The Dow Jones Industrial Average fell on Wednesday, extending its losses after a difficult session on Tuesday. The 10-year Treasury yield jumped ahead of the release of the minutes of the March Federal Open Market Committee meeting this afternoon.
Simply good food (SMPL) reported its quarterly earnings results before Wednesday’s opening. Shares of Simply Good Inc. fell 1% in morning trading.
between the Dow Jones LeadersAnd the Microsoft (MSFT) And the Salesforce.com (CR) led the early pullbacks, down about 1.5% each. an Apple (AAPL) decreased more than 1% in Stock market today. chevron (CVX) Industrial sectors topped the rise of 1% with the rise in oil prices.
electric car giant Tesla (TSLA) slipped nearly 2% early Wednesday, adding to Tuesday’s sharp losses.
As the stock market’s upward trend is heading for increasing turmoil, Dow Jones is the financial leader American Express (AXP) – along with the alphabet (Google), from Broadcom (AVGO), IBD Leaderboard Inventory lovely ingredients (Dar: house), Regeneron Pharmaceuticals (Region) And the seashells (shill) – Top stocks to buy and watch on Wednesday.
Dow Jones today: Treasury yields, oil prices, Fed minutes
After Wednesday’s opening, the Dow Jones Industrial Average lost 0.85%, and the S&P 500 was down 1.2%. The tech-heavy Nasdaq is down 2% in morning trade.
On Tuesday, the 10-year US Treasury yield rose to 2.55%, hitting a 52-week high. Fed Governor Lyle Brainard, widely seen as one of the Fed’s most pessimistic members, said she expects rapid cuts to the Fed’s bloated balance sheet starting in May.
The 10-year yield continued its rally Wednesday morning, jumping to 2.64%, its highest level since March 2019. Meanwhile, US oil prices rose more than 1% on Wednesday morning with West Texas Intermediate crude falling above $103 a barrel.
Minutes from the Federal Reserve Policy meeting in March 2 p.m. EDT on Wednesday. On March 16, the Federal Reserve raised its key interest rate for the first time since 2018. Policymakers revealed their expectations for a total of seven quarter-point rate increases this year and at least three more in 2023.
Fed Chairman Jerome Powell said at his post-meeting press conference that the minutes will present the criteria for tightening the Fed’s balance sheet, canceling $4.5 trillion in asset purchases during the pandemic.
stock market rise
On Tuesday, the stock market underperformed, with the Nasdaq Composite losing 2.3%.
big picture column “The specific stock ended steadily in the red on Tuesday as Wall Street received another reminder that the Federal Reserve is intent on fighting inflation aggressively by raising interest rates and lowering the balance sheet,” he commented.
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Dow Jones Buy & Watch: American Express
Dow Jones Financial Stock American Express tracks a cup with a handle with 194.45 buy points. Shares fell 1.2% on Tuesday, closing above the 50-day moving average line. AXP shares were down 0.3% on Wednesday morning.
Watch the stocks line of relative strength. Amid its recent rally, the RS line is approaching its old highs, but there is still some work on it before a possible breakout. The RS line measures the performance of the stock price against the S&P 500 index. The RS line must reach a new high on the day of the breakout or shortly thereafter to confirm the strength of the stock’s breakout.
Stocks to buy and watch: Alphabet, Broadcom, Darling, Regeneron, Shell
Tuesday of 50 IBD stocks to watch Pick, Alphabet, nears 2,875.97 buy points in a cup with a handle, according to IBD Market Smith Graph analysis. GOOGL shares are just 1% away from entering amid Tuesday’s 1.2% loss. FANG stock is down 1.5% Wednesday morning.
Broadcom prices fell 3.3% Tuesday, as chip stock continued to hold above its early entry level of 614.74. Stocks set a new buy point, entry handle at 645.41. AVGO shares were down 1.5% Wednesday morning.
IBD Leaderboard Darling Ingredients stock finished Tuesday just under 80.31 cups with a buy point handle. Shares were down 2.5% on Wednesday morning.
Leading biotech company Regeneron Pharmaceuticals continues to have a buying range above 673.96 Flat Base Entry Following the breakout move on March 16th. REGN stock tested the buy point on March 23 before regaining the point of purchase on March 24 5% buying area It tops out at 707.66. Inventory was flat on Wednesday.
Oil and gas producer and Friday stock from IBD, Shell, is within walking distance of 56.23 buying points for a flat base despite Tuesday’s 1.6% drop. Shares jumped 1% on Wednesday morning.
Tesla stock It slipped more than 2% early Wednesday, threatening to add to Tuesday’s 4.7% slide. The EV giant’s shares are approaching 1,208.10 cup base buying points and are about 10% away from the most recent entry. Meanwhile, Tuesday’s weakness may be the start of a proper trade that should provide a more optimal entry for risk.
The stock traded as high as 1,243.49 on November 4 and finished on Tuesday about 12% from its all-time high.
Dow Jones Leaders: Apple and Microsoft
in between Dow Jones stockApple shares fell 1.9% on Tuesday, falling back below a double bottom at 176.75 buying points. Buying space rises 5% to 185.59. AAPL stock is down more than 1% early Wednesday.
Software leader Microsoft fell 1.3% on Tuesday, as shares continued to build on the right side to form a new base. Microsoft shares were trading down 1.5% Wednesday morning.
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