Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were down ahead of the market open as Wall Street anticipates Tesla’s third-quarter deliveries. Investors are closely watching key inflation data, including the personal income and outlays report, which is expected to show a rise in personal spending. Meanwhile, housing starts have hit a three-year low and the Federal Reserve is preparing for a longer period of high rates, impacting homebuilding stocks.
In Monday’s stock market, the Dow Jones Industrial Average slightly increased, while the S&P 500 and Nasdaq composite both saw gains. Tesla stock ended its losing streak and rose, while Nvidia also saw an increase. Tech giants Apple and Microsoft ended higher as well. Stocks in focus for investors during the ongoing correction in the stock market include Airbnb, DraftKings, Meta Platforms, Uber, Amgen, and Caterpillar.
Despite overnight losses, the 10-year U.S. Treasury yield rose to new highs and oil prices remained near their 2023 highs. Amid the market correction, investors are advised to reduce market exposure and focus on building a watchlist of strong stocks with an upward-trending relative strength line. Dow Jones stocks to watch include Amgen and Caterpillar, while stocks to watch overall include Airbnb, DraftKings, Meta Platforms, and Uber.
Tesla stock saw a slight increase on Monday but remains below its 50-day line. Tesla is expected to release its third-quarter delivery numbers soon, with analysts predicting a lower figure than the record-setting second quarter. Apple stock and Microsoft stock both experienced gains on Monday but are still below their 50-day lines.