The Dow Jones industrial average fell on Wednesday, increasing losses after a tough session on Tuesday. The profitability of 10-year treasury treasury jumps jumped ahead of the publication of the minutes of the March meeting of the Federal Open Market Committee.
Just good food (SMPL) reported its quarterly earnings results ahead of Wednesday’s opening. Shares of Simply Good fell 1% in the morning trading.
Among the leaders of the Dow Jones, Microsoft (MSFT) and Salesforce.com (CRM) led to the beginning of the fall, falling by about 1.5% apiece. Apple (AAPL) fell more than 1% in today’s stock market. Chevron (CVX) led the industry, rising 1% as oil prices rose.
The giant of electric cars Tesla (TSLA) slipped nearly 2% early Wednesday, at a rate to add to Tuesday’s sharp losses.
As the upward trend of the stock market faces increasing turbulence, financial leader Dow Jones American Express (AXP) – together with Alphabet (GOOGL), Broadcom (AVGO), list of IBD leaders Darling ingredients (BUT), Regeneron Pharmaceuticals (REGN) and Shell (SHEL) are the main stocks on Wednesday that can be bought and viewed.
Arista, Microsoft and Tesla are shares of IBD leaders. Darling Ingredients and Tesla Shares were presented this week in the “Shares Near Purchase Zone” column.
Dow Jones today: Treasury bond yields, oil prices, Fed minutes
After opening on Wednesday, the Dow Jones Industrial Average lost 0.85% and the S&P 500 fell 1.2%. Tech Nasdaq sold out 2% in the morning auction.
Among stock funds, the Nasdaq 100 Invesco QQQ Trust (QQQ) tracker lost 1.3% and the SPDR S&P 500 ETF (SPY) fell 1% after opening on Wednesday.
On Tuesday, the yield on the 10-year U.S. Treasury rose to 2.55%, reaching a new 52-week high. Federal Reserve Governor Lael Brainard, who is widely considered one of the Fed’s most pigeon members, said she expects the Fed’s inflated balance sheet to be reduced quickly starting in May.
On Wednesday morning, 10-year yields continued higher, jumping to 2.64%, which is the highest level since March 2019. Meanwhile, U.S. oil prices rose more than 1 percent on Wednesday morning, and West Texas Intermediate oil returned above $ 103 a barrel.
The minutes of the March meeting of the Federal Reserve are due out on Wednesday at 14:00 ET. On March 16, the Federal Reserve raised its key interest rate for the first time since 2018. Politicians have expressed their expectations for a total of seven quarter rate increases this year and at least three more in 2023.
Fed chief Jerome Powell told a news conference after the meeting that the protocol would include options to strengthen the Fed’s balance sheet, withdraw $ 4.5 trillion in asset purchases during a pandemic.
Stock Market Rally
On Tuesday, the stock market showed disappointing results, as the Nasdaq composite sold 2.3%.
A Big Picture column commented: “Shares listed on Tuesday were firmly in the red when Wall Street received another reminder that the Federal Reserve intends to aggressively fight inflation by raising interest rates and lowering the balance sheet.”
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Four Dow Jones promotions to view
Shares of Dow Jones to buy and watch: American Express
Dow Jones American Express’s financial stocks are tracking a cup with a pen with a buying point of 194.45. Shares fell 1.2% on Tuesday, closing just above the 50-day moving average line. AXP shares fell 0.3% on Wednesday morning.
Follow the line of relative strength of stocks. Against the background of its recent rise, the RS line is approaching its old highs, but there is some work ahead of a potential breakthrough. The RS line measures stock price performance compared to the S&P 500. The RS line should reach a new high on the day of the breakout or shortly thereafter to confirm the strength of the stock breakout.
The four most growing stocks you can buy and watch this yearpstock market rally
Promotions to buy and view: Alphabet, Broadcom, Darling, Regeneron, Shell
According to an analysis of the IBD MarketSmith chart, IBD 50 stock selection for viewing on Tuesday is approaching 2,875.97 points of purchase in a cup with a handle. Shares of GOOGL are up just 1% from entry amid a loss on Tuesday of 1.2%. FANG shares fell 1.5% on Wednesday morning.
Broadcom fell 3.3% on Tuesday as chip stocks continue to stay above early entry at 614.74. The stock put a new buying point, the entry handle at 645.41. AVGO shares fell 1.5% on Wednesday morning.
The IBD Leaderboard Stock Darling Ingredients ended Tuesday just below the cup buying point with a handle of 80.31. Shares fell 2.5% on Wednesday morning.
Biotechnology leader Regeneron Pharmaceuticals remains in the buying range above entry to the flat base 673.96 after the March 16 breakout. Shares of REGN protested the buying point on March 23 before resuming the buying point on March 24. The 5% buying zone reaches 707.66. On Wednesday, the action was equal.
Oil and gas producer and stock of the day on Friday IBD, Shell, is minutes from a buying point of 56.23, despite falling 1.6% on Tuesday. Shares jumped 1% on Wednesday morning.
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Tesla shares fell more than 2% on Wednesday, threatening to add up 4.7% on Tuesday. Shares of the giant EV are approaching the point of purchase of 1208.10 cup base and are about 10% of the last record. Meanwhile, Tuesday’s weakness could be the start of a proper handle that offers a more risk-optimal entry.
The stock traded up 1243.49 on Nov. 4 and ended Tuesday at about 12% of that all-time high.
Leaders of the Dow Jones: Apple, Microsoft
Among Dow Jones shares, Apple shares fell 1.9% on Tuesday, falling below the double-bottom buying point of 176.75. The 5% buying area rises to 185.59. AAPL shares fell more than 1% earlier Wednesday.
Microsoft’s software leader fell 1.3% on Tuesday as stocks continue to create the right side forming a new base. Microsoft shares traded 1.5% lower on Wednesday morning.
Be sure to follow Scott Lehtanen on Twitter at @IBD_SLehtonen for more information on growth stocks and the Dow Jones Industrial Average.
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