The Dow Jones Industrial Average fell 160 points Monday morning, extending Friday’s sharp stock market losses. Twitter stock rose after news reports said the company and Tesla CEO Elon Musk are close to an agreement. And Dow Jones stock Coca-Cola was a key contributor to gains Monday morning.
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Twitter (TWTR) is up 4% after gaining 3.9% on Friday. Bloomberg reported that an agreement could be reached as early as Monday. Giant of electric vehicles Tesla (TSLA) slipped 3% on Monday morning.
Among Dow Jones executives Apple (AAPL) and Microsoft (MSFT) are both down around 1% in today’s stock market.
Amid fresh stock market correction, Dow Jones leads American Express (AXP) — along with IBD Leaderboard stocks LPL Finance (LPLA), Expedia (EXPE), Raytheon technologies (RTX) and sleeve (SHEL) – are among the top stocks to watch on Monday.
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 the IBD stock of the day on Thursday.
Dow Jones Today: Treasury Yields, Oil Prices
After Monday’s open, the Dow Jones Industrial Average was down 0.6%, while the S&P 500 fell 0.75%. The Nasdaq slipped 0.7% in morning trade.
Among exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust (QQQ) fell 0.7%. The SPDR S&P 500 ETF (SPY) fell 0.75%.
The 10-year government bond yield fell to 2.81% on Monday after closing at 2.91% on Friday. Last week, the 10-year Treasury yield hit its highest level since December 2018. Meanwhile, US oil prices fell nearly 5% as Texas Intermediate crude traded just above $97 a barrel.
New stock market correction
On Friday, the stock market closed significantly lower as major stock indexes sold off with heavy losses.
Friday’s The Big Picture column commented, “After being dismissed at its 200-day moving average on Thursday, the S&P 500 plunged 2.8%, beating Monday’s low. Index still holding above daily low of 16. Weak action was enough to turn IBD’s market outlook into a market correction.”
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Investors can also create watch lists, find companies approaching buy points, or develop custom screens at IBD MarketSmith.
Five Dow Jones stocks to watch right now
Dow Jones earnings: Coca-Cola
Dow Jones stock Coke (KO) on Monday morning reported better-than-expected first-quarter results, shares rose 2.6% in early morning trade.
KO shares closed about 13% above a buy point of 57.66 on a flat basis on Friday.
Dow Jones stocks to buy and look at: American Express
Dow Jones financials American Express closed about 7% off a cup on Friday with a buy point of 194.45 following the company’s first-quarter earnings results. AXP shares fell 0.8% on Monday morning.
Four top growth stocks to watchrightent stock market correction
Stocks to watch: LPL, Expedia, Raytheon, Shell
IBD leaderboard stock LPL Financial remains in a cup with grip above a 191.08 buy point, but double-digit gains faded during a three-day losing streak. On April 21, shares are up as much as 15.5% above entry, meaning the stock is on the verge of triggering the round-trip-sell rule, according to chart analysis by IBD MarketSmith. LPLA shares are down 1% Monday morning.
Thursday’s IBD stock Expedia builds a mug with a handle buying point of 204.08. Stocks are attempting to regain their 50-day moving average but are struggling at this key resistance level. EXPE stock shows 90 out of 99 perfect IBD Composite Ratings according to IBD Stock Checkup. Expedia’s shares fell 0.4% early Monday.
Defense contractor Raytheon Technologies gave up buy point of a flat base of 104.44 after last week’s sharp losses. RTX shares fell more than 1% Monday morning. Raytheon reports earnings on April 26th.
Oil & gas producer Shell fell below the buy point of a flat base of 56.23 after falling 2.15% on Friday. SHEL shares are down more than 3% Monday morning.
Join IBD experts as they analyze leading stocks in the latest stock market correction on IBD Live
Tesla stock
Tesla shares slipped 3% Monday morning and threatened to deepen Friday’s 0.4% drop.
Shares of the EV giant closed about 13% off Friday’s mug buy point of 1,152.97. The stock traded as low as 1,243.49 on Nov. 4, about 19% off that all-time high.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple stock triggered the 7%-8% loss cap rule from a buy point of 176.75 on a double bottom basis over the past few weeks. Apple stock fell further below its 50-day moving average on Friday and may be preparing for a test of the 200-day long-term moving average. The stock fell 1% Monday morning.
Software leader Microsoft sold 2.4% on Friday, still below its 50- and 200-day moving averages. The stock is down more than 20% from its 52-week high. MSFT shares fell 0.8% early Monday.
Apple and Microsoft report earnings this week.
Follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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