Dow Jones futures were lower after the stock market sold off Monday. A key inflation report – the consumer price index – will be released on Tuesday morning before the market opens.
Stock market today
On Monday, the Dow Jones Industrial Average sold 1.2% and the S&P 500 fell 1.7%. The tech-heavy Nasdaq composite fell 2.2%. Between exchange traded moneyNasdaq 100 Invesco QQQ Trust tracker (QQQ) fell 2.4% and the SPDR S&P 500 ETF (SPY) lost 1.7% on Monday.
Overview of the US stock market today
|Table of contents||Icon||Price||Loss of profit||% Change|
|S&P 500||(0S & P5)||4412.83||-75.45||-1.68|
Last Updated: 4:30pm ET 4/11/2022
As the stock market uptrend continues to struggle, financial leader Dow Jones American Express (AXP) – with Alphabet (GOOGLE), Broadcom (AVGO), IBD Rankings stock watchlist Edwards Lifesciences (EW), Raytheon Technology (RTX) and Cover (SHELF) – is one of Tuesday’s top stocks to buy and watch.
Dow Jones Futures Today: Treasury Yields, Oil Price, CPI
After closing Monday, Dow Jones futures were down 0.35%, while S&P 500 futures were down 0.45% from fair value. Nasdaq 100 futures contracts are down 0.6% from fair value. Remember that action overnight in Dow futures contract and elsewhere that doesn’t necessarily translate into actual trading the next week stock market meeting.
The 10-year U.S. Treasury note yield extended its winning streak to seven sessions on Monday, rising to 2.78%, its highest level since January 2019. U.S. oil prices fell more than 3% on Monday. , when West Texas Intermediate crude traded below $95 per barrel. Also, China’s worsening virus outbreak are raising concerns about potential demand.
Consumer prices in March are projected to increase 1.1% at a year-on-year rate of 8.4% – according to Econoday estimates – which would be the fastest increase since December 1981. Consumer price numbers measure the rate of inflation. Meanwhile, the White House said it expected “March CPI headline inflation to increase abnormally due to Putin’s price hike.”
The Labor Department will release the CPI at 8:30 a.m. ET.
Stock market struggle: What to do now
The stock market posted another disappointing performance on Monday, with the major stock indexes ending sharply lower. Nasdaq continues to drop below the 50-day line, which is an important support to watch.
While the underlying uptrend is still intact, it’s time to proceed with more caution. Be cautious with most new purchases and focus only on stocks with exceptional fundamentals and high breakout volume that break through precise buy points. Also, be flexible. The market could recover and return to a “confirmed uptrend”, or heavy selling could persist and lead to a correction.
Monday’s Big Picture columnist comments, “The S&P 500 fell 1.7% and closed slightly lower than the 50-day moving average. The index is currently trying to find support at that level. But if the Nasdaq is any indication, the mix will melt as soon as 50 days on Monday after it was expected to hold it for the previous two sessions. “
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Dow Jones Stocks to Buy and Watch: American Express
Dow Jones Financial Securities Company American Express is looking for a mug with a handle with a buy point of 194.45. Shares fell 3.3% on Monday, ending about 9% from the latest entry.
Warehouse tracking relative strength line. In the midst of the recent drop, the RS line is starting to fade away from its former high, meaning it has to cut its job ahead of a potential breakout. The RS line measures a stock’s price performance relative to the S&P 500. The RS line will reach new highs on the day of the breakout or shortly after to confirm the strength of the stock’s breakout.
Stocks to buy and watch: Alphabet, Broadcom, Edwards, Raytheon, Shell
50 Recent IBD Stocks to Watch pick, Alphabet, shows 2,875.97 buy points in a cup with a handle, according to IBD MarketSmith chart analysis. GOOGL stock is about 10% off entry after sliding 3.35% on Monday.
Broadcom fell another 1.1% on Monday, as chip shares continued to move below their initial entry of 614.74. Stocks are closing with a 7%-8% loss trigger. The stock has also given up the support at the 50-day line in recent sessions. Meanwhile, the stock has put in another buy point, an entry handling at 645.41.
IBD Rankings Edwards Lifesciences stock watchlist continues to move up the right side of cup base that shows a 131.83 point of purchase. Shares fell nearly 2% Monday. Monday’s weakness could be the start of a handle that would reduce the risk optimal entry to 125.21.
Defense contractor Raytheon Technologies is within striking distance of flat base of 104.44 buy points. Shares rose 1.7% Monday, down just 2% from the latest entry.
Oil and gas producer Shell, April 1 IBD shares of the dayjust below a 56.23-point buy of a fixed base after falling 1.4% on Monday.
Tesla shares fell 4.8% on Monday, adding to Friday’s 3% drop. Shares of the EV giant ended Monday about 15% off a 1,152.97 buy point of a cup with a handle.
Shares traded at a high of 1,243.49 on Nov. 4 and ended Monday about 22% off all-time highs.
Dow Jones Leaders: Apple, Microsoft
Between Dow Jones SecuritiesShares of Apple fell 2.55% on Monday, continuing below a buy of 176.75 at a double bottom. Stocks are almost activated Rule of selling stop loss 7% -8%. Along with that double bottom entry, a handle buy point is also at 179.71. On the other hand, AAPL stock abandoned the 50-day support on Monday, suggesting further weakness is likely.
Software leader Microsoft fell 3.9% Monday, as shares continued to fall below their 50- and 200-day levels. Shares are down nearly 20% from their 52-week high.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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