Dow Jones Sinks 500 Points in Jobs Report; AMD shares plunge on revenue warning

The Dow Jones Industrial Average sank 500 points on Friday morning after the Labor Department’s stronger-than-expected September jobs report. advanced micro devices (amd) sank 8% and triggered an early sell-off among chip stocks, issuing weaker-than-expected preliminary third-quarter earnings results Thursday night.


AMD warned that the weakness was a combination of a “weaker-than-expected PC market and significant inventory correction actions across the PC supply chain.” In the meantime, Taiwan Semiconductor Manufacturing (SST) posted higher-than-expected quarterly revenues. But shares were still down 3.5%.

Stock Market Today: Jobs Report

september jobs report it came out before the open on Friday, at 8:30 am ET. The US economy grew by 263,000 jobs in September, beating Econoday estimates that called for 250,000 job growth. The unemployment rate fell to 3.5%, below the estimate of 3.7%.

Aehr test systems (oh) offset early action from the chip sector. It’s beat Wall Street estimates for its first fiscal quarter and maintained its strong growth targets for the full year. Shares were up more than 12% in morning trading.

lyft (LYFT) fell more than 5% after RBC downgraded the stock from outperformer to sector performer with a price target of 16, down from 30. Twitter (TWTR) decreased 1% on Friday morning, as a judge ruled that Elon Musk Must Complete His $44 Billion Twitter Deal by October 28, or else he will face trial in November.

electric vehicle leader Tesla (TSLA) traded 3.1% lower on Friday. Among the industrialists of the Dow Jones, the technological titans Apple (AAPL) Y Microsoft (MSFT) were both markedly lower after stock market today open.

As the stock market continues to wait for a reversal day, Cummins (CMI), murphy USA (MUSE), Neurocrine Biosciences (NBIX), Vertex Pharmaceuticals (VRTX) Y World Wrestling Entertainment (WWE), as well as Dow Jones stocks United Health (UNH), are among the main actions to take into account. Amid this week’s volatility, the state of the market remains “correcting” and investors should remain on the defensive.

Vertex is a recent addition to IBD classification table. Cummins is a IBD SwingTrader Values. Murphy USA appeared on Stocks column near a buy zone this week, along with three other main ideas about actions. The world struggle was stock of the day on September 29. Neurocrine was a stock of the day on September 26.

Dow Jones Today: Treasury Yields, Oil Prices

After the opening bell on Friday, the Dow Jones Industrial Average fell 1.7%, while the S&P 500 lost 2.2%. The Nasdaq Tech Composite fell 2.8%, with AMD, nvidia (NVDA), Intel (INTC) Y ASML (ASML) leading the falls.

Among exchange traded fundsNasdaq 100 follower Invesco QQQ Trust (QQQ) was down 2.6%, and the SPDR S&P 500 ETF (TO SPY) fell 2%.

The 10-year Treasury yield rose to 3.9% on Friday morning. The 10-year Treasury yield fell as much as 3.56% this week before recovering. Last week, the 10-year Treasury yield briefly topped 4%, which it hadn’t done in over a decade.

Meanwhile, US oil prices continued this week’s rally, rising more than 1% on Friday. West Texas Intermediate futures rose nearly $90 a barrel. Last week, oil fell to its lowest level of the year, around $76 a barrel, before recovering.

Stock market rally attempt

On Thursday, the Dow Jones Industrial Average fell 1.1%, while the S&P 500 closed down 1%. The Nasdaq Composite lost 0.7% and the small-cap Russell 2000 fell 0.6%. The S&P 500 and the Nasdaq remain above their latest lows, so your rally attempts remain intact.

Monday’s market rally kicked off a new recovery attempt, which was its Day 1. However, if the major indices break down from their September 30 lows, that would shut down the recovery attempt and leave the market still looking for A background.

Thursday’s The Big Picture commented“Thursday was Day 4 of the stock market’s attempted rally, so investors are now patiently waiting for a follow-up day, which will signify the start of a new uptrend. Keep in mind that not all trails work, so it’s important to increase exposure slowly and methodically, as the uptrend proves itself.”

Now, before a possible follow-up day, is the perfect time to build a strong watch list of high-yield stocks. Many long-term leaders tend to break at or near the follow-through, the market bottom signal. Missing out on that early opportunity can be a costly mistake.

One challenge in forming a watchlist during a correction is that while you wait for a day of tracking, stock charts can change. That means some foundations among the stocks on your watch list may deteriorate. Therefore, the update is important.

Verify IBD Stock ListsAs the IBD 50 Y Stocks near a buy zonefor more stock ideas.

Five Dow Jones Stocks to Watch Now

Dow Stocks to Watch: UnitedHealth

Dow Jones shares UnitedHealth fell 1.5% on Thursday, snapping a three-day winning streak and finding resistance at the key 50-day line. Stocks are building a flat base that has a buy point of 553.23, according to IBD MarketSmith chart analysis. UNH shares fell 1.55% on Friday morning.

UNH shares shows a solid 94 from a perfect 99 IBD Composite Classification, for him IBD stock check. Investors can use the IBD Composite Rating to easily gauge the quality of a stock’s fundamental and technical metrics. UnitedHealth reports its third-quarter results on October 14.

4 top growth stocks to watch in the CurrCurrent Stock Market Correction

Top stocks to watch: Cummins, Murphy USA, Neurocrine, Vertex, WWE

Cummins is moving quickly up the right side of a cup base that has a buy point of 233.95. Stocks rallied back to their 50-day line this week in heavy volume, a positive sign. The company’s next earnings results are due on November 4. Cummins shares were down 0.7% on Friday morning.

Gas station and convenience store leader Murphy USA is building a flat base with a buy point of 303.19. Shares fell 1.5% on Thursday, continuing lower after Tuesday’s bearish reversal. The stock is finding strong resistance at its 50-day line. A decisive rally from this level would be bullish for equities’ base-building prospects. Third-quarter earnings results will be released on October 26. Shares fell 1.4% on Friday.

Neurocrine Biosciences is in the 5% buy area beyond the 109.36 buy point of a flat base, according to IBD MarketSmith chart analysis. The RS line made a new high on Thursday, a bullish sign. Shares rose 0.7% early Friday.

IBD classification table Vertex Pharmaceuticals is rapidly approaching the buy point of 306.05 from a flat base and above an early entry at 296.24. While the weak state of the market may keep you on the sidelines, stock resilience makes it a good idea to watch. Its RS line is just off new highs, a potential sign of a big outperformance in the stock market. VRTX shares fell 0.3% on Friday.

World Wrestling Entertainment is trying to top the 75.33 entry from a cup base, but closed around 3% below the entry after Thursday’s 0.7% drop. The RS line reached a new high this week. Shares of WWE rose 0.1% on Friday.

Join IBD experts as they discuss the leading stocks in the current stock market rally attempt on IBD Live

Tesla Stock

tesla shares it fell 1.1% on Thursday, closing at its lowest level since July 13. Shares fell 3.1% on Friday morning as CEO Musk tweeted, “Excited to announce the start of production of the Tesla Semi Truck with deliveries to @Pepsi on December 1!” He added: “500 mile range and great fun to drive.”

Stocks are 40% below their 52-week high and well below their 50- and 200-day lines. The electric vehicle giant’s third-quarter results are due on October 19.

Dow Jones Leaders: Apple, Microsoft

Among dow jones stocksApple shares fell 0.7% on Thursday, ending a three-day winning streak. The stock is still 21% below its 52-week high and below its 50- and 200-day lines. Third quarter earnings results are due Oct. 27. Apple shares fell 2.6% on Friday morning.

Microsoft fell 1% on Thursday, snapping a three-day winning streak. The stock is still recovering from last week’s 52-week low price. The software giant remains around 30% below its 52-week high. Microsoft shares fell 4% early Friday.

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


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