Dow Jones builds up before decision to raise Fed rates as 10-year Treasury yield falls

The Dow Jones Industrial Average was up Wednesday morning ahead of the Federal Reserve’s next decision on interest rate hikes. The 10-year Treasury yield fell after this week’s big gains.

Shares of Bitcoin and cryptocurrency fell sharply again. According to CoinDesk, the price of Bitcoin fell by about 3%, hovering just above $ 21,000. Coinbase (COIN) fell nearly 1%, while MicroStrategy (MSTR) rose 2%.

China’s search engine giant Baidu (BIDU) rose nearly 2% after opening, after Reuters reported that the company was in talks to sell its stake in the video platform iQiyi (IQ). Baidu holds 53% and more than 90% of the voting rights of the company’s shareholders. The deal could be valued at about $ 7 billion, Reuters said. Shares of iQiyi fell 1%.

Electric vehicle giant Tesla (TSLA) was trading nearly 2% higher on Wednesday. Elsewhere, technology leaders Dow Jones Apple (AAPL) and Microsoft (MSFT) rose 1% and 1.4%, respectively, after the stock market opened today.

Amid a stock market crash, Dow Jones, Chevron (CVX) and Diamondback Energy (FANG), HealthEquity (HQY), Northrop Grumman (NOC), Quanta Services (PWR) and World Wrestling Entertainment (WWE), are among the actions that hold up better despite the weakness of the market.

How much is the value of the IBD ranking watchlist. And WWE appeared in the Stocks Near A Buy Zone column this week. HealthEquity was the stock for IBD on Tuesday.

Federal Reserve meeting: 4 key questions will mark the outlook for Dow Jones

Dow Jones today: Treasury yields, oil prices, Fed decision

Following Wednesday’s opening, the Dow Jones Industrial Average rose 1.2%, with JPMorgan (JPM) leading the initial advance. The S&P 500 gained 1.4% and the Nasdaq technology composite gained 1.7%.

Among the funds traded on the stock exchange, the crawler of the Nasdaq 100 Invesco QQQ Trust (QQQ) rose 1.7%. The SPDR S&P 500 ETF (SPY) rose 1.4% in early trading.

The 10-year Treasury yield fell to 3.37% on Wednesday morning after jumping to 3.48% on Tuesday, its highest level since April 2011. Meanwhile, oil prices in the United States United States remains close to recent highs, with West Texas Intermediate trading at around $ 118 a barrel. In early March, the WTI briefly topped $ 130 a barrel.

The Fed will conclude its last two-day policy meeting on Wednesday, with a decision on interest rates at 2 p.m. ET. The post-meeting press conference with Federal Reserve Chief Jerome Powell will be held at 2:30 p.m. Financial markets are priced at a 95% chance of a 0.75 point rate hike, according to the CME Group’s FedWatch page.

In other economic data, U.S. retail sales fell 0.3% in May, worse than the expected 0.1% increase, according to Econoday estimates. Meanwhile, the Empire State’s manufacturing index lost estimates, reaching -1.2, compared to the expected reading of 5.5.

Stock market correction

The stock ended in mixed stock on Tuesday as the Dow Jones Industrial Average was down 0.5%, while the Nasdaq was up 0.2%.

Tuesday’s The Big Picture column commented: “After falling 10.6% in the previous three sessions, the Nasdaq compound gained 0.2% on the stock market today. The Nasdaq lowered its 20-day low on Monday May, paving the way for a possible test of its September 2020 low of 10,519 “.

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Investors can also create watch lists, find businesses near a point of purchase, or develop custom screens in IBD MarketSmith.

Four Dow Jones stocks to see now

Dow Jones stocks to watch: Chevron

Dow Jones leader and energy giant Chevron dropped 174.86 buying points from its flat base, according to analysis by the IBD MarketSmith chart, after rising 0.1% on Tuesday. CLC shares slowly fell on Wednesday morning.

CVX’s stock has a perfect composite score of 99 IBD, according to the IBD stock review. Investors can use the IBD compound rating to easily measure the quality of the fundamental and technical metrics of a stock.

Two most important growth stocks to observe in the current stock market correction

Actions to watch: Diamondback, HealthEquity, Northrop, Quanta, WWE

Energy leader Diamondback Energy is in a buy range above the 148.09 buy-out points of a consolidation base, as shares rose 1.2% on Tuesday to find support around its line of 50 days. Keep in mind that the weak market environment should keep you out of the way. Shares of FANG fell 1% on Wednesday morning.

The stock on Tuesday’s IBD, HealthEquity, went beyond a drink with a 66.23 buy point as shares rose 5.9% on Tuesday. Shares rose 0.5% Wednesday morning.

Northrop Grumman is trying to find much-needed support for its 50-day moving average and is about 5% below the 477.36 point of purchase of its cup with handle. Shares of NOC were up 1% on Wednesday.

Big Cap 20 Stock Quanta Services is tracing a cup with a 138.56 handle purchase point. Stocks are on their 50-day line, which is a key support level to watch. Shares of Quanta rose 0.5% early Wednesday.

IBD Leaderboard’s World Wrestling Entertainment shares remain just above 63.81 flat base buy points, according to analysis by the IBD MarketSmith chart, as WWE shares rose on Tuesday. On May 25, the shares staged a sharp break after entry. But stocks are just above the latest entry in the new wave of sales in the market. WWE shares rose nearly 1% early Wednesday after Morgan Stanley raised its target price from 60 to 75.

According to the rating table’s comment, the relative strength of WWE’s line of action is at an all-time high and has been gaining ground since January. The base is the first stage, a bonus for the graphic.

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Tesla stock

Shares of Tesla gained 2.4% on Tuesday, breaking a three-day loss streak. Shares appeared to add to those gains, trading nearly 2% on Wednesday morning.

Shares are still well below their 50- and 200-day moving averages. Shares of Tesla traded up 1,243.49 on November 4. Shares are around 48% of this all-time high.

Dow Jones leaders: Apple, Microsoft

Among Dow Jones equities, Apple shares rose 0.7% on Tuesday, but are still at their lowest level since June 2021. Shares are well below their 200 line. long-term days and are around 28% of their 52-week maximum. Shares of AAPL rose 1% on Wednesday.

Software leader Microsoft gained 0.9% on Tuesday, but remains well below its 50- and 200-day lines. Shares reached a 52-week low on Tuesday and have a 30% discount on their 52-week high. Shares of MSFT were up 1.4% on Wednesday.

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