Dow Jones Hits Bear Market After Today’s Sell-Off; What To Do Now
, 2022-09-26 19:02:00,
Dow Jones futures were higher ahead of Tuesday’s open. The Dow Jones Industrial Average finished in a bear market, a drop of 20% or more from a recent high, selling off more than 300 points Monday.
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On Monday, the Dow Jones Industrial Average sold off 1.1%, while the S&P 500 dropped 1%. The tech-heavy Nasdaq composite declined 0.6%. And the small-cap Russell 2000 lost 1.4%.
Among exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) moved down 0.4%, and SPDR S&P 500 (SPY) fell 1%.
Key earnings reports this week are coming from Jabil (JBL), Cal-Maine Foods (CALM), CarMax (KMX), Cintas (CTAS), Jefferies (JEF), Micron Technology (MU), Dow Jones stock Nike (NKE) and Paychex (PAYX).
EV giant Tesla (TSLA) gained 0.25% after reversing from early losses Monday. Among Dow Jones stocks, Apple (AAPL) traded up 0.2%, while Microsoft (MSFT) lost 0.2% in today’s stock market.
In the ongoing stock market weakness, DoubleVerify (DV), Hostess Brands (TWNK), Neurocrine Biosciences (NBIX), Toro (TTC) and Vertex Pharmaceuticals (VRTX) — as well as Dow Jones stock UnitedHealth (UNH) — are among the top stocks to watch. Keep in mind that the deepening stock market correction is a great reason for investors to sit on the sidelines.
DoubleVerify is an IBD Leaderboard stock. Hostess and Toro were featured in this week’s Stock Near A Buy Zone column.
Dow Jones Futures Today: Treasury Yields, Oil Prices
Ahead of Tuesday’s open, Dow Jones futures rose 0.35% vs. fair value, while S&P 500 futures gained 0.3%. Nasdaq 100 futures moved up 0.4% above fair value. Remember that overnight action in Dow Jones futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
The 10-year Treasury yield surged to 3.87% Monday, hitting another new high. The 10-year Treasury yield is at its highest level since April 2010 when it peaked around 4.01%. Meanwhile, U.S. oil prices continued lower Monday, falling nearly 3%. West Texas Intermediate futures traded below $77 a barrel, their lowest level since early January.
What To Do In The Worsening Stock Market Correction
Amid persistent selling across the major stock indexes IBD’s market trend remains in a “market in correction.” That means that investors should be defensive and on the sidelines.
To prepare for a new stock market rally, investors should be waiting for a follow-through day. When the market is in a correction, look for at least one major…
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