Dow Jones futures, as well as S&P 500 and Nasdaq futures, showed signs of growth on Wednesday morning following positive economic data. The Commerce Department reported a 0.2% rise in new durable goods orders in August, exceeding expectations of a 0.3% decrease. Additionally, key earnings reports from companies like Costco and Paychex were released, with Costco reporting better-than-expected earnings and sales results. Despite this positive news, Costco’s stock saw a decline of 1.6% in morning trade. Other notable stocks to watch in the ongoing stock market correction include Apple, Microsoft, Airbnb, DraftKings, Meta Platforms, and Uber Technologies.
On Tuesday, all three major stock indexes experienced a decline, hitting new correction lows. The Wall Street is concerned about various factors, including the possibility of higher interest rates and inflation. As a result, investors are urged to read IBD’s The Big Picture column for insights into the stock market outlook during this correction period. Furthermore, it is essential to understand how to handle the ongoing market weakness and prepare for a potential new uptrend.
Among the Dow Jones stocks, Amgen and Caterpillar showed signs of progress. Amgen’s stock rose 0.4% and finished the day above its buy point, while Caterpillar continued to form a flat base with a buy point from strong gains in the past few months. Airbnb, DraftKings, Meta Platforms, and Uber Technologies are also stocks to watch as they continue to develop cup-with-handle bases and exhibit potential for growth.
Tesla stock experienced a 1.2% decrease on Tuesday, remaining significantly below its 50-day line. Although it has an official cup-with-handle base with a buy point, its shares are still about 11% away from reaching that entry point. In terms of other Dow Jones leaders, Apple stock experienced a 2.3% decline, hitting a new low. Microsoft shares also saw a drop of 1.7%. It is important to follow market trends and the performance of growth stocks during this time.
Overall, despite the market correction, there are stocks showing signs of growth and potential. It is crucial for investors to stay updated on the latest trends and research to make informed decisions.