The Dow Jones Industrial Average fell more than 200 points on Monday morning, heading into the last day of October. Investors are preparing for a big week highlighted by the Federal Reserve’s two-day meeting and its conclusion with the Labor Department’s jobs report on Friday.
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The Federal Reserve’s two-day meeting begins on Tuesday, with a decision on the interest rate on Wednesday afternoon. Investor sentiment shows 81% probability of a 75 basis point increase, According to CME.
The The Fed says it won’t pivot – i.e. slowing down the pace of rate increases – until an overheated labor market shows clear signs of slowing down. But once the labor market begins to turn around, the Fed’s strategy and a wide range of economic factors are likely to change. This puts Friday’s jobs report under increased scrutiny.
Monday’s main earnings reporters were Global Payments (GPN) And the anemme (on me). Global Payments is down more than 4% with mixed results, while ON stock is down more than 1%.
Other big earnings reports this week include Advanced Micro Devices (AMD), Arista Networks (Network), Eli Lilly (LLY), NXP Semiconductor (NXPI) And the Pfizer (PFE).
electric car giant Tesla (TSLA) Trading is down about 1% on Monday morning, while tech leaders in Dow Jones apple (AAPL) And the Microsoft (MSFT) was also lower yet stock market today Open.
Cardinal’s health (CAH), Eli Lilly (LLY), pure storage (PSG) And the Texas Roadhouse (TXRH) – as well as the shares of Dow Jones merck (Mrk) And the United Health Group (United nations) – among the top stocks to buy and watch. Keep in mind that a new stock market rally is the perfect time for investors to put their watch lists into action, but be mindful of the ongoing volatility in the market.
Cardinal and Texas Roadhouse IBD Leaderboard Stores. Pure Storage was new IBD stock today. United Health was featured In last week’s stock near the buy zone column, along with three more best stock ideas.
Dow Jones today: Treasury yields and oil prices
After Monday’s opening bell, the Dow Jones Industrial Average was down 0.7%, while the S&P 500 was down 0.8%. The Nasdaq lost 1% in the morning’s move.
within Exchange Traded FundsNasdaq 100 Invesco QQQ Trust Tracker (QQQ(down 1%, SPDR S&P 500 ETF)spy) decreased by 0.7%.
The 10-year Treasury yield surged to 4.04% on Monday morning, looking to recover from last week’s losses that saw the 10-year Treasury yield rising for 12 consecutive weeks.
Meanwhile, US oil prices fell about 2% on Monday, after a weekly rebound last week. West Texas Intermediate futures settled above their 50-day moving average, just above $86 a barrel.
The stock market continues to rise
On Friday, the Dow Jones Industrial Average rose 2.6%, while the S&P 500 jumped 2.5%. The Nasdaq Technology Composite Index is up 2.9%.
And commented on Friday the big picture“The stock market showed its strength by rising despite disappointing earnings reports from big tech companies. But it’s still too early for investors to get excited, with another Fed meeting fast approaching.”
Now is an important time to read IBD’s The Big Picture column. After the recent gains, investors want to put their watchlists to work in order to jump on future breakouts. But not all follow-ups work, so it is important to increase exposure slowly and methodically, as the new uptrend proves itself.
paying off IBD Stock ListsLike the defect 50 And the Stocks near the buying areastock ideas.
Five Dow Jones stocks to buy and watch now
Dow Jones stocks to buy and watch: Merck, UnitedHealth
Merck extended beyond the 93.12 double-bottom buying point after a six-day winning streak. The buying zone rose 5% to 97.78. Merck shares were trading down 0.9 percent on Monday.
Healthcare giant UnitedHealth just under 553.23 cup with handle buy pointAnd the to me IBD MarketSmith Pattern Recognition. sThe wild rabbit is up 1.7% on Friday, moving with the stock’s recent entry points.
U.N. stockpiles rose about 1% on Monday morning.
4 growth stocks to watch at Cursstock market rally
Top stocks to buy and watch: Cardinal, Eli Lilly, Pure Storage, Texas Roadhouse
IBD Leaderboard Cardinal Health stock continues to gain after the latest breakout move after entering 71.22 for a short cup with a handle, according to IBD Market Smith Graph analysis. Also, the shares are above 72.38 buying points for the flat base. Earnings are determined for Friday. CAH stock traded 0.6% down early Monday.
IBD SwingTrader Eli Lilly’s stock closed out of its buy range above a buy point at 335.43 a steady base, up 1% on Friday. Shares were down 2% on Monday morning, ahead of Tuesday’s earnings report.
Friday stock from IBD Pure Storage is approaching its 31.62 buy point after two consecutive days of gains. The stock rose 2.4 percent early on Monday.
Texas Roadhouse remains in a buying range above 95.52 firm base buy points during Friday’s choppy profit-fueled session. The chase zone rises to 100.30. TXRH stock lost 1.5% after Deutsche Bank reduced it from buy to contract.
Join IBD experts as they analyze the leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock It rose 1.5% on Friday, rising for the fourth consecutive session and continuing to recover after hitting a 52-week low last week. Despite its recent gains, the stock closed about 45% from its 52-week high.
Shares of the electric vehicle giant fell about 1% on Monday morning.
Dow Jones Leaders: Apple and Microsoft
within Dow Jones stockApple shares rose 7.6% on Friday, decisively retaking the key 50-day streak. Now, stocks are trying to move above the long-term 200-day line for the first time since September 13. Apple stock fell 1.3% on Monday.
Microsoft stock jumped 4% on Friday, ending a two-day decline. The software giant is about 33% from its 52-week high. Microsoft shares fell 0.7 percent on Monday morning.
Make sure to follow Scott Lehtonen on Twitter at Tweet embed Learn more about developing stocks and the Dow Jones Industrial Average.
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