Dow Jones plunges 500 points as Treasury returns rise; Bitcoin Drops Below $33,000

The Dow Jones Industrial Average fell as much as 500 points Monday morning as the stock market correction worsened. Bitcoin plunged to its lowest level since July 2021. And 10-year Treasury yields rose to 3.14% after Friday’s new highs.


Tyson Foods (TSN) was a major earnings driver early Monday after reporting quarterly results ahead of the opening. TSN shares have erased early gains in morning trading. The stock forms a cup with handle with a buy point of 99.64.

Giant of electric vehicles Tesla (TSLA) slipped more than 3% Monday morning. Dow Jones Leaders Apple (AAPL) and Microsoft (MSFT) fell more than 1% in the current stock market.

Amid a Worsening Stock Market Correction, Dow Jones Leader Merck (MRK) — together with Cheniere Energy (LNG), Exxon Mobil (XOM), nutrients (NTR) and World Wrestling Entertainment (WWE) — are among the top IBD stocks to watch for Monday.

Cheniere Energy, Microsoft, Nutrien and Tesla are IBD Leaderboard stocks. Exxon and Merck were featured in the Equities Near Buy Zone section last week.

Dow Jones Today: Treasury Yields, Oil Prices, Bitcoin

After Monday’s opening, the Dow Jones Industrial Average sold 1.1% after wiping out some losses, and the S&P 500 fell 1.5%. The Nasdaq plunged 2% in morning trading.

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

The yield on 10-year government bonds tapped further to 3.14% on Monday morning. On Friday, 10-year Treasury yields closed at 3.12% – the highest level since November 2018. Meanwhile, US oil prices fell nearly 3%. West Texas Intermediate crude oil traded just below $107 a barrel.

Bitcoin dipped below $33,000 Monday morning and traded as low as $32,650 before compensating for some losses. According to CoinDesk, Bitcoin’s price is at its lowest level since July 2021, when it traded just $28,825. Cryptocurrency Exchange Coinbase (COIN) stumbled around 6% and the ProShares Bitcoin Strategy ETF (BITO) fell nearly 9% Monday morning.

Stock market correction deepens

On Friday, the stock market delivered another disappointing performance as major stock indices fell for a second consecutive session. Bearing the brunt of the sale, the Nasdaq fell 1.4% to hit a new correction low.

Friday’s Big Picture column noted, “The Dow Jones’s 0.2% drop for the week wasn’t exactly a damper on the 30-stock index. Far from falling below this year’s low of 32,272. “

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Five Dow Jones Stocks To Watch Now

Dow Jones stocks to watch: Merck

Dow Jones drug stock Merck is below the buy point of 89.58 for a head-to-head after a brief breakout attempt in recent weeks. Shares were up 0.4% Friday, finishing about 1% below last entries. Merck shares were down 1% on Monday morning.

On the upside, the stock’s relative strength recently hit new all-time highs, pointing to a major outperformance of the stock market during the current stock market correction.

Three top growth stocks to keep an eye onrent Stock Market Correction

Stocks to watch: Cheniere, Exxon, Nutrien, WWE

Cheniere Energy is just below the buy point of 149.52 on a flat basis after Friday’s 3.1% rise. LNG shares fell about 1% Monday morning.

Energy giant Exxon Mobil broke out on Wednesday past a cup with a buy point of 89.90 on the handle. The stock is in the 5% buy zone rising to 94.40, according to the IBD MarketSmith chart analysis. Shares of Exxon fell about 3% early Monday.

IBD Leaderboard stock Nutrien is still trying to recover from its 50-day line, a key support level, amid Friday’s 0.3% gain. The Nutrien share fell by more than 3% on Monday morning.

World Wrestling Entertainment continues to follow a flat base with a buy point of 63.81. Shares are below their 50-day line after two consecutive days of sharp losses. WWE shares fell more than 1% on Monday.

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Tesla stock

Tesla shares slipped more than 3% Monday morning, threatening to add to Friday’s 0.9% loss and extend the losing streak to three sessions. Shares are again below their 50- and 200-day lines.

Shares of the EV giant ended about 25% off a head-on-handle buy point at 1,152.97 on Friday. The stock traded as high as 1,243.49 on Nov. 4 and is about 30% off that all-time high.

Dow Jones Leaders: Apple, Microsoft

On Friday, Dow Jones’ stocks rose 0.3% but are still below their 200-day line. Shares of Apple fell 1.2% on Monday.

Software leader Microsoft fell 0.9% on Friday, for a second session in a row. The stock closed more than 20% from its 52-week high. MSFT shares fell 1.1% Monday morning.

Follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more information on growth stocks and the Dow Jones Industrial Average.


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