Decrease in futures contracts; Tesla Rival will announce its earnings

The Dow Jones Industrial Average fell on Monday as the stock market stalled after a two-day rebound from corrective lows.


Twitter (TWTR) fell more than 4% after Elon Musk said the company’s legal team accused him of violating a nondisclosure agreement. On Friday, Musk said his $44 billion deal to acquire Twitter was on hold due to questions about the number of fake accounts.

Electric vehicle giant You’re here (TSLA) was trading down around 1% on Monday morning.

Elsewhere, technology leaders from Dow Jones Apple (AAPL) and Microsoft (MSFT) traded down 0.9% and 0.85%, respectively, in today’s stock market. Meanwhile, McDonald’s (MCD) fell a fraction after the company said it would leave Russia and sell its business there following its invasion of Ukraine.

As the stock market correction tries to bottom out, Dow Jones leaders Chevron (CLC) and Merck (MRK) — with Energy Cheniere (LNG), Eli Lily (THERE IS), Exxon Mobil (XOM) and Northrop Grumman (NOC) – are among the top IBD stocks to watch on Monday.

Eli Lilly and Microsoft are IBD ranking stocks. Exxon and Merck were featured in last week’s Stocks Near A Buy Zone column. Eli Lilly was Wednesday’s headline.

Dow Jones Today: Treasury Yields, Oil Prices

After Monday’s open, the Dow Jones Industrial Average fell 0.6%, while the S&P 500 fell 0.7%. The Nasdaq sold 1% in morning trading.

Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) fell 0.9%. The SPDR S&P 500 ETF (SPY) fell 0.7%.

The 10-year Treasury yield fell to 2.9% on Monday morning. The 10-year Treasury yield ended a four-day losing streak on Friday, jumping to 2.93%. Meanwhile, U.S. oil prices fell less than 1%, with West Texas Intermediate crude holding above $109 a barrel after a three-day advance.

Stock market rally attempt

Major stock indexes ended with solid gains on Friday. The Dow Jones Industrial Average rebounded 1.5%, posting a six-day decline, while the Nasdaq catapulted 3.8%.

Friday’s The Big Picture column commented: “So while many investors have probably raised a lot of cash and are afraid to touch stocks, the market still needs a new crowd of excellent companies that are showing the elements. Keys to CAN SLIM investing: rising fundamentals, outperformance versus most stocks today, and evidence of increased fund ownership. »

If you are new to IBD, consider taking a look at its stock trading system and CAN SLIM basics. Recognizing chart patterns is one of the keys to investing guidelines. IBD offers a wide range of growth stock listings, such as Leaderboard and SwingTrader.

Investors can also create watchlists, find companies close to a buy point, or develop custom screens at IBD MarketSmith.

Five Dow Jones stocks to watch now

Dow Jones stocks to watch: Chevron, Merck

Dow Jones leader and energy giant Chevron is in a flat basis that has a buy point of 174.86, according to IBD MarketSmith’s chart analysis. CVX shares rose 1.9% on Friday, extending a four-session winning streak. Shares have recovered to the upside of their 50-day line and are around 4% off the last entry. Chevron shares rose 1% on Monday morning.

Drug leader Merck remains above the 89.58 tumbler with handle buy point after shares fell 0.5% on Friday. The 5% buy zone rises to 94.06. Shares gained nearly 1% on Monday morning. A positive signal, the stock’s relative strength line hit another high last week, indicating strong stock market outperformance during the current stock market correction.

The MRK stock boasts a 98 out of a perfect IBD composite rating of 99, per IBD stock check. Investors can use the IBD Composite Rating to easily assess the quality of a stock’s fundamental and technical metrics.

Three growth stocks to watch in the currentrent Stock market correction

Stocks to watch: Cheniere, Eli Lilly, Exxon, Northrop

Cheniere Energy is one of the market’s top stocks to watch, although it continues to trade below its 50-day line. Shares rose 2.7% on Friday but remain below their 50-day line as they continue to burn a flat base that shows a buy point of 149.52, according to chart analysis. ‘IBD MarketSmith. LNG shares rose 1.1% on Monday.

IBD Leaderboard Eli Lilly stock is holding just above the 284 buy point from a previous cut base and trying to hold its 50-day line. The stock’s RS line hit a new high last week. Eli Lilly stock was up 1% on Monday morning.

Energy giant Exxon Mobil remains below a cup with the 89.90 buy point of the handle despite gaining 3% on Friday. The stock found much-needed support on its key 50-day line. Shares of XOM rose slightly on Monday.

Defense contractor Northrop Grumman continues to burn a handle cup with a buy point of 477.36. Stocks are just below their 50-day line after Friday’s 0.5% rise. Northrop shares rose 0.4% on Monday morning.

Join IBD experts as they analyze the top stocks of the current market correction on IBD Live

Tesla Stock

Tesla stock lost about 1% on Monday morning after rising nearly 6% on Friday. Stocks remain significantly below their 50- and 200-day lines amid their recent weakness.

The stock traded as high as 1,243.49 on Nov. 4 and is about 38% off that all-time high.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks, Apple shares rebounded more than 3% on Friday after falling to their lowest level since October 2021 on Thursday. The stock is significantly below its 200-day line and about 20% off its 52-week high. Apple stock fell 0.9% on Monday.

Software leader Microsoft ended a two-day decline on Friday, rising 2.3%. The stock closed around 25% off its 52-week high. MSFT shares were down 0.85% on Monday morning.

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


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