merck (M.K.R.) – are among the best stocks to watch. Keep in mind that the ongoing stock market rally attempt is the perfect time for investors to build and hone their watchlists of the highest growth stocks.

DoubleVerify and Vertex are IBD classification shares. Merck and Molina Healthcare were presented in the Stocks Nearing a Buy column this week, along with two other top stock ideas. AutoZone was the IBD stock of the day Last week. DoubleVerify was IBD stock of the day for Tuesday.

Dow Jones Today: Treasury Yields, Oil Prices

After Friday’s opening bell, the Dow Jones Industrial Average rose 1.2% after reversing from early losses, while the S&P 500 rose 1%. The tech-heavy Nasdaq composite rose 0.6% in morning action.

Among exchange traded fundsthe Nasdaq 100 Invesco QQQ Trust tracker (QQQ) rose 0.1%, and the SPDR S&P 500 ETF (TO SPY) increased by 0.5%.

The 10-year Treasury yield rose Friday morning, hitting 4.3% Friday morning, after Thursday’s jump to 4.22%. The 10-year Treasury yield stood Thursday at its highest level since June 2008.

US oil prices continued to rise on Friday, looking to extend a three-session winning streak. West Texas Intermediate futures rose nearly $85 a barrel. Earlier this week, WTI futures were trading at $81 a barrel.

Meanwhile, natural gas prices fell, heading for a sixth consecutive decline, as European Union leaders failed to agree on a cap for gas prices. Natural gas futures fell 4.8%, holding just above $5.10 per million British thermal units. Gas prices remain up 43% on the year, and more than 100% above pre-pandemic price levels.

Stock market rally attempt continues

On Thursday, the Dow Jones Industrial Average, which had rallied as much as 1.3% by midday, fell 0.3%, while the S&P 500 fell 0.8%. The tech-heavy Nasdaq composite lost 0.6% and the small-cap Russell 2000 struggled, down 1.2%.

Thursday’s Big Picture commented, “Investors should continue to follow companies that easily beat earnings results and have strong upside reactions. They could be among the leaders in the stock market if the market is able to follow higher.”

Psychologically, watching the market work through repeated attempts to rally can be a difficult process. Investors want to keep watchlists handy, in order to jump on any trailing day 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 is confirmed.

Check IBD Action Listsas the INN 50 and Stocks near a buy zonefor stock ideas.

Five Dow Jones stocks to watch now

Dow Jones 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 October 28. An early entry at 166.93 is also in play. Shares of Chevron edged higher on Friday morning, advancing on higher oil prices.

CVX Stock Boasts a strong 98 over a perfect 99 IBD Composite Assessment, speak IBD inventory check. Investors can use the IBD Composite Rating to easily assess the quality of a stock’s fundamental and technical metrics.

Member of the Dow Jones and IBD Stock 50 Merck waived its double bottomat 93.12 point of purchase, according IBD Pattern Recognition MarketSmithamid two straight days of losses. Stocks relative force line reached a new high last week. Third quarter results are expected on October 27 before the opening bell.

Merck shares rose slightly on Friday morning.

4 growth stocks to watch in the currentrent Stock market correction

Top stocks to watch: AutoZone, DoubleVerify, Molina, Vertex

Leader in auto parts and Recent IBD stock of the day AutoZone is about 4% off the buy point of 2,362.34 from a cup base. Keep an eye out for a potential grip to provide lower entry. AutoZone shares were down 0.4% early Friday.

IBD classification DoubleVerify stock is just below the 30.02 buy point from a flat base, according to IBD MarketSmith graphical analysis. DoubleVerify provides digital media metrics and data analytics. The company designs verification technology to help reduce ad fraud. It also promises to ensure ads are placed in safe, brand-friendly environments. Shares were down almost 1% on Friday.

Molina Healthcare Thursday ended around 2% off 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 on October 26. The Health Department’s stock was down 0.4% early Friday.

Biotech leader Vertex Pharmaceuticals is retesting its 50-day line amid losses this week. Stocks continue to build a flat base which has a buy point of 306.05 and an early entry at 296.90. Its RS line has reached a new high in recent sessions, a sign of a major stock market outperformance. Earnings are expected on October 27. The shares fell 0.5% on Friday morning.

Join the IBD experts as they analyze the top stocks in the current stock market rally attempt on IBD Live

Tesla Stock

Tesla Stock plunged 6.65% on Thursday to a new 52-week low after the company’s weaker-than-expected sales results. The shares are around 50% off their 52-week high. Tesla stock fell another 1% on Friday morning.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones Stocks, Apple shares fell 0.3% on Thursday and are about 21% off their 52-week high and below their 50- and 200-day lines. AAPL stock fell 0.2% on Friday morning.

Microsoft fell 0.1% on Thursday, falling for a second consecutive session. Stocks are still trying to rebound from last week’s 52-week low. The software giant is around 32% off its 52-week high. Shares were down 0.2% on Friday.

Apple’s earnings are expected on October 27, while Microsoft’s are expected on October 25.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.


Top growth stocks to buy and watch

Learn to Time the Market with IBD’s ETF Market Strategy

Find the best long-term investments with IBD’s long-term leaders

MarketSmith: research, charts, data and coaching in one place

How to Research Growth Stocks: Why This IBD Tool Simplifies Finding the Best Stocks

Leave a Comment

Your email address will not be published. Required fields are marked *