Dow Jones Falls As Alphabet, Microsoft Dive On Earnings; Meta Earnings Next – Investor's Business Daily

Dow Jones Falls As Alphabet, Microsoft Dive On Earnings; Meta Earnings Next – Investor's Business Daily

Dow Jones Falls As Alphabet, Microsoft Dive On Earnings; Meta Earnings Next – Investor's Business Daily 1012 572 charlie

BREAKING: Futures Rise Ahead Of Half-Day Session

IBD Digital Black Friday Offer
IBD Digital Black Friday Offer

The Dow Jones Industrial Average dropped, while the tech-heavy Nasdaq composite sold off Wednesday morning, as tech titans Alphabet (GOOGL) and Microsoft (MSFT) dived on quarterly earnings results. Next up, Meta Platforms (META) earnings are due out after the close.
Alphabet slid 7.7% after the company reported September-quarter profit and revenue that missed estimates as its core digital advertising business fell short of lowered expectations.
Microsoft stock dived more than 8% after the software giant edged above Wall Street’s targets for its fiscal first quarter, thanks to growth in its cloud-computing businesses. But it guided much lower than views for the current period.
Dow Jones stock Visa (V) reported late Tuesday, while Boeing‘s (BA) earnings came out early Wednesday. Chipotle Mexican Grill (CMG), Enphase Energy (ENPH), Matador Resources (MTDR), Spotify (SPOT) and Wingstop (WING) were also among the key reporters Wednesday morning.
Visa stock rose around 1.5%, and Boeing shares were up and down after a broad revenue and earnings miss. Chipotle shares declined more than 1%. Enphase jumped 10%, while Matador Resources stock inched lower in morning trade. SPOT stock skidded 6%, as Wingstop shares bolted 12% higher on strong results.
Electric-vehicle giant Tesla (TSLA) traded up more than 1% Wednesday morning, while Dow Jones tech leader Apple (AAPL) was squarely lower after today’s stock market open.
AutoZone (AZO), Cardinal Health (CAH), Eli Lilly (LLY) and Texas Roadhouse (TXRH) — as well as Dow Jones stocks Merck (MRK) and UnitedHealth (UNH) — are among the top stocks to watch. Keep in mind that the new stock market rally is the perfect time for investors to put their watchlists into action, and to hone their pyramiding technique.
Young rallies, particularly those fighting bear markets, often fail. Pyramiding provides a method of moving into new stock positions incrementally, in order to minimize risk to capital.
Cardinal and Texas Roadhouse are IBD Leaderboard stocks. UnitedHealth was featured in this week’s Stocks Near A Buy Zone column, along with three other top stock ideas.
After Wednesday’s opening bell, the Dow Jones Industrial Average fell 0.1%, while the S&P 500 moved down 0.7%. The Nasdaq sold off 1.8% in morning action, with Alphabet, Microsoft and Texas Instruments (TXN) trading at the bottom of the list.
Among exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) traded down 2.2%, and the SPDR S&P 500 ETF (SPY) fell 0.9%.
The 10-year Treasury yield ticked lower to 4.06% Wednesday morning, extending Tuesday’s drop. Earlier this week, the 10-year Treasury yield closed at 4.23%, settling at its highest level since June 2008.
Meanwhile, U.S. oil prices rose almost 1% Wednesday, as West Texas Intermediate futures traded above $86 a barrel.
Meta Continues Tech Titan Sell-Off; Here Comes Apple
On Tuesday, the Dow Jones Industrial Average rallied 1.1% and the S&P 500 advanced 1.6%. The tech-heavy Nasdaq composite climbed 2.25%.
Tuesday’s The Big Picture commented, “The crop of technical breakouts and bullish setups has been rising, helped by a market tide that is flowing positive once again. Increasing market exposure is fine, but pay attention to the ticker tape’s feedback when it comes to new buys. Are they making progress past proper entries? If so, that should make you feel good about increasing exposure.”
Now is an important time to read IBD’s The Big Picture column. Following Friday’s gains, investors want to put their curated watchlists to work, in order to jump on future breakouts. But not all follow-throughs work, so it’s important to raise exposure slowly and methodically, as the new uptrend proves itself.
Check out IBD Stock Lists, like the IBD 50 and Stocks Near A Buy Zone, for stock ideas.
Five Dow Jones Stocks To Watch Now
Dow Jones member and IBD 50 stock Merck is at the top of its buy range above its double-bottom-base 93.12 buy pointaccording to IBD MarketSmith pattern recognition, following Tuesday’s 0.35% rise. The 5% buy area goes up to 97.78. Third-quarter earnings results are due Thursday before the opening bell.
Merck shares traded up 1% Wednesday morning.
Health care giant UnitedHealth is approaching a cup-with-handle’s 553.23 buy point, according to IBD MarketSmith pattern recognition. Shares fell 0.25% Tuesday, holding close to the stock’s latest entry. UNH stock inched higher Wednesday morning.
4 Top Growth Stocks To Watch In The Current Stock Market Rally
Auto parts leader and recent IBD Stock Of The Day AutoZone is still in buy range past a cup base’s 2,362.34 buy point after tacking on 1.35% Tuesday. The 5% chase zone goes up to 2,480.46. AutoZone shares traded down 1.25% Wednesday.
IBD Leaderboard stock Cardinal Health is in buy range past a 71.22 entry out of a short cup with handle, according to IBD MarketSmith chart analysis. Shares are also above a flat base’s 72.38 buy point. Earnings are set for Nov. 4. CAH stock was up 1.3% early Wednesday.
IBD SwingTrader stock Eli Lilly closed at the top of its buy range past a flat base’s 335.43 buy point, climbing 1% Tuesday. Shares were up 0.7% Wednesday morning.
Texas Roadhouse reclaimed a flat base’s 95.52 buy point during Tuesday’s 1% gain. Earnings are due out Thursday. The stock was up 1.3% Wednesday.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla stock rallied 5.3% Tuesday, rebounding from Monday’s 52-week low. Earlier in the week, shares hit their lowest level since June 2021. The stock closed about 46% off its 52-week high.
Shares of the EV giant moved up 1.9% Wednesday morning.
Among Dow Jones stocks, Apple shares rallied 1.9% Tuesday, extending a win streak to three sessions. Still, the stock is about 17% off its 52-week high and below its 50- and 200-day lines. Apple earnings are Thursday after the close. AAPL stock moved down 0.8% Wednesday morning.
Microsoft rose 1.4% Tuesday, rising for a third straight day. Shares are still in rebound mode after hitting a 52-week low on Oct. 13. The software giant remains about 28% off its 52-week high.
Shares dived more than 8% Wednesday after the company’s earnings results.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
YOU MAY ALSO LIKE:
Top Growth Stocks To Buy And Watch
Learn How To Time The Market With IBD’s ETF Market Strategy
Find The Best Long-Term Investments With IBD Long-Term Leaders
MarketSmith: Research, Charts, Data And Coaching All In One Place
How To Research Growth Stocks: Why This IBD Tool Simplifies The Search For Top Stocks
11:33 AM ET Apple reportedly is eyeing U.K. soccer giant Manchester United. The FTC may try to block Microsoft’s planned Activision deal.
11:33 AM ET Apple reportedly is eyeing U.K. soccer giant Manchester United. The…
(© Dave Cutler)
Get instant access to exclusive stock lists, expert market analysis and powerful tools with 2 months of IBD Digital for only $20!
Get market updates, educational videos, webinars, and stock analysis.
Learn how you can make more money with IBD’s investing tools, top-performing stock lists, and educational content.
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the stocks they discuss. The information and content are subject to change without notice.
*Real-time prices by Nasdaq Last Sale. Realtime quote and/or trade prices are not sourced from all markets.
Ownership data provided by Refinitiv and Estimates data provided by FactSet.
© 2000-2022 Investor’s Business Daily, LLC. All rights reserved

source

    Would you like to receive notifications on latest updates? No Yes