October 2, 2022

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Dow Jones reflects on the background of key economic data; 10-year Treasury yield near 11-year high

Dow Jones reflects on the background of key economic data;  10-year Treasury yield near 11-year high

The Dow Jones Industrial Average reversed higher Thursday morning after jobless claims unexpectedly fell for the first time, retail sales rose and factory indices fell. Meanwhile, the 10-year Treasury yield is still about to hit an 11-year high in June.




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The Labor Department’s initial jobless claims fell to 213,000. It was expected to rise to 228,000 from 222,000 in the previous week. US retail sales rose 0.3% in August versus July, easily topping Econoday’s estimates of overall sales stabilizing. But the Philadelphia Fed Manufacturing Index came in at -9.9, well below the expected 3.1.

Elsewhere, a tentative agreement was reached to avoid a rail strike early Friday, the Biden administration announced. That news lifted shares of railway companies such as CSX (CSX) And the Union Pacific (UNP) after it sank wednesday.

Adobe (ADBE) posted better-than-expected quarterly earnings, but revenue missed a bit as the company released results before the opening rather than its usual post-close report. The reason is that the software giant confirmed that it is buying online design collaboration company Figma for $20 billion. ADBE stock is down 13%.

electric car leader Tesla (TSLA) rose 1% on Thursday. between the Dow Jones Industriestech giants apple (AAPL) And the Microsoft (MSFT) was lower yet stock market today Open.

In light of the current volatility of the market, Arista Networks (Network), double check (DV), Palo Alto Networks (bano) And the pure storage (PSG) – So is Dow Jones stock chevron (CVX) – among the top stocks to buy and watch. Keep in mind that the increased volatility in the market is a good reason for investors to be more defensive, especially after the market plunged on Tuesday.

DoubleVerify is a file IBD Leaderboard stock. It was Chevron and Palo Alto It appeared in the stock column near the buy zone for this week.

Dow Jones today: Treasury yields and oil prices

After the opening bell on Thursday, the Dow Jones Industrial Average reversed its early losses to rise 0.25%, while the S&P 500 rose 0.1%. The tech-heavy Nasdaq Composite was up 0.1% in the morning’s move.

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within Exchange Traded FundsNasdaq 100 Invesco QQQ Trust Tracker (QQQ(Up 0.2%, the SPDR S&P 500 ETF)spy) is up 0.15% in early trade.

The 10-year Treasury yield rose to 3.45% Thursday morning. On Tuesday, the 10-year Treasury yield hit its highest closing level since June 14 and is close to an 11-year high of 3.48% hit on June 14.

US oil prices fell more than 1% early Thursday, with West Texas Intermediate crude futures trading around $87 a barrel. Natural gas futures fell 6% as a rail strike averted, which means coal shipments will not be disrupted. Natgas futures are up 9% on Wednesday.


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Stock market rise under pressure

On Wednesday, the Nasdaq Composite Index led the way, rising 0.7%. The S&P 500 amassed a 0.3% gain, while the Dow Jones Industrial Average rose only 0.1%.

Wednesday big picture column He commented, “Energy is still ranked #1 on IBD’s equity research charts In terms of performance in the medium and long term. The sector is up 4% on Tuesday on a price-weighted basis. Confirmation of the upside move: SPDR (energy limiting sector).XLE) rose 2.8% amid gains in crude oil futures in five sessions to $88.98 a barrel. VanEck Oil Services (OIH) made 3.6%”.

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Five Dow Jones stocks to watch right now


Dow Jones stocks to watch: Chevron

Chevron’s stock in Dow Jones rose 2.4%, again close to a cup with the last buying point of the handle at 166.93 – according to IBD Market Smith Chart Analysis – Amid the strong performance of energy stocks this year so far. The stock is down 1.45% early Thursday.

CVX stock Shows a strong 97 out of a perfect 99 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.


Top 3 Growth Stocks to Buy and Watch at Cursstock market rally


Top Stocks to Watch: Arista, DoubleVerify, Palo Alto Networks, and Pure Storage

Arista Networks added a handle to the double-bottom base, placing the correct insert at 132.97, according to IBD Market Smith Graph analysis. An early entry at 126.80 is also in play. Arista’s relative strength line is close to the highs. ANET shares were down slightly early Thursday.

IBD stock leaderboard DoubleVerify is above 28.07 buying points at a bottom base. Stocks are in the 5% buy zone which comes to 29.47. DV shares lost 2% Thursday morning.

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Cybersecurity leader Palo Alto Networks is close to 193.01 handle-cup buying points despite Wednesday’s 0.5% drop. There is an early entry around 187 due to the trend line, according to IBD Leaderboard Suspension. Shares lost nearly 1% on Thursday.

Pure Storage approaches the $31.62 buy point in a cup with a handle. Meanwhile, early entry is also made after the stock moved above the downtrend line inside this handle. Shares fell more than 1% on Thursday.


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Tesla Stock

Tesla stock It rose 3.6%, rebounding from Wednesday’s 4% slide. Stocks regained the 200 day streak, which they just gave up. The electric car giant rose 1% Thursday morning.

The shares are up about 27% from their 52-week high.

Dow Jones Leaders: Apple and Microsoft

within Dow Jones stockApple shares rose 1% on Wednesday, offsetting a small portion of Tuesday’s 5.9% decline. They stay below the 50 day and 200 day streaks. The stock is about 14% off a buy point at 176.25 from a cup with a handle. Apple stock fell 0.3% on Thursday.

Microsoft rose on Wednesday, failing to recover much of Tuesday’s 5.5% drop. The software giant is still sharply below the 50-day and 200-day streaks. Shares are down 28% from their 52-week high. Microsoft shares fell 1.2% Thursday morning.

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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