Dow futures fell Monday morning, as the stock market correction worsened. Bitcoin slumped to its lowest level since July 2021. The 10-year Treasury yield surged to 3.14% after fresh highs on Friday.
Tyson Foods (TSN) was the main driver of earnings early Monday after the release of quarterly results before the opening. TSN shares are up 1% in morning trading. The stock is creating a cup with a handle at 99.64 buy points.
electric car giant Tesla (TSLA) slipped more than 4% Monday morning. Dow Jones Leaders apple (AAPL) and Microsoft (MSFT) is trading down more than 2% in the stock market today.
Amidst worsening stock market corrections, Dow Jones leader merck (MRK) – with Cheniere Energy (liquefied natural gas) , ExxonMobil (XOM), Neutrino (NTR) and world wrestling entertainment (WWE) – Among the biggest IBD stocks to watch for Monday.
Cheniere Energy, Microsoft, Nutrien and Tesla are IBD Leaderboard shares. Exxon and Merck appeared in the stock column near the buy zone last week.
Dow Jones today: Treasury yields, oil prices, bitcoin
Ahead of Monday’s opening, Dow Jones futures sold 1.2% to fair value. S&P 500 futures are down 1.5%. Nasdaq 100 futures were down 1.9%.
Among the exchange-traded funds, the Nasdaq 100 index tracking the Invesco QQQ Trust (QQQ) is down 1.9%. The SPDR S&P 500 ETF (SPY) was down 1.5%.
The 10-year Treasury yield rose to 3.14% on Monday morning. On Friday, the 10-year Treasury yield closed at 3.12% – the highest level since November 2018. Meanwhile, US oil prices lost nearly 3%. West Texas Intermediate crude was trading just below $107 a barrel.
Bitcoin slipped below $33,000 on Monday morning, trading as low as $32,650 before paring some losses. Bitcoin price reached its lowest level since July 2021 when it was trading as low as $28,825, according to CoinDesk. Cryptocurrency exchange Queen Piece (COIN) tumbled about 6% and the ProShares Bitcoin Strategy ETF (BITO) fell nearly 9% on Monday morning.
Deepening stock market correction
On Friday, the stock market recorded a disappointing performance, as major stock indexes fell for the second consecutive session. The Nasdaq index bore the brunt of the selling, dropping 1.4%, hitting a fresh correction low.
Friday’s The Big Picture column commented, “The Dow Jones’ 0.2% drop this week hasn’t been a huge blow to the 30 stock index. However, the Dow industrial indexes have suffered for the sixth consecutive week of decline and are not far from faltering to Below it, “the lowest level since the beginning of the year to date at 32,272.”
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Five Dow Jones stocks to watch right now
Dow Jones Stock to Watch: Merck
Merck Pharmaceuticals in Dow Jones is below a buy point at 89.58 for a teacup base with a handle after a short breakout attempt in recent weeks. Shares rose 0.4% on Friday, ending about 1% below the most recent entry. Merck’s stock was trading down 1% on Monday morning.
On the positive side, the stock’s relative strength line recently hit new highs, indicating an outperformance of the stock market during the current stock market correction.
Top Three Growth Stocks to Watch on Cursstock market correction
Stocks to watch: Cheniere, Exxon, Nutrien, WWE
Cheniere Energy is just below 149.52 buying points for the flat base after Friday’s 3.1% rally. LNG shares were down about 1% Monday morning.
Energy giant ExxonMobil hacked a cup with a handle at 89.90 buying points on Wednesday. The stock is in a 5% buy zone and rises to 94.40, according to IBD MarketSmith chart analysis. Exxon shares were down about 2 percent early Monday.
IBD Leaderboard Nutrien stock is still trying to bounce off the 50-day line, a key support level, amid Friday’s 0.3% gain. Nutrien stock is down more than 2% on Monday morning.
World Wrestling Entertainment continues to follow a flat base that has 63.81 purchase points. Stocks fell below the 50-day line after two consecutive days of sharp losses. WWE stock was flat early Monday.
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Tesla shares slid more than 4% on Monday morning, threatening to increase Friday’s loss by 0.9% and extend the losing streak into three sessions. Stocks fell back below the 50 and 200 day lines.
The EV giant’s shares closed on Friday about 25% of the 1,152.97 buying point from the base of a teacup with a handle. The stock traded as high as 1,243.49 on November 4th and is 30% away from its all-time high.
Dow Jones Leaders: Apple and Microsoft
Among Dow Jones stocks, Apple shares rose 0.3% on Friday, but are still below the 200-day streak. Apple stock fell 2.2% on Monday.
Shares of Microsoft Corp., the software leader, fell 0.9 percent on Friday, falling for the second consecutive session. The stock has closed more than 20% from its 52-week high. MSFT shares fell 2.3% on Monday morning.
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