Dow Jones futures, S&P 500 futures, and Nasdaq futures are set to open Sunday evening. This week will be filled with news events, including Apple (AAPL) earnings, the Federal Reserve meeting, and the October jobs report. The stock market correction has worsened, with major indexes falling to multi-month lows. However, there were some gains on Friday, driven by Amazon.com (AMZN). Investors should proceed with caution and hold cash. Some big-cap tech stocks, such as Amazon, Meta Platforms (META), Microsoft (MSFT), and ServiceNow (NOW), are worth monitoring as they are nearing buy points. On Semiconductor (ON) and Arista Networks (ANET) will be reporting earnings early in the week. Apple will announce new Mac computers on Monday night. The Federal Reserve is not expected to hike rates during their meeting. The October jobs report will be released on Friday. Meta is on the IBD Leaderboard, while NOW is on the Leaderboard watchlist. MSFT is on IBD Long-Term Leaders. Microsoft and Meta are on the IBD 50, while Microsoft and ServiceNow are on the IBD Big Cap 20. A video in this article discusses the market action and analyzes Microsoft stock, as well as UnitedHealth Group (UNH) and Weatherford (WFRD).
Dow Jones futures, S&P 500 futures, and Nasdaq futures are set to open at 6 p.m. ET on Sunday. However, it’s important to note that overnight futures trading doesn’t always translate into actual trading during regular stock market sessions. Join IBD experts on IBD Live as they analyze leading stocks and the market.
The stock market correction continues to worsen, with the indexes experiencing sharp declines. Israel-Hamas fears have also played a role in the market’s performance. The Dow Jones Industrial Average fell 2.1% last week, while the S&P 500 and Nasdaq composite tumbled 2.5% and 2.6%, respectively. Despite a modest rise on Friday, the market still has a long way to go before signaling a convincing uptrend. The Russell 2000 and various ETFs also experienced notable declines.
Microsoft stock is one of the few stocks that has remained above its 50-day line. It saw a 1% increase last week. On the other hand, Meta stock fell 3.9% and is currently in consolidation. Amazon stock has the potential for a double-bottom base, while ServiceNow stock saw a 2.1% increase.
It is crucial to note that the stock market is currently in a correction, with all major indexes below their 200-day lines. It’s advisable to largely hold cash during this time. Investors should monitor stocks that are showing relative strength, such as Microsoft and ServiceNow. Energy plays like Weatherford are also worth considering. However, it’s uncertain which stocks and sectors will lead the market in the next uptrend. Stay engaged by running screens and reading The Big Picture every day to stay in sync with market direction and leading stocks and sectors.
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