Dow Jones drops 500 points in jobs report; AMD stock dives on revenue warning

The Dow Jones Industrial Average fell 500 points on Friday morning after the stronger-than-expected jobs report released by the Department of Labor for the month of September. Advanced Micro Devices (AMD) fell 8% and triggered an early sell-off among chip stocks, which released weaker-than-expected preliminary third-quarter revenue results late Thursday.

X

AMD warned that the weakness was a combination of “a weaker-than-expected PC market and significant inventory corrections across the PC supply chain.” while, Taiwan’s semiconductor industry (TSM) reported higher-than-expected quarterly revenue. But shares are still down about 3.5%.

Stock market today: jobs report

September jobs report Went out before opening Friday, 8:30 a.m. ET. The US economy grew by 263,000 jobs in September, topping Econoday’s estimate of 250,000 jobs. The unemployment rate fell to 3.5%, below an estimate of 3.7%.

Aehr . Test Systems (AEHRAddressed the early actions of the chip sector. He. She Exceeding Wall Street Estimates in the first quarter of the fiscal year and maintained strong growth targets for the full year. Shares are up more than 12% in morning trading.

Lift (LYFT) fell more than 5% after RBC downgraded the stock from outperform to sector-based with a price target of 16, down from 30. Twitter (TWTR) fell by 1% on Friday morning, as the judge decided that Elon Musk should complete his $44 billion Twitter deal By October 28, otherwise they would face a November trial.

electric car leader Tesla (TSLA) is down 3.1% on Friday. Among the Dow Jones industrial companies, technology giants apple (AAPL) And the Microsoft (MSFT) Both were sharply lower after stock market today Open.

With the stock market still waiting for the day to change direction, latency (CMI), Murphy United States of America (Musa), Neurobiological Sciences (NBIX), 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. Amid this week’s volatility, the market situation is still “in correction” and investors should remain on the defensive.

Vertex is a recent addition to IBD Leaderboard. latency is IBD SwingTrader stock. Murphy USA appeared in This week’s stock is near the buy zone column, along with three other ideas for the hottest stocks. World wrestling was a Today’s stock On the 29th of September. Neurocrine was a Today’s stock On September 26th.

Dow Jones today: Treasury yields and oil prices

After the opening bell on Friday, the Dow Jones Industrial Average fell 1.7%, while the S&P 500 lost 2.2%. The Nasdaq Technology Composite Index is down 2.8%, with AMD, nvidia (NVDA), Intel Corporation (INTC) And the ASML (ASML) is driving the decline.

within Exchange Traded FundsNasdaq 100 Invesco QQQ Trust Tracker (QQQ(Down 2.6%, the SPDR S&P 500 ETF)spy) decreased by 2%.

The 10-year Treasury yield rose to 3.9% on Friday morning. The 10-year Treasury yield fell to 3.56% this week before rebounding. Last week, the 10-year Treasury yield briefly crossed 4%, which it hasn’t in more than a decade.

Meanwhile, US oil prices continued their recovery this week, rising more than 1% on Friday. West Texas Intermediate crude futures rose near $90 a barrel. Last week, oil fell to its lowest level for the year – around $76 a barrel – before rebounding.

Trying to go up in the stock market

On Thursday, the Dow Jones Industrial Average was down 1.1%, while the S&P 500 closed down 1%. The Nasdaq Composite Index lost 0.7%, and the Russell 2000 Small Capital Index fell 0.6%. The S&P 500 and Nasdaq remain above their recent lows, so Attempts to mobilize them are still intact.

The market advance on Monday started a new bullish attempt, and that was your first day. If the major indexes pull back from their September 30 lows, that would halt the attempt to rise and leave the market still looking for a bottom.

On Thursday, he commented the big pictureThursday was the fourth day of trying to rally the stock market, so investors are now waiting patiently Follow-up day, which indicates the beginning of a new upward trend. Keep in mind that not all follow-ups work, so it is important to increase exposure slowly and methodically, as the uptrend proves itself.”

Now, before the possible follow-up day, is the perfect time to build Powerful watchlist A high performance stock. Many long-term leaders tend to breakout at or near follow-through, which is a bearish market signal. Missing this early opportunity can be a costly mistake.

One of the challenges in forming a watchlist during the correction is that while waiting for the follow-up day, the stock charts may change. This means that some of the rules among your watchlist stocks may deteriorate. So the update is important.

paying off IBD Stock ListsLike the defect 50 And the Stocks near the buying areafor additional ideas for stock.

Five Dow Jones stocks to watch right now

Dow Jones stocks to watch: UnitedHealth

UnitedHealth stock in Dow Jones fell 1.5% Thursday, snapping a three-day winning streak and meeting resistance at the key 50-day line. The stock is building a flat base that has 553.23 buying points, according to IBD Market Smith Graph analysis. UN stock fell 1.55% on Friday morning.

UN stock Shows a solid value of 94 out of 99 perfect 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. UnitedHealth announced its third-quarter results on October 14.

4 growth stocks to watch at Cursstock market correction

Top stocks to watch: Cummins, Murphy USA, Neurocrine, Vertex, WWE

Cummins is moving quickly up the right side of the cup base which has 233.95 buy points. Stocks retraced the 50-day streak this week in significant volumes, which is a positive sign. The company’s next earnings results are November 4th. Cummins stock is down 0.7% on Friday morning.

Murphy USA gas station and mini-market builds a flat base with 303.19 points of purchase. Shares tumbled 1.5% on Thursday, continuing to fall after a bearish reversal on Tuesday. The stock finds strong resistance at the 50-day line. A decisive recovery to this level will be bullish for the base-building prospects for the stock. Third-quarter earnings results are due October 26th. Shares were down 1.4% on Friday.

Neurocrine Biosciences is in a 5% buy zone after a flat base 109.36 buy point, according to IBD Market Smith Graph analysis. The RS line reached a new high on Thursday, in a bullish sign. Shares were up 0.7% early Friday.

IBD stock leaderboard Vertex Pharmaceuticals is fast approaching the 306.05 buy point for the flat base and above the early entry at 296.24. While a weak market condition may keep you on the sidelines, the stock’s resilience makes it a great idea to watch. Its RS streak is off new highs, a potential sign of an outperformance in the stock market. VRTX stock fell 0.3% on Friday.

World Wrestling Entertainment is trying to break through the cup base at 75.33, but it closed about 3% below the entry level after Thursday’s 0.7% drop. The RS line reached a new high this week. WWE shares rose 0.1% on Friday.

Join IBD experts as they analyze the leading stocks in an attempt to rise the current stock market on IBD Live

Tesla Stock

Tesla stock It fell 1.1% Thursday, closing at its lowest level since July 13. Shares fell 3.1% on Friday morning, as CEO Musk tweetedExcited to announce the start of Tesla Semi Truck production with delivery to Pepsi on December 1st! “500 miles and super fun to drive,” he added.

Shares are down nearly 40% from their 52-week highs and sharply below their 50 and 200-day lines. The electric car giant’s Q3 results are October 19.

Dow Jones Leaders: Apple and Microsoft

within Dow Jones stockApple shares fell 0.7% Thursday, ending a three-day winning streak. Stocks are still nearly 21% below their 52-week highs and below their 50 and 200-day lines. Third-quarter earnings results on October 27. Apple stock fell 2.6% on Friday morning.

Microsoft stock fell 1% Thursday, cutting off a three-day winning streak. Stocks are still rebounding from last week’s 52-week low. The software giant is still around 30% of its 52-week high. Microsoft shares fell 4 percent early Friday.

Make sure to follow Scott Lehtonen on Twitter at Tweet embed Learn more about developing stocks and the Dow Jones Industrial Average.

You may also like:

Top growth stocks to buy and watch

Learn how to time the market with IBD’s ETF Market Strategy

Find the best long-term investments with IBD long-term leaders

MarketSmith: Research, charts, data, and training in one place

How to Find Growth Stocks: Why IBD Simplifies Finding Top Stocks