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The Dow Jones loses 150 points as the stock market correction worsens




The Dow Jones Industrial Average lost 150 points on Monday, but the index still threatened to extend a losing streak to four sessions. Last week, the Dow Jones Industrial Average sold off with heavy losses and hit new 2022 lows.


Chinese electric vehicle manufacturer Li-Auto (LI) rose about 6% even after cutting its third-quarter delivery outlook due to supply chain issues. carpooling company Lyft (LYFT) fell nearly 4% after UBS downgraded the action from buy to neutral.

Leader in electric vehicles You’re here (TSLA) traded up 1.4% after reversing from early losses on Monday. Among the industrialists of the Dow Jones, the titans of tech Apple (AAPL) and Microsoft (MSFT) rose after today’s stock market opened.

Key stocks to watch amid continued market weakness include DoubleVerify (DV), Neurocrine Biosciences (NBIX), Round (tax included) and Vertex Pharmaceuticals (VRTX) as well as the Dow Jones stock UnitedHealth (A H). Keep in mind that deteriorating stock market conditions are a good reason for investors to be mostly, if not entirely, on the sidelines.

DoubleVerify is a IBD classification Stock. Tesla was featured in last week’s Stocks Near A Buy Zone column. Neurocrine was Wednesday’s IBD 50 Stocks To Watch pick.

Dow Jones Today: Treasury Yields, Oil Prices

After Monday’s opening bell, the Dow Jones Industrial Average fell 0.3%, while the S&P 500 rose 0.1%. The tech-heavy Nasdaq Composite rose 0.85% in morning action.

Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) was up 0.85%, and the SPDR S&P 500 ETF (TO SPY) gained 0.1%.

The 10-year Treasury yield jumped to 3.78% on Monday, which would be a new 12-year high. Last week, the 10-year Treasury yield recorded its eighth straight week of gains and hit its highest level since April 2010. Meanwhile, U.S. oil prices threatened to extend Friday’s losses, falling 1 %. West Texas Intermediate futures were trading below $78 a barrel, at multi-month lows.

The stock market correction worsens

On Friday, the Nasdaq Composite led major equity indices lower, selling 1.8%. The Dow Jones Industrial Average and S&P 500 followed with losses of 1.6% and 1.7%, respectively. All four major equity indices have hit new lows since IBD’s market outlook changed to “market correcting” on September 16.

Friday’s The Big Picture column commented: “TheVIX, often referred to as Wall Street’s fear gauge, soared on Friday and ended up hitting over 8%. Investors should brace themselves for more painful times ahead, according to Edward Moya, senior market analyst at Oanda.

To prepare for another stock market rally, investors need to watch for two things: a rally attempt and then a follow-up day.

During a market correction, the first day the index closes higher counts as Day 1 of its attempted rally. Day 2 and 3 action is irrelevant until the index breaks above its last low. If this low is undercut, the rally test is over and the market must try again. Friday’s action hit new corrective lows, so we’re back to looking for Day 1.

On day 4 and later, you are looking for a strong rise in the Nasdaq or S&P 500 in higher volume than the previous session. It’s a follow-up day. This gives investors the green light to start buying top-tier stocks overtaking the correct buy points. It should synchronize your portfolio and mindset with the stock market action by gradually committing capital to leading stocks.

During the stock market correction, do not log out. Instead, create watchlists to find emerging stock market leadership using the relative strength line. The RS line measures a stock’s price performance relative to the S&P 500. If the stock is outperforming the broader market, the RS line slopes up. If a stock is lagging the general market, the line will point down.

Five Dow Jones stocks to watch now

Dow Jones stocks to watch: UnitedHealth

Dow Jones UnitedHealth stock fell 0.8% on Friday, still below its 50-day line. Stocks are building a new flat base that has a buy point of 95.82, according to chart analysis from IBD MarketSmith. The stock fell almost 2% on Monday morning.

UNH stock shows a strong 95 on a perfect IBD composite score of 99, according to theIBD inventory check.Investors can use the IBD Composite Rating to easily assess the quality of a stock’s fundamental and technical metrics.

3 most important growth stocks to buy and watch in the currentrent Stock market correction

Top stocks to watch: DoubleVerify, Neurocrine, Toro, Vertex

IBD Leaderboard DoubleVerify stock remains below its buy point of 28.07 in a low basis after Friday’s 0.6% loss, according to IBD MarketSmith’s chart analysis. The stock is trying to find support around the 50-day line. DV shares fell 0.6% on Monday morning.

Wednesday’s IBD 50 Stocks To Watch pick, Neurocrine Biosciences, is building a flat base that has a buy point of 109.36. Stocks found much-needed support around their 50-day line on Friday, while the RS line hit a new high. Shares fell slightly after Wells Fargo launched the stock with an equal weight rating and a price target of 110.

IBD Stock 50 Toro is just 6% off the 92.05 buy point from a flat base. On the upside, the stock’s RS line hit a new high last week, indicating strong stock market outperformance. Toro shares fell 0.4% on Monday.

Vertex Pharmaceuticals continues to trade just below its 50-day line after Friday’s 1% drop. The stock has held up well during the current market weakness, as indicated by an RS line near new highs. A new flat base has a buy point of 306.05, and the resilience of the stock makes it a great idea to watch. Shares of Vertex fell 0.25% on Monday.

Join IBD experts as they analyze the top stocks of the current market correction on IBD Live

Tesla Stock

Tesla stock traded down 4.6% on Friday, breaking through support at the 50-day line. Shares rose 1.4% on Monday morning.

Last week, the stock’s relative strength line hit its highest level since April, but has fallen sharply in recent sessions. The shares are down about 34% from their 52-week high.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks, Apple shares fell 1.5% on Friday, extending a losing streak to three sessions. The stock is trading near recent lows, even as its RS line hit a new high on Friday. Apple stock gained 1.4% on Monday morning.

Microsoft fell 1.3% on Friday, hitting another 52-week low. The software giant is around 32% off its 52-week high. Microsoft shares rose 0.85% on Monday morning.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.


Top growth stocks to buy and watch

Learn to Time the Market with IBD’s ETF Market Strategy

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

MarketSmith: research, charts, data and coaching in one place

How to Research Growth Stocks: Why This IBD Tool Simplifies Finding the Best Stocks




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