Dow Jones futures were squarely lower Monday morning, threatening to add to Friday’s sharp stock market losses. Twitter stock climbed after news reports said the company and Tesla CEO Elon Musk are close to striking a deal. And Dow Jones stock Coca-Cola was a key earnings mover Monday morning.
Amid a new stock market correction, Dow Jones leader American Express (AXP) — along with IBD Leaderboard stock LPL Financial (LPLA), Expedia (EXPE), Raytheon Technologies (RTX) and Shell (SHEL) — are among Monday’s top stocks to watch.
Microsoft and Tesla are IBD Leaderboard stocks. Caterpillar and Edwards Lifesciences were featured in this week’s Stocks Near A Buy Zone column. And Expedia was Thursday’s IBD Stock Of The Day.
Dow Jones Today: Treasury Yields, Oil Prices
Ahead of Monday’s open, Dow Jones futures declined 0.45%, while S&P 500 futures dropped 0.5% vs. fair value. Nasdaq 100 futures pared losses to 0.4% vs. fair value. Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
The 10-year Treasury yield tumbled to 2.81% Monday after closing Friday at 2.91%. Last week, the 10-year Treasury yield hit its highest level since December 2018. Meanwhile, U.S. oil prices were down nearly 5%, as Texas Intermediate crude traded just above $97 a barrel.
New Stock Market Correction
On Friday, the stock market finished sharply lower, as the major stock indexes sold off with heavy losses.
Friday’s The Big Picture column commented, “After getting turned away at its 200-day moving average Thursday, the S&P 500 plunged 2.8%, taking out Monday’s low. The index is still holding above the March 16 follow-through day’s low, but the weak action was enough to change IBD’s market outlook to a market correction.”
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 buy points, or develop custom screens at IBD MarketSmith.
Five Dow Jones Stocks To Watch Now
Dow Jones Earnings: Coca-Cola
Dow Jones stock Coca-Cola (KO) reported better-than-expected first-quarter earnings results Monday morning, Shares climbed 1% in early morning trade.
KO shares ended Friday about 13% above a 57.66 buy point in a flat base.
Dow Jones Stocks To Buy And Watch: American Express
Dow Jones financial stock American Express finished Friday about 7% away from a cup with handle’s 194.45 buy point after the company’s first-quarter earnings results. AXP shares were down 0.8% Monday morning.
Four Top Growth Stocks To Watch In The Current Stock Market Correction
Stocks To Watch: LPL, Expedia, Raytheon, Shell
IBD Leaderboard stock LPL Financial remains above a 191.08 buy point in a cup with handle, but double-digit gains faded during a three-day losing streak. On April 21, shares climbed as much as 15.5% above the entry, which means that the stock is close to triggering the round-trip sell rule, according to IBD MarketSmith chart analysis. LPLA shares were unchanged Monday morning.
Thursday’s IBD Stock Of The Day, Expedia, is building a cup with handle with a 204.08 buy point. Shares are trying to regain their 50-day line, but are having some trouble at that key resistance level. EXPE stock shows a 90 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup. Expedia shares were flat early Monday.
Defense contractor Raytheon Technologies gave up a flat base’s 104.44 buy point after sharp losses last week. RTX shares edged lower Monday morning. Raytheon reports earnings on April 26.
Oil-and-gas producer Shell dropped below a flat base’s 56.23 buy point after Friday’s 2.15% drop. SHEL shares slid more than 3% Monday morning.
Tesla stock skidded 3% Monday morning, threatening to add to Friday’s 0.4% decline.
Shares of the EV giant finished Friday about 13% away from a cup-with-handle’s 1,152.97 buy point. The stock traded as high as 1,243.49 on Nov. 4 and is about 19% away from that all-time high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares triggered the 7%-8% loss-cutting rule from a 176.75 buy point in a double-bottom base in recent weeks. Apple stock fell further below its 50-day line Friday and may be setting up for a test of the long-term 200-day line. The stock dropped 1% Monday morning.
Software leader Microsoft sold off 2.4% Friday, further below its 50- and 200-day lines. The stock is more than 20% off its 52-week high. MSFT shares were down 0.8% early Monday.
Apple and Microsoft report earnings this week.
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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