The Dow Jones Industrial Average trimmed its sharp losses Friday morning on the back of hot inflation data, which came from the PCE price index, heading into the last trading session of the quarter. Tesla stock soared before Corporate AI DayMicron Technology and Nike were the most important profit drivers.
The Fed’s preferred inflation gauge was released on Friday, with the PCE index rising 0.3% for the month of August, posting a 6.2% annual increase. Both numbers were hotter than expected. Personal income rose 0.3% in August, in line with Econoday’s estimates.
The PCE Price Index is a measure of inflation in the United States, tracking the change in the prices of goods and services purchased by consumers throughout the economy.
Stock market today: Micron and Nike earnings
Micron stock It rose more than 1% after the memory-chip giant missed Wall Street’s already low forecast for sales in the fourth quarter of the fiscal year and headed significantly lower in the current quarter. It also cuts capital spending plans.
Nike stock fell 12% after Dow Jones beat Wall Street expectations First Quarter Earnings Report. But gross margins slipped as inventories rose, and the sportswear giant said it would move aggressively to liquidate excess goods.
In light of the continued weakness of the stock market, double check (DV), Air hostess Trademarks (TWNK), Neurobiological Sciences (NBIX), Toro (TTC), Vertex Pharmaceuticals (VRTX) And the world wrestling entertainment (WWE) – as well as Dow Jones stock United Health (United nations) – Among the top stocks to watch. Keep in mind that an in-depth stock market correction is a time when investors sit on the sidelines and make watch lists.
Dow Jones today: Treasury yields and oil prices
After the opening bell on Friday, the Dow Jones Industrial Average was down 0.2%, while the S&P 500 was down less than 0.1%. The heavy Nasdaq Composite is up 0.2% in the morning’s move.
The 10-year Treasury yield fell to 3.7% on Friday morning. Earlier this week, the 10-year Treasury yield briefly crossed 4%, which it hasn’t in more than a decade. The 10-year Treasury yield is competing for its ninth consecutive weekly advance, posting its longest high since 2004.
Meanwhile, US oil prices fell slightly. West Texas Intermediate crude futures were just under $81 a barrel, after falling to their lowest level this year on Monday.
stock market correction
On Thursday, the Dow Jones Industrial Average sold 1.5%, while the S&P 500 closed 2.1% lower. The Nasdaq Composite Index is down 2.8%. Small cap Russell 2000 lost nearly 2.4%. The S&P 500 and Nasdaq cut recent lows, ending a youthful rally attempt.
With the Nasdaq pulling back from its September 23 lows, the two-day tech-heavy compound’s attempt to rally has fizzled out. Investors are now looking for another bullish attempt. Amid the ongoing selling, investors must remain mostly, if not entirely, on the sidelines.
However, it is important for investors to take advantage of this wasted time. Now is the perfect opportunity to Market bottom study and for Build a powerful watch list A high performance stock. Many long-term leaders tend to breakout on or near the follow-up day, which is the market’s signal to a bottom. Missing this early opportunity can be a costly mistake.
Dow Jones stocks to watch: UnitedHealth
Dow Jones United Health stock continues to hold above the long-term 200-day line. The stock is building a flat base that has 553.23 buying points, according to IBD Market Smith Graph analysis. Stock flexibility made it Tuesday’s stock pick of 50 IBD to watch. Shares are up 1.1% on Friday morning.
UN stock Shows a solid value of 95 out of a full 99 IBD compound classification, for every IBD stock check. Investors can use the IBD composite rating to easily gauge the quality of a stock’s fundamental and technical metrics.
Top stocks to watch: DoubleVerify, Hostess, Neurocrine, Toro, Vertex, WWE
IBD stock leaderboard DoubleVerify closed just below its 28.07 buying point at the bottom base after Thursday’s 0.3% decline. According to the leaderboard’s comment, DoubleVerify found support near the 50-day line and has a relative strength line at new highs. Traded shares were down 0.4% on Friday.
Twinkie maker Hostess Brands is in a 5% chase zone above 23.23 purchase points for a cup with a handle, according to IBD Market Smith Graph analysis. To the upside, Hostess’ RSI line continues to make new highs. Keep in mind that a weak market trend should keep you on the sidelines, but it’s one of the most important stocks to watch. The stock rose 0.1% on Friday.
Monday stock from IBD, Neurocrine Biosciences, still builds a flat base with 109.36 pts. Stocks are at the 50-day line after Thursday’s 0.1% loss. The RS line hit a new high on Thursday, so the stock has avoided a lot of a sharp drop in the market in recent sessions. Shares rose 1.6% on Friday.
Toro stock in flat base and about 5% away from 92.05 point purchase. Shares are trading back below the 50-day line after Thursday’s 1.2% drop. The RS line is at new highs. Toro shares traded 0.2% higher on Friday.
Vertex Pharmaceuticals Decisively restore the 50-day streak After Wednesday’s rise by 2.7%. It forms a flat base at 306.05 buy points and early entry at 296.24. Inventory flexibility makes it a great idea to keep an eye on. Shares lost 0.2 percent on Friday.
World Wrestling Entertainment continues to build a flat base that has entry 75.33. Stocks are still trying to recover the 50-day streak. A decisive retracement of this key level will be bullish for the stock’s base building prospects. WWE shares rose 2.3% early Friday.
Tesla stock It fell 6.8% on Thursday, snapping a three-day winning streak and closing at its lowest level since July 26. Stocks fell sharply below the 50-day line. Tesla stock rose 1% ahead of the company’s AI day.
AI Day is an event where Tesla showcases its latest technology. CEO Elon Musk said on June 2, tweet The event, originally scheduled for August 19, will be postponed in the hope that a prototype of his Optimus robot will be operational by a later date.
The AI event is scheduled to begin at 5 PM PT, which means that any news will come after the end of extended trading. Over the weekend, Tesla will likely release third-quarter delivery data. So investors won’t be able to participate until early Monday.
Last week, the stock’s relative strength line reached its highest level since April, but has fallen sharply in recent sessions. Shares are about 35% off their 52-week high.
Dow Jones Leaders: Apple and Microsoft
within Dow Jones stockShares of Apple Inc fell 4.9% Thursday on the back of an analyst downgrade. Apple stock fell 0.2% on Friday morning, threatening to extend its losing streak into three sessions.
Microsoft stock fell 1.5% on Thursday, hitting a 52-week low. The software giant is more than 32% off its 52-week high. Microsoft shares rose 0.6% early Friday.
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