The Dow Jones Industrial Average rose 225 points Wednesday morning ahead of the Federal Reserve’s interest rate decision at 2:00 pm ET.
General Mills (GIS) saw a move on Wednesday, with sales falling short of expectations, but the stock rose more than 3% in morning trading on the strength of its earnings report.home builder KB home (KBH) When Renner (Len) will report back when finished.
micron technology (Mu) fell more than 1% after Mizuho downgraded the stock from buy to neutral.
Other Electric Vehicle Leaders Tesla (TSLA) traded 0.2% lower on Wednesday.Dow Jones Industrial Stocks Among Tech Giants apple (AAPL) When microsoft (MSFTMore) rose after the stock market opened today.
Some of the top stocks to watch during the recent market weakness include: continental resources (CLRMore), double verify (DV) When Vertex Pharmaceuticals (VRTX) — similar to Dow Jones stocks chevron (CVX) When Merck (MRK). Bear in mind that the new stock market correction is a good reason for investors to be mostly, if not completely, on the sidelines.
DoubleVerify is IBD leaderboard Stocks, but last week’s losses reduced the position size. Tesla was featured in this week’s “Stocks Close to the Buy Zone” column.
Dow Jones Today: Treasury Yields, Oil Prices, Fed Meetings
After Wednesday’s opening bell, the Dow Jones Industrial Average rose 0.75% and the S&P 500 rose 0.7%. The tech-heavy Nasdaq Composite rose 0.5% in morning trading.
Among exchange-traded funds, Invesco QQQ Trust, a NASDAQ 100 tracker (QQQ) rose 0.2%, while the SPDR S&P 500 ETF (spy) was up 0.5% in early trading.
The 10-year Treasury yield fell to 3.54% on Wednesday, recovering from the week’s high. Meanwhile, US oil and natural gas prices soared. Crude oil prices he rose more than 2%, with West Texas Intermediate futures above $86 a barrel.
The Federal Reserve’s two-day meeting ends Wednesday with an interest rate decision at 2:00 pm ET and comments from Fed Chairman Jerome Powell at 2:30 pm. market show 82% expect the central bank to raise interest rates by 75 basis points, with an 18% chance of a 100 basis point hike. Investors are looking for hints about the pace of future rate hikes and how high the central bank will eventually rise.
Taken all together, the market expects the Federal Reserve’s key policy rate to end the year in the target range of 4% to 4.25% or 4.25% to 4.5%. It may not be the only one. CME Group said the odds are over 50% and will rise another quarter of a percentage point to a range of 4.5% to 4.75% in March or May next year. fedwatch page.
stock market fix
The stock market posted yet another disappointing performance on Tuesday. The Dow Jones Industrial Average fell 1% and the S&P 500 slumped his 1.1%, both below Friday’s lows.
The Big Picture column on Tuesday said, “Equity markets may not like Wednesday’s Fed remarks amid hawkish remarks expected. Tradeable gains ultimately drive Nasdaq back to 12,000 level. It’s possible, but it’s still a distributive market, so a trip to June lows could also be on the card.”
Investors should wait for a follow-through date to prepare for another rally in the stock market. When the market is in a correction, at least he looks for one major index to try to bottom out.
The first day the index closes higher is counted as the first day of the upward attempt. As long as the index doesn’t fall below its latest lows, day 2 and his day 3 moves are irrelevant. If that low is undercut, the rally try will end and the market will have to try again.
After day 4, expect the Nasdaq or S&P 500 to surge with higher volumes than in the previous session. It’s a follow-through day. This gives the investor the go-ahead to start buying major stocks above the correct buy point. You need to keep your portfolio and mindset in sync with the movement of the stock market by gradually capitalizing on your key stocks.
Don’t let your guard down during the stock market correction. Instead, use the relative strength line to create a watchlist for finding emerging stock market leadership. The RS line measures a stock’s price performance against the S&P 500. If the stock is outperforming the broader market, the RS line goes up. If the stock lags the general market, the line will be lower.
5 Dow Jones stocks to watch right now
Dow Jones Stocks to Watch: Chevron, Merck
Dow Jones’s Chevron fell 0.4% on Tuesday, but is still above the key support near the 50-day line. The stock is trading about 6% off its latest buy point of 166.93 off the cup with handles, according to IBD Marketsmith’s chart analysis, in a strong performance for energy stocks so far this year. The stock rose 1.4% earlier on Wednesday.
CVX inventory It shows a strong 97 out of a perfect 99 IBD overall rating. IBD inventory inspection. Investors can easily assess the quality of a stock’s fundamental and technical indicators using the IBD Composite Rating.
Pharmaceutical giant Merck is also trying to counter the stock market’s downtrend. The stock has built a flat base with a buy point of 95.82, but has broken below the 50-day line and is stuck near recent lows. Merck shares rose 0.3% early Wednesday.
3 Top Growth Stocks to Buy and Watch Nowrent stock market correction
Top Stocks to Watch: Continental, DoubleVerify, Vertex
Oil prospector and producer Continental Resources manufactures cups with handles at 72.80 points of purchase, according to chart analysis from IBD MarketSmith. The relative force line reached its recent high last week, but is a short distance from its 52-week high. Shares of CLR he rose 1.7% earlier on Wednesday.
IBD leaderboard shares DoubleVerify remain below the buy point of 28.07 on a bottoming basis following Tuesday’s 1.35% loss. DV shares fell 0.4% on Wednesday morning.
Vertex Pharmaceuticals remains below the 50-day line despite a 0.6% gain on Tuesday. The stock has held up well during the ongoing market weakness as indicated by the RS line approaching new highs. No new bases yet, but stock resilience is a great idea to watch. Vertex shares rose 0.1% on Wednesday.
Join IBD experts as they analyze key stocks in the current stock market adjustment on IBD Live
Tesla shares fell slightly on Tuesday as they approached the buy point of 314.74 on a sell basis. On the other hand, watch out for additional buy points if stocks can rise further to the right of the larger correction dating back to January.
On the bullish side, the stock price RS line is at its highest level since April. The stock is about 25% of its 52-week high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares rose 1.6% on Tuesday, adding to Monday’s gains. Last week, the stock closed at his lowest since July 18th. Apple shares rose 0.5% on Wednesday morning.
Microsoft fell 0.85% on Tuesday, further hitting a 52-week low. The software giant is about 30% away from its 52-week high. Microsoft shares rose 0.7% earlier on Wednesday.
Follow Scott Lehtonen on Twitter. @IBD_SLehtonen Learn more about growth stocks and the Dow Jones Industrial Average here.
You may also like:
Top growth stocks to buy and watch
Learn how to time the market with IBD’s ETF Market Strategy
Find the best long-term investments with IBD long-term leaders
MarketSmith: Surveys, charts, data and coaching all in one place
How to Research Growth Stocks: Why This IBD Tool Simplifies Your Search for Top Stocks