The Dow Jones Industrial Average fell as much as 500 points on Monday morning as the stock market correction worsened. Bitcoin has fallen to its lowest level since July 2021. And the ten-year treasury yield rose to 3.14% after new highs on Friday.
Tyson Foods (TSN) was a key driver of earnings early Monday after reporting quarterly results ahead of the opening. Shares of TSN erased early gains in morning trading. The stock forms a glass with a handle with a buying point of 99.64.
Electric vehicle giant Tesla (TSLA) slipped more than 3% on Monday morning. Dow Jones leaders Apple (AAPL) i Microsoft (MSFT) fell more than 1% in today’s stock market.
Amid a worsening stock market correction, the Dow Jones leader Merck (MRK) – together with Cheniere Energy (LNG), Exxon Mobile (XOM), Nutrients (NTR) i World Wrestling Fun (WWE) – are among IBD’s top stocks to watch on Monday.
Cheniere Energy, Microsoft, Nutrien and Tesla shares are IBD Leaderboard. Exxon and Merck were featured in last week’s Stock column near the buying zone.
Dow Jones today: treasury yields, oil prices, bitcoin
After opening on Monday, the Dow Jones Industrial Average sold out 1.1% after cutting some losses and the S&P 500 fell 1.5%. The Nasdaq fell 2% in the morning trade.
Among the funds traded on the stock exchange, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) fell 1.5%. The SPDR S&P 500 ETF (SPY) fell 1.6%.
The yield of the 10-year treasury rose to 3.14% on Monday morning. On Friday, the yield of the 10-year treasury closed at 3.12% – the highest level since November 2018. Meanwhile, U.S. oil prices have lost nearly 3%. West Texas Intermediate traded just under $ 107 a barrel.
Bitcoin fell below $ 33,000 on Monday morning, trading at as much as $ 32,650 before cutting some losses. The price of Bitcoin is at its lowest level since July 2021 when it traded as much as $ 28,825, according to CoinDesk. Cryptocurrency exchange Coinbase (COIN) fell about 6% and the ProShares Bitcoin Strategy ETF (BITO) fell nearly 9% on Monday morning.
The stock market correction is deepening
On Friday, the stock market recorded another disappointing performance as major stock indices fell for the second consecutive session. Nasdaq bore the biggest sales burden, falling 1.4% to reach a new low correction level.
A column by The Big Picture on Friday commented: “The 0.2% drop in Dow Jones for the week was not exactly a blow to the 30-share index. However, Dow industrialists suffered a sixth consecutive week of decline and (index) is not far from falling below its the current minimum of 32,272. “
If you are new to IBD, consider looking at its stock trading system and the basics of CAN SLIM. Recognizing chart patterns is one key to investment guidelines. IBD offers a wide range of growth stock lists, such as Leaderboard and SwingTrader.
Investors can also create watchlists, find companies approaching the point of purchase, or develop custom screens at IBD MarketSmith.
Five shares of Dow Jones to look at right away
Dow Jones stocks to watch: Merck
Dow Jones drug stock Merck is below 89.58 buying points on the basis of a cup with lunch after a brief breakout attempt in recent weeks. Shares rose 0.4% on Friday, ending about 1% below the last listing. Merck shares traded 1% lower on Monday morning.
On the positive side, the stock’s relative strength line has recently reached new highs, indicating a large market performance during the current stock market correction.
The three stocks with the highest growth for currency observationrent stock market correction
Watching sections: Cheniere, Exxon, Nutrien, WWE
Cheniere Energy is just below 149.52 buying points on a flat basis after a 3.1% increase on Friday. Shares of LNG fell about 1% on Monday morning.
Energy giant Exxon Mobil broke its 89.90 purchase point on Wednesday. Shares are in the buying range of 5% climbing to 94.40, according to IBD MarketSmith chart analysis. Exxon shares fell about 3% early Monday.
Shares of IBD Leaderboard Nutrien are still trying to recover from its 50-day line, a key support level, amid a 0.3% increase on Friday. Nutrient stocks fell more than 3% on Monday morning.
World Wrestling Entertainment continues to track a flat base that has a buying point of 63.81. The shares are below their 50-day line after two consecutive days of sharp losses. WWE shares fell more than 1% on Monday.
Join IBD experts as they analyze the leading stocks in the current stock market correction on IBD Live
Tesla shares fell more than 3% on Monday morning, threatening to increase the loss by 0.9% on Friday and extend a series of losses in three sessions. Stocks are again below their 50- and 200-day lines.
Shares of EV giant ended on Friday about 25% away from 1,152.97 points to buy a base with a glass with lunch. The shares traded as much as 1,243.49 on November 4 and are about 30% away from that all-time high.
Dow Jones leaders: Apple, Microsoft
Among Dow Jones shares, Apple shares rose 0.3 percent on Friday, but are still below their 200-day mark. Shares of Apple fell 1.2 percent on Monday.
Software leader Microsoft fell 0.9 percent on Friday, falling for the second straight session. Shares fell more than 20% to their 52-week high. Shares of MSFT fell 1.1% on Monday morning.
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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