May 30, 2023

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Dow Jones falls as Tesla advances ahead of 3:1 stock split

Stocks are falling sharply, oil prices are falling;  GameStop screws as Tesla looms

The Dow Jones Industrial Average plunged Wednesday morning, as it threatened to extend its three-day losing streak. Tesla stock will be officially split on Wednesday when the number of shares outstanding rises to 4 billion, but trading at a new, revised 3-for-1 price will begin on Thursday.


Advanced Auto Parts (AAP), Dicom (DY), gut instinct (INTU), Nordstrom (JWN), Toll Brothers (TOL) And the Urban Outfitters (URBN) of the most important drivers of earnings on Wednesday.

AAP shares fell 8% while Dycom was up about 3%. Intuit jumped 8% as Nordstrom fell 16%. Toll Brothers It fell 3% after it topped earnings views, but lowered the level of guidance for the full year on deliveries. Urban Outfitters are down more than 2% in early trade.

electric car leader Tesla (TSLA) is up 2% on Wednesday. in another place, Technology Pioneers at Dow Jones apple (AAPL) And the Microsoft (MSFT) was mixed after stock market today Open.

In the current stock market downturn, Albemarle (ALB), Arista Networks (Network), Axelis Technologies (ACLS) And the costco (cost) – as well as the shares of Dow Jones Amgen (AMGN) And the McDonald’s (MCD) – among the top stocks to buy and watch.

Costco stock added to IBD Leaderboard Following last week’s breakout move. Arista and Axelis appeared in This week’s stock is near the buy zone bar.

Dow Jones today: Treasury yields, oil prices, Powell’s speech

Early Wednesday, the Dow Jones Industrial Average was down 0.1%, while the S&P 500 was up. The tech-heavy Nasdaq was up 0.2% in morning trade.

within Exchange Traded FundsNasdaq 100 Invesco QQQ Trust Tracker (QQQ(Up 0.2%, the SPDR S&P 500 ETF)spy) was a constant in early trade.

The 10-year Treasury yield rose to 3.09% early Wednesday, after rising on Tuesday. This week, the 10-year Treasury yield rose above the 3% level for the first time since July 21.

Oil prices in the United States keep recovering On Wednesday, after last week’s losses, West Texas Intermediate crude futures reached their lowest level since January. West Texas Intermediate crude futures rose 1% early Wednesday, to trade above $94 a barrel.

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Fed members will keep a close eye on durable goods for July, released by the Commerce Department at 8:30 a.m. ET. New orders were flat in July compared to the previous month, with a 0.3% increase minus transfer orders. Economists had expected a sharp slowdown from June – a 0.5% gain in aggregate orders, and a 0.1% increase minus transportation orders. Total orders rose 2% in June.

Federal Reserve Chairman Jerome Powell will deliver a speech Friday from Jackson Hole, Wyo, about the central bank’s economic outlook. The Federal Reserve raised interest rates this year in an effort to bring down inflation, but it has sent increasingly mixed signals about the upcoming increases.

Fed minutes last week He appeared to be resisting market expectations of a peaceful direction, after a six-week rally in the stock market following the June 14-15 meeting. Markets put a Nearly 58% chance of a rate hike of 75 basis points At the Federal Reserve’s meeting on September 21. A week ago there was a 39% chance.

stock market downturn

On Tuesday, the stock market posted another disappointing performance as early gains faded into the close. The Dow Jones Industrial Average was down 0.5%, while the S&P 500 lost 0.2%.

Tuesday big picture column He commented, “Excess supply appears to be a problem as both the Nasdaq and S&P 500 fell after approaching or touching their downward slope. 200 day moving averages. In fact, they are both now struggling to hold their 21-day streaks.”

Five Dow Jones stocks to watch right now

Dow Jones stocks to watch: Amgen, McDonald’s

Amgen stock in Dow Jones is building a steady base that has 258.55 buying points, amid strong performance by biotech companies so far this year. Early entry at 253.87 is also in play. Stocks gave up their 50-day support level during Tuesday’s 1% decline. The stock traded 0.5% lower early Wednesday.

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AMGN . stock Shows a hardness of 92 out of 99 potential 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.

McDonald’s shares are trading more than 265.56 cups with an entry handle after Tuesday’s loss of 0.9%, according to IBD Market Smith Graph analysis. MCD shares rose on Wednesday morning.

4 Growth Stocks You Should Buy and Watch on Cursstock market rally

Top stocks to watch: Albemarle, Arista, Axcelis, Costco

Albemarle lithium product is directly in purchase range after Monday’s recovery from 273.78 buy point At the base of a large cup with a handle. Buying area rose 5% to 287.47. In previous weeks, stocks topped the 250.25 buy point cup with a smaller handle. The stock was down 0.1% Wednesday morning.

Arista Networks, One of last week’s picks of IBD’s 50 stocks to watch, continues to rise to the right side of the double bottom base showing 143.67 buying points. With the stock away from the current entry about 11%, wait for a handle – which is likely to form now – to present an ideal buy-to-risk point. Arista’s RS line is trending higher and approaching a new high. ANET shares fell early Wednesday.

IBD Leaderboard Costco stock fell further below the 552.81 buy point of a cup with a handle, as shares fell 0.6%. Wait for a bullish entry to recover before buying a stock. Shares rose 0.3% early Wednesday.

Chip equipment maker Axcelis Technologies continues to build a cup with a handle that offers 79.93 points of purchase, according to IBD Market Smith Graph analysis. The stock was down 0.5% on Wednesday morning.

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

Tesla Stock

Tesla stock rose 2.3% on Tuesday, cutting a five-day losing streak. Shares of the electric car giant rose 2% Wednesday morning, looking to add to Tuesday’s gains. Tesla shares Trading will start at the new adjusted 3-for-1 rate on Thursday.

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Tesla stock is battling to overcome the resistance around the 200-day line. Tesla is down about 30% from its 52-week high.

Dow Jones Leaders: Apple and Microsoft

within Dow Jones stockApple Inc shares fell 0.2% Tuesday, as the stock fell Continues to build the right side of the cup base Which has 179.71 buy points. Another explanation could be a big double bottom that extends into January. In both cases, the point of purchase is identical. On the upside, the recent streak of losses is likely to trigger a handle, which should provide a lower entry point.

To the upside, the stock’s relative strength line is flat at new highs, indicating an outperformance of the large stock market. Shares were up 0.7% Wednesday morning.

Microsoft fell another 0.5% on Tuesday, extending its losing streak to six sessions and moving further away from the long-term 200-day streak. The stock rose early Wednesday.

If you are new to IBD, consider taking a look at stock trading system And the CAN SLIM Basics. He distinguishes chart patterns It is one key to investment guidance. IBD offers a wide range of Stock Growth ListsSuch as leaderboard And the SwingTrader.

Investors can also create watch lists, find companies near a profile buy pointor develop custom screens in IBD Market Smith.

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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