Composite futures after SVB scheme; First Republic crashes due to bank scare

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Dow Jones futures fell 400 points on Monday morning as global markets grappled with the ongoing crisis between US banks. FDIC and other financial regulators all deposits guaranteed Of SVB Financial ,SIVB, Regulators also took control on Sunday signature bank ,SBNY, san francisco first republic ,FRC) despite premarket trading crashing 65% get extra money from the Federal Reserve and JP Morgan ,jpm,


On the economic front, all eyes will be on the Consumer Price Index on Tuesday. The CPI overall and excluding food and energy, is expected to rise 0.4%. This would reduce the headline CPI inflation rate to 6% from 6.1% in January, while the core inflation rate would decline to 5.5% from 5.6%.

Earnings continue this week at the end of the season Academy Sports & Outdoors ,aso, adobe ,adbe, dollar general ,dg, FedEx, ,FDX, five down ,five, gitlab ,gtlb) And lenar ,lane,

stock market today

drug giant pfizer ,PFE, Agreed to give $ 43 billion for biotech season ,sgen, Pfizer shares fell 2%, while SGEN shares climbed 18%.

Genetic Tool Leader Illumina ,ILMN) jumped more than 8% early on news reports that activist investor Carl Icahn plans to nominate three individuals to the company’s board of directors.

EV leader Tesla ,TSLA) traded up more than 3% on Monday morning after Wolfe Research downgraded the stock from Outperform. dow jones tech giants Apple ,AAPL) And Microsoft ,msft) strengthened before the stock market opened.

ibd leaderboard watch list stock Palo Alto Networks ,panw) And new relic ,New) — as well as Dow Jones stocks sales force ,crm) — are among the top stocks to see a correction in the new market.

palo alto is a ibd leaderboard watch inventory stock. New Relic was the IBD Stock of the Day recently. And Salesforce was featured in last week’s Stocks Near a Buy Zone column.

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Dow Jones Today: Oil Prices, Treasury Yields

Prior to Monday’s market open, Dow Jones futures fell 1.2% versus fair value, and S&P 500 futures were down 1.25%. Tech-heavy 100 futures were down 0.8% in morning action, led by Siegen and Illumina.

US exchange-traded funds include the 100 tracker Invesco QQQ Trust (QQQ) 0.8% and the SPDR S&P 500 ETF (Spy) dropped 1.25% in early Monday trading.

The 10-year US Treasury yield fell to 3.69% on Friday. Then on Monday, the 10-year yield fell to 3.51% in morning trade as safe-haven trading rallied bonds following the collapse of SVB. The dollar is weakening against the euro and yen.

Oil prices sold off on Monday morning after a brief rally on Friday. West Texas Intermediate futures slid nearly 5% in early trade, trading below $73 a barrel early on Monday. Gold and silver also gained sharply as investors searched for solid ground. Gold jumped 1.4% to above $1,892 an ounce. Silver climbed 3.3% to close at $21 an ounce.

The dollar moved against the trend against both the euro and the yen.

stock market correction

There was a sharp sell-off in the stock market on Friday as major stock indices closed with big losses. The Dow Jones Industrial Average declined 1.1% and the S&P 500 lost 1.45%. The tech-heavy fell 1.8%.

Friday’s Big Picture column commented, “IBD changed its market outlook to ‘Upward Pressure’ on Thursday. And after Friday’s selloff we’ve cut our outlook further to ‘Market in Correction’ This requires investors to avoid buying any stock and pivot to defensive trading, such as taking profits and minimizing losses.”

In the midst of the new stock market correction, now is an important time to read IBD’s The Big Picture column.

5 Dow Jones Stocks to Buy Now and See

Dow Jones Stocks to Watch: Salesforce

In recent weeks, Dow Jones leader Salesforce showed major upside strength after strong fourth-quarter results. But those gains have all but disappeared amid recent market weakness, and the stock now trades below its $178.94 cup-with-handle entry. Still, the stock’s recent strength is a reason to keep an eye on the software leader in the coming sessions. CRM stock rose 0.5% on Monday.

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4 Top Growth Stocks to Buy and Watch stock market correction

Top stocks to watch: Palo Alto, New Relic

ibd leaderboard The watch list stock continues to trade quietly in the Palo Alto Networks handle following the stock’s 12.5% ​​jump on Feb. 22. The shares remain within striking distance of 192.94 buy point of the base. Bullishly, the relative strength line of the stock is at new highs, as the stock has increasingly outperformed the market average. PANW stock traded up 0.2% on Monday morning.

Backstory: On February 21, the cybersecurity giant announced strong results for the January-ended quarter, which saw earnings of $1.05 per share, up 81% versus a year earlier, on a 26% jump in revenue to $1.7 billion. .

Recent IBD Stock of The Day, New Relic, is trading on a flat base with 80.98 buy point after 8th February. The RS line is on hold for now. NEWR stock was down slightly on Monday.

Backstory: New Relic offers a cloud-based suite of software products that enable organizations to collect, store, and analyze large amounts of data in real time. Customers gain greater visibility into their enterprise software to help them make data-driven decisions.

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Stocks to watch in stock market correction

Here are five top stocks to watch in today’s stock market, including two of the Dow Jones leaders.

company’s name Sign right purchase point type of buy point
new relic ,New, 80.98 flat base
American Express ,axp, 182.25 cup with handle
Palo Alto Networks ,panw, 192.94 cup with handle
sales force ,crm, 178.94 cup with handle
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Source: IBD data as of March 9, 2023

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

Tesla stock

Tesla stock broke a four-day losing streak on Friday with modest gains. It is trying to find support around its key 50-day line and closed nearly 55% from its 52-week high on Friday.

Tesla shares fell 3% on Monday morning, threatening to erase Friday’s gains.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones shares, Apple shares fell 1.4% on Friday, ending a weekly loss of 1.7%. The stock climbed 0.2% in early Monday trading.

Microsoft shares extended their losing streak to four sessions, down 1.5% on Friday. The stock is up more than 20% from its 52-week high after the recent decline. MSFT stock was up 0.7% on Monday morning.

Be sure to follow Scott Lehton on Twitter @IBD_SLehtonen For more information on Growth Stocks and the Dow Jones Industrial Average.

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Dow Jones futures fall after SVB rescue plan