The Dow Jones Industrial Average reversed its decline on Wednesday after key economic indicators beat expectations. On the other hand, major retailers costco (Fee) avoided early losses and rebounded after reporting quarterly results.
X
Early Wednesday, new durable goods orders from the Commerce Department rose 0.2% in August, following a sharp 5.2% decline in July. Orders were expected to fall by 0.3%. Orders excluding unstable transportation rose 0.4%, exceeding expectations.
Costco was among the companies that announced earnings overnight. Cost shares rose 1.5% in morning trading after the retail giant’s better-than-expected earnings and sales.
Paychex (PAYX) also announced its results overnight, and the stock rose slightly in early trading.
stock market today
electric car giant tesla (TSLA) fell 0.3% on Wednesday, but Nvidia (NVDA) rose 0.8%.Dow Jones tech icon apple (AAPL) and microsoft (MSFT) After the stock market opened today, things were mixed.
airbnb (ABNB), draft kings (DKNG), IBD Leaderboard Stock meta platform (Meta) and Uber Technologies (Uber) — Same goes for Dow Jones stocks. amgen (AMGN) and caterpillar (Cat) — is one of the stocks to watch in the ongoing stock market correction.
Dow Jones Today: Oil Prices, Treasury Yields
After Wednesday’s opening bell, the Dow Jones Industrial Average was down 0.1%, while the S&P 500 was up 0.2%. The tech-heavy Nasdaq Composite rose 0.3% in morning trading.
Among U.S. exchange-traded funds, Invesco QQQ Trust (QQQ) rose 0.5%, while the SPDR S&P 500 ETF (spy) rose 0.3% early Wednesday.
In early action Wednesday, the 10-year U.S. Treasury yield also fell to 4.51%, retreating slightly from its new long-term high set on Tuesday.
Oil prices rebounded more than 2% on Wednesday morning, returning to 2023 highs. West Texas Intermediate futures traded above $92 a barrel.
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stock market correction
On Tuesday, the Dow Jones Industrial Average fell 1.1% and the S&P 500 fell 1.5%. The Nasdaq Composite Index, which is heavy on tech stocks, fell 1.6%. All three major stock indexes hit new adjustment lows.
Tuesday’s Big Picture column said, “Wall Street has been worried about a lot of things lately, including the fact that interest rates could remain high for an extended period of time. Recession fears have eased, but the “The economy continues to recover strongly and crude oil prices continue to rise.” Prices could fuel sticky inflation. ”
As the outlook for the stock market adjusts, now is an important time to read IBD’s The Big Picture column. Be sure to read how to deal with the ongoing stock market downturn and prepare for a new uptrend.
Dow Jones Stocks: Amgen, Caterpillar
Pharmaceutical giant Amgen ended Tuesday up 0.8%, above the cup-with-handle buy point of 268.24, according to IBD MarketSmith pattern recognition. The stock was up 1.5% on Wednesday morning.
Dow Jones leader Caterpillar continues to form a flat base with a 293.88 buy point after a strong rally dating back to early June. CAT stock fell 1.7% on Tuesday, ending the day further below its 50-day line. The stock was up 0.7% on Wednesday morning.
4 Top Growth Stocks to Buy and Watch stock market correction
Stocks to watch: Airbnb, DraftKings, Meta, Uber
Recent IBD Stock Of The Day, Airbnb continues to build a cup-with-handle base with a buy point of 151.16. However, ABNB stock remains below its 50-day line amid Tuesday’s 1.4% decline. Airbnb stock rose 1.7% on Wednesday morning.
DraftKings is building a cup with handle with a buy point of 32.65, according to IBD MarketSmith pattern recognition. The stock is holding steady below its 50-day moving average, which is an important level to watch. DKNG stock rose 2.1% early Wednesday.
IBD Leaderboard stock and social media giant Meta Platforms is tracking Cup with Handle with a buy point of 312.87. META stock rose 0.4% early Wednesday. Meta’s two-day Connect virtual conference It starts today. The company plans to unveil the third generation version of its virtual reality headset.
Uber Technologies continued to fall below its key 50-day line, dropping 1.4% on Tuesday. UBER forms a flat base with 49.49 entries. The stock rose 1.1% on Wednesday.
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Best stocks in today’s stock market movements
These are the four best stocks to buy and watch in the stock market today, including the Dow Jones leader.
| Company Name | symbol | correct purchase point | Types of purchase points |
|---|---|---|---|
| Uber Technologies | (Uber) | 143.63 | flat base |
| caterpillar | (Cat) | 293.88 | flat base |
| airbnb | (ABNB) | 154.95 | cup base |
| draft kings | (DKNG) | 32.65 | cup with handle |
Source: IBD data as of September 25, 2023
IBD experts analyze the top stocks in the current stock market correction on IBD Live.
tesla stock
Tesla stock fell 1.2% on Tuesday, but remains well below its 50-day line. TSLA stock has an official cup-with-handle buy point of 278.98, but the stock is about 11% away from that entry.
Tesla is likely to announce its third-quarter delivery numbers on Monday, and Wall Street currently predicts the numbers will be lower than the EV giant’s second-quarter record-setting 466,140 vehicles. Analysts had until recently expected Tesla to deliver more cars in the third quarter than in the second quarter.
TSLA stock was down 0.3% Wednesday morning, but a rebound from Tuesday’s losses is still expected.
Dow Jones Leader: Apple, Microsoft
Among Dow Jones stocks, Apple shares fell 2.3% on Tuesday, hitting a recent low. The stock has fallen well below its 50-day line following a steep decline in recent weeks. AAPL stock continues to build a flat base with a buy point of 198.23. The stock was down 0.4% on Wednesday morning.
Microsoft shares fell 1.7% on Tuesday, hitting their lowest since mid-May. And the stock rose slightly in early trading Wednesday morning.
Follow Scott Lehtonen on X/Twitter. @IBD_SLehtonen Learn more about growth stocks and the Dow Jones Industrial Average.
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