Dow Jones Drops 500 Points as Treasury Yields Increase;  Bitcoin Drops Below $33,000

Dow Jones Drops 500 Points as Treasury Yields Increase; Bitcoin Drops Below $33,000

The Dow Jones Industrial Average fell 500 points Monday morning as the stock market correction worsened. Bitcoin slumped to its lowest level since July 2021. And the 10-year Treasury yield climbed to 3.14% after fresh highs on Friday.


Tyson Foods (TSN) was a major earnings move early Monday after reporting quarterly results ahead of the open. TSN shares erased early gains in morning trading. The stock forms a handled cup with 99.64 pick points.

electric vehicle giant tesla (TSLA) slipped more than 3% on Monday morning. Dow Jones leaders Apple (AAPL) and Microsoft (MSFT) is down more than 1% in today’s stock market.

Amid worsening stock market correction, Dow Jones leader Merck (MRK) – together Cheniere Energy (LNG), Exxon Mobil (XOM), food (NTR) and world wrestling fun (WWE) – Among the top IBD stocks to watch on Monday.

Cheniere Energy, Microsoft, Nutrien, and Tesla are IBD Leaderboard stocks. Exxon and Merck were featured in last week’s Equities Near A Buying Zone column.

Dow Jones Today: Treasury Yields, Oil Prices, Bitcoin

After Monday’s opening, the Dow Jones Industrial Average fell 1.5% and the S&P 500 fell 1.9%. The Nasdaq fell 2.1% in morning trading.

Among exchange-traded funds, the Nasdaq 100-follower Invesco QQQ Trust (QQQ) tumbled 1.5%. The SPDR S&P 500 ETF (SPY) fell 1.6%.

The 10-year Treasury yield rose 3.14% on Monday morning. On Friday, the 10-year Treasury yield closed at 3.12%, its highest level since November 2018. Meanwhile, US oil prices lost about 3%. West Texas Intermediate crude was trading at just under $107 a barrel.

Bitcoin dropped below $33,000 on Monday morning and slumped as low as $32,650 before meeting some losses. Bitcoin price is at its lowest level since July 2021, when it dropped as low as $28,825, according to CoinDesk. cryptocurrency exchange coin base (COIN) stumbled around 6% and the ProShares Bitcoin Strategy ETF (BITO) fell nearly 9% on Monday morning.

Stock Market Correction Deepens

On Friday, the stock market had another disappointing performance as major stock indexes fell for the second time in a row. The Nasdaq took the brunt of the selling and saw a new low correction down 1.4%.

The Big Picture column on Friday said, “The Dow Jones’ 0.2% drop this week wasn’t exactly a punch to the 30 stock index. Still, Dow industries are in its sixth week and it’s not (the index) is at its lowest level to date. It’s far from falling below 32,272.”

If you’re new to IBD, consider taking a look at the stock trading system and CAN SLIM basics. Recognizing chart patterns is a key to trading guidelines. IBD offers a wide variety of growth stock listings such as Leaderboard and SwingTrader.

Investors can also create watch lists, find companies that are approaching a point of purchase, or develop custom screens on IBD MarketSmith.

Five Dow Jones Stocks to Watch Now

Dow Jones Stocks To Watch: Merck

Dow Jones drug stock Merck is below the handle cup base 89.58 buying point after a brief exit attempt in recent weeks. Shares rose 0.4% on Friday and closed about 1% below the latest entry. Merck stock was down 1% on Monday morning.

On a positive note, the stock’s relative strength streak recently hit new highs, showing massive stock market performance during the current stock market correction.

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

Stocks to Watch: Cheniere, Exxon, Nutrien, WWE

Cheniere Energy is just below the flat base 149.52 retracement after Friday’s gain of 3.1%. LNG shares were down around 1% on Monday morning.

Energy giant Exxon Mobil beat out one trophy on Wednesday with 89.90 points of purchase. The stock is in the 5% buy range, as high as 94.40 according to IBD MarketSmith chart analysis. Exxon shares were down nearly 3% in the early hours of Monday.

IBD Leaderboard stock Nutrien is still struggling to recover from its 50-day line, a key support level, amid Friday’s gains of 0.3%. Nutrien stock fell more than 3% Monday morning.

World Wrestling Entertainment continues to pursue a flat sole with 63.81 pick points. Shares are below the 50-day line after two days of sharp losses. WWE shares tumbled more than 1% on Monday.

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

Tesla Stock

Tesla stock slid more than 3% Monday morning, threatening to add on Friday’s 0.9% loss and extend its losing streak to three sessions. Stocks are again below the 50 and 200-day lines.

Shares of the EV giant finished Friday about 25% behind the handle cup base’s 1,152.97 point of purchase. The stock climbed as high as 1,243.49 on Nov. 4 and is about 30% off its all-time high.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones shares, Apple shares rose 0.3% on Friday, but are still below the 200-day mark. Apple shares fell 1.2% on Monday.

Software leader Microsoft fell 0.9% on Friday for the second consecutive session. The stock closed more than 20% from its 52-week high. MSFT shares were down 1.1% on Monday morning.

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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