Dow Jones Rises Ahead Of Powell Speech; 10-Year Treasury Yield Briefly Tops 4%; Apple Dives


The Dow Jones Industrial Average rose modestly on Wednesday, looking for a seventh straight decline. Fed chief Jerome Powell will speak at the 2022 Community Banking Research Conference in St. Louis at 10:15 a.m. ET. Meanwhile, 10-year government bond yields briefly rose above 4% for the first time in more than a decade. And several biotech stocks skyrocketed on positive Alzheimer’s news.


cintas (CTAS), paychex (PAYX) and Thor Industries (THO) were key earnings reporters Wednesday morning. Cintas was up 3.4% on better-than-expected results, while Paychex gained 2.7%. Thor Industries rose 2% after surpassing earnings and sales estimates.

Netflix (NFLX) rose more than 2.55% after Atlantic Equities upgraded its stock to overweight. The stock is about 70% below their 52-week high. Electric driving leader Tesla (TSLA) was down 1.3% on Wednesday. technical titan Apple (AAPL) sold more than 4% on reports of weak iPhone demand, while Microsoft (MSFT) fell 0.2% after today’s stock market open.

biogen (BIIB) shot 39% higher on news that an experimental drug to treat Alzheimer’s disease slowed cognitive and functional decline in early stages of the disease for a large trial of patients. Biogen’s partner in the venture, Eisai, shot up more than 60% on the Frankfurt Stock Exchange. And another company working on a drug for Alzheimer’s disease, Eli Lilly (LLY), saw its shares rise 6.5% after the opening bell.

In the ongoing weakness in the stock market, Double Verify (DV), Hostess Brands (TWNK), Neurocrine Life Sciences (NBIX), toro (TTC), Vertex Pharmaceuticals (VRTX) and World Wrestling Entertainment (WWE) — as well as Dow Jones stock UnitedHealth (UNH) — are among the top stocks to watch. Keep in mind that the ever-deepening stock market correction is a time for investors to sit on the sidelines and chart watch lists.

DoubleVerify is an IBD Leaderboard stock. Hostess and Toro were featured in this week’s Stock Near A Buy Zone column. Neurocrine Biosciences was the stock of the day on Monday. Vertex was a share of the day on September 12.

Dow Jones Today: Treasury Yields, Oil Prices

After Wednesday’s opening bell, the Dow Jones Industrial Average rose 0.2%, while the S&P 500 rose 0.15%. The tech-heavy Nasdaq Composite lost 0.2% in morning action.

Among exchange-traded funds, the Nasdaq 100-tracker Invesco QQQ Trust (QQQ) fell 0.2% and the SPDR S&P 500 ETF (SPY) fell 0.1%.

The 10-year Treasury yield briefly broke above 4% on Wednesday morning, marking a new 12-year high, before falling back to 3.82%. The 10-year Treasury yield is heading for the ninth consecutive weekly gain, marking the longest rally since 2004. Meanwhile, US oil prices bounced back from early losses. West Texas Intermediate futures fell back near $80 a barrel after falling to their lowest level of the year on Monday.

Stock Market Correction

The stock market continued to show weakness on Tuesday as the Nasdaq composite saw the index fall from an early gain of 2.2% to a gain of 0.2% at the end. Meanwhile, the Dow Jones Industrial Average and the S&P 500 hit new bear market lows.

Tuesday’s The Big Picture column noted, “Even if major stock indices give a sign of strength with a follow-up day in the coming days, it won’t be a sign to go back into the market aggressively. Why? Because there are still growth screens don’t deliver much in terms of the outlook. Stocks that go against the trend and show strength when the market is low are tempting to buy. But a weak market ultimately takes everything. Avoid the temptation to buy stocks that are good It’s an easy way to cut to pieces, even if you have small losses.”

The Nasdaq’s three-day rally attempt should have investors looking for a possible follow-up day, which is when the Nasdaq or S&P 500 rises sharply in volume higher than the previous session on day 4 and later of a rally attempt. It gives investors the green light to buy leading stocks that are past the appropriate buying points. It should align your portfolio and mindset with the stock market action by gradually allocating capital to leading stocks.

Nevertheless, it is important for investors to make good use of this downtime. This is an ideal opportunity to study the bottom of the market and build a strong watchlist of top-performing stocks. Many long-term leaders tend to break out on or near the next day, signaling a market low. Missing that early opportunity can be a costly mistake.

Five Dow Jones Stocks to Watch Now

Dow Jones Stocks to Watch: UnitedHealth

Dow Jones stock UnitedHealth remains above its long-term 200-day mark. Stocks are building a flat base with a buy point of 553.23, according to the IBD MarketSmith chart analysis. The stock’s resilience made it the IBD 50 Stocks To Watch pick on Tuesday. The stock fell 0.9% on Wednesday morning.

UNH stocks show a strong 95 out of a perfect 99 IBD Composite Rating, according to the IBD Stock Checkup. Investors can use the IBD Composite Rating to easily measure the quality of a stock’s fundamental and technical statistics.

4 top growth stocks to keep an eye onrent Stock Market Correction

Top Stocks to Watch: DoubleVerify, Hostess, Neurocrine, Toro, Vertex, WWE

IBD Leaderboard Shares DoubleVerify is still below the 28.07 buy point in a bottom despite Tuesday’s 3.5% gain. Per Leaderboard comment, DoubleVerify found support near the 50-day line. The stock was lower on Wednesday.

According to IBD MarketSmith chart analysis, Twinkie maker Hostess Brands is in the 5% buy area above a 23.23 buy point off a handle cup. Bullishly, Hostess’ relative strength line is at new highs. Keep in mind that the weak market trend should keep you on the sidelines, but it is one of the top stocks to keep an eye on. The stock rose 0.2% on Wednesday.

Wednesday’s IBD 50 Stocks To Watch pick, Neurocrine Biosciences, is still building a flat base with a buy point of 109.36. Shares will remain below their 50-day line on Wednesday, despite rising 0.5%. Despite the stock’s recent weakness, the RS line hit a new high last week, so the stock has avoided much of the market’s decline. Neurocrine was also Monday’s IBD stock.

Toro stocks are on a flat basis and about 6% away from a buy point of 92.05. Shares are trading just below their 50-day line after Tuesday’s 0.7% drop. The RS line is at new heights. Toro shares are up nearly 1% on Wednesday.

Vertex Pharmaceuticals is trying to regain its 50-day line after Tuesday’s 2.9% loss. It forms a flat base with a buy point of 306.05. The stock’s resilience makes it a great idea to watch. Shares rose more than 2% on Wednesday.

World Wrestling Entertainment continues to build a flat base with a 75.33 entry. Shares attempted to recover their 50-day line on Tuesday but were rejected. A decisive recapture of that key level would be bullish for the base-building outlook. WWE shares rose 0.5% on Wednesday.

Join IBD experts as they analyze leading stocks in the current stock market correction on IBD Live

Tesla stock

Tesla stock rose 2.5% on Tuesday and rose for the second day in a row. Still, after last week’s heavy losses, equities are well below their 50-day mark. Tesla shares fell 1.3% on Wednesday.

Last week, the stock’s relative strength hit its highest level since April, but has fallen sharply in recent sessions. The stock is at about 32% from its 52-week high.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks, Apple shares rose 0.7% on Tuesday but are still near recent lows. On the positive side, the RS line hit another new high on Tuesday. Apple shares fell more than 4% Wednesday morning on reports that Apple is pulling out of plans to increase production of its new iPhones due to a lack of demand.

Microsoft lost 0.4% on Tuesday and hit another 52-week low. The software giant is more than 32% away from its 52-week high. Microsoft shares lost 0.2% on Wednesday.

Follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more information on growth stocks and the Dow Jones Industrial Average.


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The Valley Voice
The Valley Voice
Christopher Brito is a social media producer and trending writer for The Valley Voice, with a focus on sports and stories related to race and culture.


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