Dow Jones futures rose on Monday morning, as Bank of America jumped with better-than-expected earnings results. Meanwhile, Apple shares rose after Morgan Stanley named the tech giant a top pick.
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Stock market today: Earnings season continues
Third-quarter earnings season continues on Monday, with results from Bank of America (BAC) and Charles Schwab (SCHW). Next, Dow Jones stock Goldman Sachs (GS) and Johnson & Johnson (JNJ) will report early Tuesday, while Netflix (NFLX) will begin tech earnings after the market close on Tuesday. Tesla earnings are Wednesday.
Shares of Bank of America rose more than 3%, while shares of Charles Schwab also rose about 3% following the company’s earnings results.
Electric vehicle leader Tesla (TSLA) rose 1.5% on Monday. Among Dow Jones Industrial Averages, Tech Giants Apple (AAPL) and Microsoft (MSFT) is normally higher than before stock market today open.
AutoZone (AZO) Cardinal Health (CAH), ConocoPhillips (COP) and Vertex Pharmaceuticals (VRTX) – as well as Dow Jones stock Chevron (CVX) and Merck (A) – is one of the top stocks to watch. Remember that the ongoing stock market correction is a time for investors to sit on the sidelines and build a watchlist of top growth stocks.
Cardinal Health and Vertex are IBD Rankings share. Cardinal has Friday’s IBD Stocks of the Day. Chevron and Conoco has been featured in last week’s Stocks Near Buy Area column, along with two other top stock ideas. Merck is Tuesday’s 50 IBD Stocks To View Selection.
Dow Jones today: Treasury yields, oil prices
Before the opening bell on Monday, Dow Jones futures were up 1.1% from fair value, while S&P 500 futures were up 1.4%. Tech-heavy Nasdaq 100 futures were up 1.8 percent in morning trade.
Remember that action overnight in Dow Jones Futures and elsewhere it doesn’t necessarily translate into actual trading the next week stock market meeting.
Between exchange fundNasdaq 100 Invesco QQQ Trust tracker (QQQ) rose 1.3% and the SPDR S&P 500 ETF (SPY) increased by 1.1%.
Yields on the 10-year Treasury note fell Monday, receding to 3.94% after Friday’s close above 4%.
US oil prices inched higher on Monday, seeking to recover from Friday’s drop. West Texas Intermediate futures are trading above $85. Meanwhile, natural gas contracts fell as the European Union considers ways to reduce energy prices.
The stock market continues to weaken
On Friday, the major stock market indexes reversed from their positive opening on Friday, sending the Dow Jones Industrial Average down 1.3%, the S&P 500 2.4% and Nasdaq down 3.3%. ,first%.
Friday’s Big Picture warning, “S&P 500 third quarter earnings growth Expectations have dropped to 4.5% while energy stocks will contribute 6.3% to earnings. As a result, the rest of the index could grow negative in Q3.
Despite Friday’s big losses, the Nasdaq and S&P 500 are holding above recent lows, so their recovery efforts are intact. Thursday is Day One in the stock market’s latest rally attempt, so investors are now waiting. track date, which could happen as early as Tuesday. The next day confirms the start of a new uptrend.
Psychologically, watching the market work through repeated recovery efforts can be a challenging process. Investors want to keep the watch list handy, to get intraday breakouts. But not all tracking information works, so buying too soon or being overly confident can lead to disappointment.
This is why it is important to increase impression share slowly and methodically, as the uptrend has proven itself.
Payment procedures IBD Stock Listlike IBD 50 and Stocks near the 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 the 50-day level and is consolidating below a buy level of 112.50 ahead of the company’s October 28 earnings release. Shares of Chevron inched higher early Monday, tracking higher with oil prices.
CVX stock is proud a strong 98 in a perfect 99 IBD Composite Rating, every Check out IBD stock. Investors can use the IBD Composite Rating to easily gauge the quality of a stock’s fundamental and technical indicators.
Dow Jones members and IBD 50 shares Merck is trying to pass a double bottomof 93.12 buy points, based on IBD MarketSmith . Pattern Recognition. The relative strength line hit a new high last week. The third-quarter earnings results will come into effect on October 27 before the opening bell.
Merck stock added 0.2 percent Monday morning.
Top 4 growth stocks to watchrent Stock Market Adjustment
Top stocks to watch: AutoZone, Cardinal, Conoco, Vertex
Auto parts leader and recent IBD Stock Of The Day, AutoZone, is about 5% away from the 2,362.34 point of purchase of a cup facility. Look out for a potential handle for a lower entry. AutoZone stock was flat on Monday.
IBD Rankings Securities and health leader Cardinal Health is shaping a flat base with a 72.38 buy point, according to IBD MarketSmith chart analysis. Shares of the heavyweight drug delivery company are once again testing support around their key 10-week moving average, according to Leaderboard commentary. Earnings are due on Nov. 4. Shares traded unchanged on Monday.
The huge energy ConocoPhillips continues to oscillate above and below 118.49 buy points in cup with handle in the context of a volatile stock market. The stock’s RS line hit a new high last week, suggesting the stock market is doing better. Earnings are due on Nov. 3. Shares inched higher on Monday.
Biotech leader Vertex Pharmaceuticals continues to build a solid base with a buy point of 306.05 and an early entry at 296.90. Its RS line hit a new high last week, confirming the biotech leader as an important stock to watch. VRTX stock found support at the 50-day level on Thursday. Earnings are due on October 27. Shares traded slightly higher on Monday.
Tesla shares
Tesla shares fell 7.55% on Friday, closing at its lowest level since June 2021. Shares are down more than 50% from their 52-week high. Tesla shares were up 1.5% Monday morning.
The EV giant’s Q3 results are due late Wednesday. Tesla is expected to earn $1.01 per share on sales of $22.1 billion.
Dow Jones Leaders: Apple, Microsoft
Between Dow Jones Securities, Apple stock sold off 3.2% on Friday, erasing Thursday’s gains and closing back near recent lows. Shares are down about 25% from 52-week highs and below the 50- and 200-day lows. Apple shares rose 1.5% on Monday after Morgan Stanley called it a top pick in the event of a U.S. economic downturn. The analyst maintains an overvalued rating, despite slashing his price target from 180 to 177.
Microsoft lost 2.4% on Friday, but is still holding above last week’s 52-week low. The software giant is down about 35% from a 52-week high. Microsoft shares were up 1.4% early Monday.
Apple’s earnings are scheduled for October 27, while Microsoft’s is October 25.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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