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The Dow Jones Industrial Average briefly plunged 450 points before narrowing its losses on Wednesday as stock market weakness returned. Apple stock slashed losses, while Microsoft and Nvidia pulled back higher in morning trading, while Palantir jumped on a big deal with the military.
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Among the leaders of the Dow Jones, Apple (AAPL) sold nearly 2% before cutting losses on Wednesday, while Microsoft (MSFT) rose 0.5% in today’s stock market. American Express (AXP) and Merck (MRK) are close to new points of purchase on Wednesday morning.
You’re here (TSLA) reversed higher on Wednesday. The stock remains just above its last buy point. Somewhere else, Nvidia (NVDA) and Palantir Technologies (PLTR) were moving stocks in morning trading.
Among the best stocks to watch out for, Netflix (NFLX) and Service now (NOW) are in or near new buying areas despite the current weakness in the stock market.
Microsoft, ServiceNow and Tesla are stocks in the IBD rankings. American Express is an IBD SwingTrader share. Netflix was featured in this week’s Stocks Near A Buy Zone column.
Dow Jones today
Early Wednesday, the Dow Jones Industrial Average fell 0.7%, while the S&P 500 fell 0.55%. The highly technical Nasdaq composite reduced losses to 0.3% in morning action.
Among exchange-traded funds, Innovator IBD 50 (FFTY) lost 0.9%. The Nasdaq 100 tracker Invesco QQQ Trust (QQQ) fell 0.1%. And the SPDR S&P 500 ETF (SPY) fell 0.6%.
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Weak stock market
The Nasdaq and S&P 500 rebounded from corrective lows on Tuesday, but threatened to fall with more losses on Wednesday morning. On Monday, the Nasdaq closed at its lowest level since June 22. A slide below that low could indicate a test of the index’s 200-day long-term moving average. Meanwhile, the Dow Jones Industrial Average continues to trade below its key 50-day line.
On Tuesday, The Big Picture commented, “This week it’s important to judge each day’s action. Watch for the Nasdaq and S&P 500 to hold above Monday’s lows. A drop below that level. and forget a rally confirmation this week. Even if the Nasdaq or the S&P 500 continue to climb over the next few days, that might not mean much. The stock market needs at least a few days of progress before investors are confident they are going back to stocks. “
Five best Dow Jones stocks to watch right now
Dow Jones Stocks to Watch: American Express, Merck
Dow Jones leaders American Express and Merck are blue chip stocks to watch in today’s stock market.
IBD SwingTrader American Express stock is approaching a buy point of 178.90 in a handle cup, according to IBD MarketSmith chart analysis. Shares fell more than 2% early Wednesday and are around 3% of the new entry.
Merck threatened to add to Tuesday’s losses, falling more than 1% on Wednesday. On Friday, Merck said its Covid pill halved the risk of hospitalization in an end-stage study, triggering an 8.4% increase and a breakthrough beyond a point of purchase of 79.33 in a flat base.
Actions in motion: Nvidia, Palantir
Chip giant Nvidia rose 0.4% on Wednesday. On September 20, the action triggered the round trip sell signal from a buy point of 207.43 in a handle cup. Investors should sell when a stock gives up all of a double-digit gain to avoid incurring a loss. Now the action is around 3% below the old buy point.
Late Tuesday, Palantir Technologies announced it had won an $ 823 million contract with the US military. PLTR stock jumped 3%, trading just below its 50-day moving average line. A decisive recovery in this benchmark would be bullish for the stock’s outlook.
Join the IBD experts as they analyze the major stocks in the market correction on IBD Live
Stocks to watch: Netflix, ServiceNow
FANG stock market leader Netflix hit new highs on Tuesday, rising more than 5%. Early Wednesday, NFLX stock slipped 0.1%, but remains outside the 5% buy zone beyond an entry point of 593.39 in a consolidation amid the recent success world of his series “Squid Game”.
According to IBD Stock Checkup, NFLX stock has a strong rating of 97 out of a perfect IBD composite rating of 99. The IBD composite rating identifies stocks with a mix of strong fundamental and technical characteristics.
The IBD Leaderboard ServiceNow stock is trying to find support around its key 50-day moving average despite a weak overall market. Early Wednesday, the stock sought to retest that level, falling 0.6%.
On the upside, the stock’s relative strength line peaked in late September, indicating that stocks are holding up well amid the current volatility in the stock market. But now the stock is under pressure again. During weak markets, look for stocks that hold up the best. When the market rebounds, these names may be some of the next headlines to watch.
Tesla shares
Tesla stock rose 0.1% on Wednesday morning, seeking to rebound from Tuesday’s slight loss. TSLA stocks are still just above a buy point of 764.55 in a handle cup.
The stock closed at around 13% of record highs on Tuesday. On January 25, Tesla stock hit a record high of 900.40, after climbing 93% from a buy point of 466 in a mug with handle model.
Dow Jones Executives: Apple, Microsoft
Among the major stocks in the Dow Jones, Apple fell 0.6% on Wednesday, selling again after Tuesday’s 1.4% rebound. The stock is still well below the 50 day line.
Software giant Microsoft rose 0.4% as the stock continues to trade below the 50-day line. A new flat base is forming with a buy point of 305.94.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.
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