The Dow Jones Industrial Average sold 300 points on Tuesday morning, threatening to return a large portion of Monday’s stock market jump. Technical giants Alphabet (GOOGL) and Microsoft (MSFT) – along with the Dow Jones stock Visa (V) – will report its quarterly results late on Tuesday.
3M (MMM), Packaging Corporation of America (PKG), PepsiCo (PEP), Raytheon Technologies (RTX) and UPS (UPS) were the key factors in revenue Tuesday morning.
3M fell 1%. Packaging Corp. was flat. PepsiCo shares rose 0.6 percent. Raytheon went down almost 1%. And the UPS stock lost around 2% after Tuesday’s opening.
Twitter (TWTR) fell almost 2% after Monday’s jump of 5.7%. And electric car giant Tesla (TSLA) skipped 6% Tuesday morning. On Monday, Twitter agreed to be acquired by Tesla CEO Elon Musk in a deal worth around $ 44 billion.
Among the Dow Jones executives, apple (AAPL) and Microsoft were both down more than 1.5% in today’s stock market.
In the midst of a new stock market correction, Dow Jones is leading American Express (AXP) – along with IBD Leaderboard Storage LPL Financial (LPLA), Expedia (EXPE), Palo Alto Networks (PANW) and World Wrestling Entertainment (WWE) – is among Tuesday’s best stocks to see.
Microsoft and Tesla are IBD Leaderboard shares. Expedia and Palo Alto Networks were featured in this week’s Stocks near a buy zone column.
Dow Jones today: Treasury interest rates, oil prices
After Tuesday’s opening, the Dow Jones Industrial Average fell 0.9%, and the S&P 500 fell 1.1%. Nasdaq plunged 2.1% in morning trading.
Among exchange-traded funds, the Nasdaq 100 tracking Invesco QQQ Trust (QQQ) lost 1.9%. The SPDR S&P 500 ETF (SPY) was down 1.1%.
The 10-year government interest rate ticked down to 2.74% on Tuesday after closing on Monday at 2.82%. Last week, the 10-year government interest rate reached its highest level since December 2018. Meanwhile, US oil prices rose almost 1%, as Texas Intermediate oil traded just over $ 99 a barrel.
On Monday, the major stock indices showed positive action, as the major stock indices turned from early losses to ending with solid gains. However, the stock market outlook was downgraded on Friday to a “correction market” after stronger losses.
Monday’s return, after three straight declines, marked day 1 of a new rally attempt. In the midst of the new stock market correction, investors should make a profit and raise money. Keeping a watch list of stocks that are doing well in a declining market is also a good way to be prepared for the next upturn in the stock market.
You can find many of the next trend leaders while the market is still correcting, which can be done by using the relative strength line. The RS line measures a share price development vs. S&P 500. If the stock surpasses the wider market, the RS line angles upwards. If a stock performs worse than the broad market, the line will point lower.
Monday’s The Big Picture column commented: “Market optimists will appreciate that the S&P 500 jumped around the 4200 level, roughly where the index peaked in January, February and March. Nasdaq’s low Monday also occurred near the lows in February and March. It indicated that the stock market could have found a bottom. But it is too early to say. The market must first start a rally attempt. “
If you are new to IBD, you should consider taking a look at the stock trading system and the basics of CAN SLIM. Recognizing chart patterns is a key to the investment guidelines. IBD offers a wide range of growth charts, such as Leaderboard and SwingTrader.
Investors can also create watch lists, find companies approaching a point of purchase, or develop custom monitors at IBD MarketSmith.
Five Dow Jones shares to see now
Dow Jones Earnings: 3M
The Dow Jones 3M stock reported better-than-expected results for the first quarter on Tuesday morning. The shares lost around 1% in trading early in the morning.
MMM shares ended Monday with almost a 30% discount on the 52-week high.
Dow Jones shares to buy and see: American Express
The Dow Jones financial stock American Express ended Monday about 5% away from a cup with traded 194.45 buy points after Monday’s 2% rise. AXP shares fell 0.6 percent on Tuesday morning.
Keep an eye on the relative strength of the stock. In the middle of the latest upswing, the RS line is starting to move closer to its old heights, which means that it is once again surpassing the broad market.
Four top growth stocks to see in timerent Stock market correction
Shares to look at: LPL, Expedia, Palo Alto, WWE
The IBD Leaderboard stock LPL Financial remains above 191.08 buy points in a cup with handles, but double-digit gains faded under the last slide. On April 21, the stock climbed as much as 15.5% above the entry level, meaning the stock is close to triggering the round-trip rule, according to IBD MarketSmith’s chart analysis. LPLA shares fell more than 1% early Tuesday.
Thursday’s IBD Stock Of The Day, Expedia, builds a cup with handles with a buy point of 204.08. Stocks are trying to regain their 50-day line, but have some issues at the central resistance level. The EXPE stock shows a 90 of a perfect 99 IBD Composite Rating, according to the IBD Stock Checkup. Shares fell nearly 1% Tuesday morning.
Top cyber security stock Palo Alto Networks finds much-needed support on its 50-day line after triggering a return sell signal from a buy point of 572.77. Shares rose almost 5% on Monday. PANW shares fell 0.6% early Tuesday.
World Wrestling Entertainment also found support around its 50-day moving average on Monday, reducing heavy losses to just 0.3%. The shares are just below a buy point of 60.94 in a cup with handles. The WWE stock was unchanged Tuesday morning.
Join IBD experts as they analyze leading stocks in the current stock market correction on IBD Live
Tesla shares fell 6% on Tuesday morning, after Monday’s decline of 0.7%.
Shares in the EV giant ended Monday about 13% away from a cup-with-handle buy point of 1,152.97. The stock traded as high as 1,243.49 on November 4 and is approximately 19% away from the record high time.
Dow Jones executives: Apple, Microsoft
Among Dow Jones shares, Apple shares have triggered the 7% -8% loss reduction rule from a buy point of 176.75 in a double-bottom base in recent weeks. Apple stock found support on its long-term 200-day line, rising 0.7% on Monday. The stock fell 1.5 percent Tuesday morning.
Software leader Microsoft increased 2.4% on Monday, but is still below its 50- and 200-day lines. The stock is about 20% of its 52-week high. The stock fell 2% Tuesday morning. Microsoft revenue is due after termination. Analysts expect the company to earn $ 2.19 per share on sales of around $ 49 billion.
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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