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Nasdaq hits new bear market bottom; What are you doing now

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Dow futures rose ahead of Tuesday’s open after the Nasdaq hit a new low in a bear market on Monday. Meanwhile, the third-quarter earnings season will begin this week with results from Dow Jones stock JP Morgan (JPM), United Health (United nations) And the Walgreens Boots Alliance (WBA).




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Stock market today: Ford and General Motors back down from rating downgrade

On Monday, the Dow Jones Industrial Average fell 0.3% and the S&P 500 lost 0.75%. Technology-heavy Nasdaq Composite Index sold 1%. Small Russell 2000 stock fell 0.6%.

within money exchange circulatingNasdaq 100 Invesco QQQ Trust Tracker (QQQ(down 1% and SPDR S&P 500)spy) decreased by 0.8%.

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American car manufacturers stronghold (F) And the General motors (GM) Received discounts from UBS. Ford slipped 6.8% after its rating was downgraded from neutral to sell. General Motors stock is down 4% and has moved from a buy rating to neutral. A potentially dangerous recession on the horizon has some analysts worried about major automakers’ stocks.

Giant EV Tesla (TSLA) fell on Monday after setting a record for electric vehicle deliveries from its Shanghai plant in September. within Dow Jones stockAnd the apple (AAPL) rose 0.2% and Microsoft (MSFT) slipped 2.1% in Stock market today.

Cardinal’s health (CAH), ConocoPhillips (policeman), Denberry (den) And the Vertex Pharmaceuticals (VRTX) – as well as the shares of Dow Jones chevron (CVX) and UnitedHealth – among the top stocks to watch. Keep in mind that an ongoing stock market correction is a time when investors sit on the sidelines and build watch lists of the top growth stocks.

Cardinal Health and Vertex IBD Leaderboard Stores. Chevron and Conoco appeared In the stock column near the buy zone for this week, along with two other ideas for the hottest stocks.


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Dow futures today: Treasury yields, oil prices

Before the opening bell on Tuesday, Dow Jones futures were up 0.15% against fair value, while S&P 500 futures were up 0.2%. Nasdaq 100 futures are up 0.3% against fair value. Remember to work overnight in Dow Jones futures contracts and elsewhere that does not necessarily translate into actual circulation in the next regular session Stock market session.

The 10-year Treasury yield was on hold on Monday, with bond markets closed for the Columbus Day holiday, having settled at 3.88% on Friday. Last week, the 10-year Treasury yield fell to 3.56% before rebounding.

Meanwhile, US oil prices have given up part of last week’s recovery, falling nearly 2% on Monday. West Texas Intermediate crude futures were trading below $91 a barrel, near their highest level since late August.

Q3 earnings season

Third quarter earnings season It kicks off this week, with major reports coming in from shares of JPMorgan, UnitedHealth and Walgreens Boots Alliance, along with a number of other notable companies.

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Earnings reports cause many of the biggest moves in stocks, and require special attention. Strong earnings can push big stocks to previously untouched levels – and above new buying points – while a less impressive announcement can send stocks lower.

The stock market’s reaction to the earnings release can often tell you more than the earnings themselves. If the results look strong but the stock is falling anyway, investors may be concerned about the sustainability of growth, higher costs, or other potential downsides.

With the market in correction mode, investors should track companies that easily outperform earnings results and have strong bullish reactions. They could be among the stock market leaders if the market is able to recover.

What are you doing in the stock market today

Amidst the ongoing stock market volatility, IBD’s “market correcting” trend remains. This means that investors are safer on the sidelines.

Monday’s losses in the Nasdaq saw the tech-heavy compound reach a new low in 2022 and end its nascent bullish attempt, while the S&P 500 settled above its recent lows. Therefore, a bullish attempt for the S&P 500 is still intact, which means that a possible follow-up day on this indicator is still possible.

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To summarize, Monday was the 6th day of the S&P 500’s bullish attempt, while the Nasdaq is now looking for another 1 day.

Now is the perfect time to build Powerful watchlist A high performance stock. Many long-term leaders tend to breakout on or near the follow-up day, which is the market’s signal to a bottom. Missing this early opportunity can be a costly mistake.

One of the challenges in forming a watchlist during the correction is that while waiting for the follow-up day, the stock charts may change. This means that some of the rules among your watchlist stocks may deteriorate. So the update is important.

The big picture column commented on FridayIt is tempting to buy stocks that are holding up well in a weak market, but a negative wave in the market makes it difficult to make significant progress. Individual investors still have to prefer a cash-heavy position until the stock market returns to a ‘certain upside’.


Five Dow Jones stocks to watch right now

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Dow Jones stocks to watch: Chevron, UnitedHealth

Dow Jones UnitedHealth stock fell 1.2% on Monday, giving up support at the long-term 200-day moving average line. Despite recent losses, stocks are still building a solid base with 553.23 buying points, according to IBD Market Smith Graph analysis. UnitedHealth announced its third-quarter results on Friday.

Energy giant Chevron decisively restored its 50-day production streak last week as US oil prices recovered. The stock is building consolidation at 182.50 buy points. Chevron stock is down 1.8% on Monday, heading lower with oil prices.

CVX stock boasts 98 strong out of 99 perfect IBD compound classification, for every IBD stock check. Investors can use the IBD composite rating to easily gauge the quality of a stock’s fundamental and technical metrics.


4 growth stocks to watch at Cursstock market correction


Top stocks to watch: Cardinal, Conoco, Denbury, Vertex

IBD Leaderboard Leading equities and medical firm Cardinal Health is forming a flat base with 72.38 points of purchase, according to IBD Market Smith Graph analysis. The stocks are also in a buying range amid the first test of their 10-week moving average, according to a leaderboard comment. Dividends are due November 4th.

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Energy giant ConocoPhillips fell under a 118.49 points of purchase in a cup with a handle During Monday’s decline of 1.4%. The RS line of the stock reached a new high last week, which indicates a strong performance in the stock market.

Denbury stock rose 6.6%, surpassing 94.05 buying points for the cup base, Next reports who – which ExxonMobil (XOM) are considering an acquisition. The shares have already exited the 5% chase zone which is at 98.75.

Leading biotech company Vertex Pharmaceuticals continues to build a flat base with a buy point of 306.05 and an early entry at 296.90. The RS line made a new high on Monday, signaling an outperformance in the stock market.


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


Tesla Stock

Tesla stock It fell on Monday, continuing its three-day losing streak. Stocks are at their lowest since early July and about 46% from a 52-week high.

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On Monday, Tesla select a Electric vehicle delivery record from its Shanghai factory in September, but it came in far fewer views. The report on Tesla car deliveries may bolster demand concerns, especially in China, where electric vehicle giant Elon Musk is ramping up production capacity.

Dow Jones Leaders: Apple and Microsoft

within Dow Jones stockApple shares rebounded from losses to rise 0.2% on Monday, halting a two-day decline. However, shares are down more than 20% from their 52-week highs and below their 50 and 200-day lines.

Microsoft fell 2.2%, extending its losing streak into three sessions and hitting another 52-week low. The software giant is about 34% from its 52-week high.

Make sure to follow Scott Lehtonen on Twitter at Tweet embed Learn more about developing stocks and the Dow Jones Industrial Average.

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Top growth stocks to buy and watch

Learn how to time the market with IBD’s ETF Market Strategy

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MarketSmith: Research, charts, data, and training in one place

How to Find Growth Stocks: Why IBD Simplifies Finding Top Stocks

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Dave Webster slumps after third-quarter win fails to impress (NASDAQ: PLAY)

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Dave Webster (Nasdaq:game) Involved decreased 6.3% Despite the announcement of winning fiscal third-quarter earnings.

Restaurant and arcade chain operator happened Third quarter GAAP EPS of $0.04 per share with earnings of $481.2 million. These numbers came in above average analyst expectations of $0.01 and $10.42 million. forefront Forma combined comparable store sales, after completing the acquisition of flagship event branded stores, increased by 13.3% compared to the same period in 2021.

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“Our team has focused on three key work streams; one, managing the merger process effectively; two, long-term strategic planning; and third, managing near-term sales and profitability to offset the ongoing inflationary pressure in our business,” CEO Chris Morris highlighted during Third quarter earnings call.

In the third quarter, the company opened three new stores under the Dave & Buster brand and ended the quarter with $599.3 million in cash, which included $108.2 million in cash and $491.1 million available under a $500 million revolving credit facility.

Looking ahead, CFO Michael Quarteri said on the earnings call that he’s “encouraged by the continued trends in the fourth quarter,” even in the midst of significant economic uncertainty.

PLAY stock is decreased 13.5% year to date.

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Fauci warns that China risks a “wave of infections” after relaxing its coronavirus eradication policy

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Joe Biden’s chief medical adviser has warned that China’s reversal of a zero-Covid policy threatens to put pressure on the country’s health system and create conditions for new variants that could spread around the world.

Dr. Anthony Fauci urged Beijing to import Western Covid vaccines based on messenger RNA (mRNA) technology, which are more effective than Chinese-made vaccines, to increase the vaccination rate and boost overall immunity.

He said a wave of casualties would occur A large number of elderly people in China About 85 million people over the age of 60 have not received the third dose of the vaccine needed for strong protection against Omicron variants – and people with underlying health conditions are particularly challenging.

“If they don’t do things like launch and implement a proactive vaccination campaign, and open up, you’re going to have a wave of infections that will certainly be associated with some degree of disease severity,” Fauci said. The FT Global Boardroom event Wednesday.

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He added that any large wave of infections in China would give the coronavirus a chance to mutate into new types.

“When you have a big wave of transmissions of the virus, you give it a huge chance to mutate. When you give the virus a chance to mutate, that allows it to create potentially new variants. And once you have a completely new variant it can have an impact on the rest of the world.”

‘When you have a huge wave of virus transmissions, you give it a huge opportunity to turn around,’ Anthony Fauci told the FT Global Board of Directors © Abbie Coonan / FT

The risk of an uncontrolled wave of Covid infections across China creating conditions for new variants to flourish was “possible” but “very low,” Eric Topol, founder and director of the Scripps Research Translational Institute, said on Wednesday.

“The much bigger concern is that there will be countless deaths and morbidity unless there is an accelerated and much better vaccination rate, including more effective vaccines, in the population,” he said.

Fauci, who is stepping down from his position in the US government at the end of the year, added that he had not had contact with Chinese officials in a long time. He said Beijing’s strategy earlier in the pandemic had “some flaws” because it did not use lockdowns to vaccinate people.

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Beijing announced this week widespread relaxation President Xi Jinping’s controversial zero-COVID policy emerged as evidence of the economic damage caused by the pandemic’s restrictions emerged. But Wigram Capital Advisors, a macro advisory group focused on Asia, predicts that relatively low vaccination levels among China’s aging population could lead to million deaths If infection rates rise under relaxed restrictions.

Fauci echoed the advice issued Last week by Ashish Jha, the White House coronavirus coordinator, on how China should change its policy and import Western vaccines to tackle the virus. China said it would provide the BioNTech vaccine, but only to foreigners.

I would suggest they import western types [vaccines], particularly the highly effective mRNA vaccines used in most countries of the world. Unfortunately, the original Chinese vaccines were not as effective as some of the other vaccines.

Even in the United States, Fauci said, the number of deaths from Covid remains unacceptably high. He said cooler weather, increased social activity in the upcoming holiday season, and Omicron’s new BQ.1 and BQ.1.1 variants mean the pandemic is far from over.

“This is not a good formula for declaring that this is over,” Fauci added. “We still have to be on our guard.”

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Apple’s Tim Cook celebrates a new chip factory in Phoenix

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When Chinese factory supply Apple’s iPhone has been so riddled with the COVID-19 outbreak that it has shutdowns and staff strikeit directly affected global iPhone shipments.

some Estimates That iPhone production may decrease by up to 30% as a result of curbing the spread of the epidemic in China.

To reduce the risk of slowing down the production of its devices abroad, Apple decided to take matters into its own hands. Apple CEO Tim Cook confirmed on Tuesday that chips for Apple devices will now be made in the United States

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Apple silicon unlocks a new level of performance for our users. And soon many of these chips can be stamped “Made in America,” he wrote in the tweet.

A new plant in Arizona, operated by the contract chip maker, Cook said Taiwanese semiconductor industryIt will mark the beginning of a new era of advanced manufacturing in the United States.

This will be the first time in a decade that Apple will use US-made chips. The California-based company relies heavily on parts manufactured in Asian countries, In particular, China. Most of the chips that power Apple devices are Made in Taiwan.

The Apple CEO spoke at the TSMC factory under construction in Phoenix, along with President Joe Biden.

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“As many of you know, we work with TSMC to manufacture chips that help power our products around the world,” Cook said during the speech. to me bloomberg. “And we look forward to expanding this business in the coming years – as TSMC forms new and deeper roots in America.”

Apple plans to make silicon chips for most of its devices at its Phoenix plant. bloomberg mentioned. In the early years of manufacturing, the factory will produce fewer chips and use lower-quality technology than what Apple may require for its devices in 2024.

The company did not immediately respond luckComment request.

TSMC initially planned to spend $12 billion at our factory in Phoenix. Taiwanese company later increased Its investment amounts to nearly $40 billion, which it said is “the largest foreign direct investment in the history of the state of Arizona and one of the largest foreign direct investments in the history of the United States.”

The chip maker is said to be looking forward another plant Located in the United States as part of a larger effort to reduce reliance on Asia to make much of its chips.

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The plant is set in Arizona Opened in 2024.

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