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Dow Jones Up 600 Points As Goldman, J&J Report Earnings; Netflix Earnings Due

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The Dow Jones Industrial Average rose more than 600 points before cutting gains on Tuesday as Goldman Sachs and Johnson & Johnson reported earnings results and global markets posted healthy gains. Netflix earnings will be paid out after the market closes.


Stock Market Today: Earning Season Continues

Third quarter earnings season continues with results from Dow Jones stocks Goldman Sachs (GS) and Johnson and Johnson (JNJ) Early Tuesday. Netflix (NFLX) will kick off tech gains after the market closes.

Goldman Sachs stock rose 4.5% after beating earnings and sales forecasts. J&J shares fell more than 1% after the company announced strong results, but it shortened its full-year sales guide.

Electric vehicle leader tesla (TSLA) slashed its gains to nearly 1% on Tuesday as electric vehicle stocks surged in early trading. Tech giants among Dow Jones industrialists Apple (AAPL) and Microsoft (MSFT) also rose sharply after today’s stock market open.

Auto Zone (AZO), Cardinal Health (CAH), Molina Health (SB) and Vertex Pharmaceuticals (VRTX) – as well as Dow Jones stocks strip (CVX) and Merck (MRK) — among the best stocks to watch. Keep in mind that the ongoing stock market correction is a time for investors to sit on the sidelines and create watchlists for the top-growing stocks.

Cardinal Health and Vertex are IBD Leaderboard stocks. Merck and Molina Healthcare were featured in this week’s Stocks Near a Buy Zone column, along with two other key stock ideas. AutoZone became IBD Stock on Thursday. Cardinal Health was the Stock of the Day on Friday.

Dow Jones Today: Treasury Yields, Oil Prices

After the opening bell on Tuesday, the Dow Jones Industrial Average rallied 1.8%, gaining nearly 600 points. The S&P 500 gained 1.8 percent with Tesla. Aim (TGT) and Etsy (ETSY) is trading near the top of the list. The tech-heavy Nasdaq composite rose 1.9% in the morning movement.

Overseas, markets across Asia generally closed with strong gains. Markets in Europe rose sharply in the afternoon move.

Among exchange-traded funds, the Nasdaq 100-follower Invesco QQQ Trust (QQQ) rose 1.9% and the SPDR S&P 500 ETF (SPY) rose 1.8%.

The 10-year Treasury yield recovered early losses to trade narrowly above 4%, even with Monday’s close. US oil prices fell more than 1% on Tuesday, threatening to add to the recent string of losses. West Texas Intermediate futures held just over $83 a barrel.

Stock Market Rally Initiative Continues

On Monday, the Nasdaq composite took the lead with a 3.4% burst. The S&P 500 rose nearly 2.7% and the Dow Jones Industrial Average rose 1.9%.

Monday’s The Big Picture reported, “Indices are currently holding above Thursday’s lows, which marks the start of a rally attempt. Resistance tests are coming in at the 21-day exponential moving averages for the major indices. Not so in the last few attempts. It went well, so the 21 “The daily lines are definitely worth watching. Also keep in mind that indices are bouncing from oversold levels. So waiting for a follow-up is the first step in turning risk back into stocks.”

Psychologically, it can be a challenging process to monitor the functioning of the market with repeated rally attempts. Investors want to keep watchlists handy to jump into the following day breaks. But not all follow-ups work, so buying too soon or with too much faith can lead to disappointment.

That’s why it’s important to increase exposure slowly and methodically as the uptrend proves itself.

Check out IBD Stock Lists like the IBD 50 and Stocks Near a Buying Zone for stock ideas.

Five Dow Jones Stocks to Watch Now

Dow Jones Stocks to Watch: Chevron, Merck

Energy giant Chevron continues to hold above support at its 50-day line and consolidates below the buy point of 182.50 ahead of the company’s October 28 earnings announcement. Chevron shares rose 0.6% in the early hours of Tuesday, ignoring the drop in oil prices.

CVX stock has a strong 98 out of an excellent 99 IBD Compound Rating according to IBD Stock Control. Investors can use the IBD Composite Rating to easily measure the quality of a stock’s fundamental and technical metrics.

Merck, a Dow Jones member and IBD 50 stock, surpasses the double bottom 93.12 buy point, According to IBD MarketSmith pattern recognition. The relative strength line reached a new high last week. Third-quarter earnings results will be announced on October 27, before the opening bell.

Merck shares rose 0.3% on Tuesday morning and are above the buy point.

The 4 Top-Growing Stocks to Watch on Current Stock Market Fix

Best Stocks to Watch: AutoZone, Cardinal, Molina, Vertex

AutoZone, the auto parts leader and recent IBD Stock of the Day, is about 3% off the 2,362.34 point of purchase of a cup bottom. Watch out for a potential handle to offer a lower entry. AutoZone shares were up 0.2% earlier on Tuesday.

IBD Leaderboard stock and medical leader Cardinal Health form a flat bottom with 72.38 buy points, according to IBD MarketSmith chart analysis. Winnings will be paid on November 4th. Shares rose 1.8% on Tuesday.

Molina Healthcare closed Monday just 2% below the flat base’s 361.35 retracement point. The stock’s RS line hit a new high last week, confirming that the health stock is a leader to watch. Molina’s earnings are expected to be announced on October 26. SB stock rose 1.4% early Tuesday.

Biotech leader Vertex Pharmaceuticals continues to build on a flat footing, with points of purchase of 306.05 and early entry at 296.90. The RS series has set a new record in recent sessions, a sign of massive stock market performance. Winnings will be paid on October 27. Shares rose 1.8% on Tuesday morning.

Netflix Earnings

Netflix earnings will be paid out on Tuesday after the stock market closes. The streaming giant’s adjusted earnings are expected to fall 33% to $2.14 on revenue of $7.83 billion.

Netflix shares form a double bottom with 250.49 points of purchase. The stock is down nearly 65% ​​from its 52-week high.

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

Tesla Stock

Tesla stock rose 7% on Monday and nearly erased Friday’s 7.55% drop. On Friday, shares closed at their lowest level since June 2021. Despite Monday’s gain, the stock is still about 47% down from its 52-week high. Tesla shares rose 1.1 percent on Tuesday.

The EV giant’s third-quarter results will be announced late Wednesday. Tesla is expected to earn an adjusted $1.01 per share from $22.1 billion in sales.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones shares, Apple shares rose 2.9% on Monday and rebounded from Friday’s sell-off of 3.2%. Still, shares are about 23% below their 52-week high and below the 50- and 200-day lines. AAPL stock rose 2.7% on Tuesday morning.

Microsoft rose 3.9% on Monday and continued its recovery from last week’s 52-week low. The software giant is about 32% off its 52-week high. Shares rose 2.3% earlier on Tuesday as the company reported laying off nearly 1,000 people. Meanwhile, Barclays maintained an overweight rating on Dow Jones stock, lowering its price target from 335 to 310.

Apple’s earnings are expected on October 27, while Microsoft’s earnings are expected on October 25.

Be sure to follow Scott Lehtonen on Twitter. @IBD_SLehtonen For more information on growth stocks and the Dow Jones Industrial Average.


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