Futures Dive As Treasury Yields Jump

Futures Dive As Treasury Yields Jump

The Dow Jones Industrial Average dived as much as 500 points Monday morning, as the stock market correction worsened. Bitcoin tumbled to its lowest level since July 2021. And  the 10-year Treasury yield rose to 3.14% following Friday’s new highs.


Tyson Foods (TSN) was a key earnings mover early Monday after reporting quarterly results ahead of the open. TSN shares erased early gains in morning trade. The stock is forming a cup with handle with a 99.64 buy point.

Electric-vehicle giant Tesla (TSLA) skidded more than 3% Monday morning. Dow Jones leaders Apple (AAPL) and Microsoft (MSFT) traded down more than 1% in today’s stock market.

Amid a worsening stock market correction, Dow Jones leader Merck (MRK) — along with Cheniere Energy (LNG), Exxon Mobil (XOM), Nutrien (NTR) and World Wrestling Entertainment (WWE) — are among IBD’s top stocks to watch for Monday.

Cheniere Energy, Microsoft, Nutrien and Tesla are IBD Leaderboard stocks. Exxon and Merck were featured in last week’s Stocks Near A Buy Zone column.

Dow Jones Today: Treasury Yields, Oil Prices, Bitcoin

After Monday’s open, the Dow Jones Industrial Average sold off 1.1% after paring some losses, and the S&P 500 declined 1.5%. The Nasdaq dived 2% in morning trade.

Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) moved down 1.5%. The SPDR S&P 500 ETF (SPY) fell 1.6%.

The 10-year Treasury yield ticked higher to 3.14% Monday morning. On Friday, the 10-year Treasury yield closed at 3.12% — its highest level since November 2018. Meanwhile, U.S. oil prices lost nearly 3%. West Texas Intermediate crude traded just below $107 a barrel.

Bitcoin tumbled below $33,000 Monday morning, trading as low as $32,650 before paring some losses. The price of Bitcoin is at its lowest level since July 2021 when it traded as low as $28,825, according to CoinDesk. Cryptocurrency exchange Coinbase (COIN) stumbled around 6% and the ProShares Bitcoin Strategy ETF (BITO) was down nearly 9% Monday morning.

Stock Market Correction Deepens

On Friday, the stock market posted another disappointing performance, as the major stock indexes fell for a second straight session. The Nasdaq bore the brunt of the selling, declining 1.4% to hit a new correction low.

Friday’s The Big Picture column commented, “The Dow Jones’ 0.2% drop for the week wasn’t exactly a gut punch to the 30-stock index. Yet the Dow industrials suffered its sixth-straight down week and (the index) is not far from tripping below its year-to-date low of 32,272.”

If you’re new to IBD, consider taking a look at its stock trading system and CAN SLIM basics. Recognizing chart patterns is one key to the investment guidelines. IBD offers a broad range of growth stock lists, such as Leaderboard and SwingTrader.

Investors also can create watchlists, find companies nearing a buy point, or develop custom screens at IBD MarketSmith.

Five Dow Jones Stocks To Watch Now

Dow Jones Stocks To Watch: Merck

Dow Jones drug stock Merck is below a cup-with-handle base’s 89.58 buy point following a brief breakout attempt in recent weeks. Shares rose 0.4% Friday, ending about 1% below the latest entry. Merck stock traded 1% lower Monday morning.

On a positive note, the stock’s relative strength line recently hit new highs, indicating big stock market outperformance during the current stock market correction.

Three Top Growth Stocks To Watch In The Current Stock Market Correction

Stocks To Watch: Cheniere, Exxon, Nutrien, WWE

Cheniere Energy is just below a flat base’s 149.52 buy point following Friday’s 3.1% advance. LNG shares dropped around 1% Monday morning.

Energy giant Exxon Mobil broke out past a cup with handle’s 89.90 buy point Wednesday. The stock is in the 5% buy area that goes up to 94.40, according to IBD MarketSmith chart analysis. Exxon shares moved down about 3% early Monday.

IBD Leaderboard stock Nutrien is still trying to rebound from its 50-day line, a key support level, amid Friday’s 0.3% gain. Nutrien stock declined more than 3% Monday morning.

World Wrestling Entertainment continues to trace a flat base that has a 63.81 buy point. Shares are below their 50-day line after two straight days of sharp losses. WWE shares were down more than 1% Monday.

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

Tesla Stock

Tesla stock skidded more than 3% Monday morning, threatening to add to Friday’s 0.9% loss and extend a losing streak to three sessions. Shares are again below their 50- and 200-day lines.

Shares of the EV giant finished Friday about 25% away from a cup-with-handle base’s 1,152.97 buy point. The stock traded as high as 1,243.49 on Nov. 4 and is about 30% away from that all-time high.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks, Apple shares rose 0.3% Friday, but are still below their 200-day line. Apple stock fell 1.2% Monday.

Software leader Microsoft dropped 0.9% Friday, declining for a second session in a row. The stock closed more than 20% off its 52-week high. MSFT shares moved down 1.1% Monday morning.

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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