Dow Jones futures, along with S&P 500 futures and Nasdaq futures, saw a slight rise after hours. Costco Wholesale reported strong earnings, while Meta Platforms is set to unveil virtual reality hardware and artificial intelligence tools. The stock market correction worsened on Tuesday, wiping out Monday’s gains. The Federal Trade Commission and 17 states filed an antitrust lawsuit against Amazon.com, causing Amazon stock to fall. Other major tech stocks such as Alphabet, Microsoft, and Apple also declined. However, Neurocrine Biosciences, Nov, Aflac, Regeneron Pharmaceuticals, Modine Manufacturing, and FedEx are showing promise as potential buy points. Costco stock, in particular, has held up well and beat expectations for earnings and revenue. Meta Platforms is hosting the Meta Connect conference to showcase its new products, while the stock market correction continues with no signs of improvement in sight.
The stock market correction reached new lows on Tuesday as major indexes wiped out earlier gains. The decline in the market was fueled by a number of factors, including the Federal Trade Commission and 17 states’ antitrust lawsuit against Amazon.com. The lawsuit, led by FTC Chair Lina Kahn, is a significant blow to Amazon and its stock value. Similarly, other major tech stocks such as Alphabet, Microsoft, and Apple also experienced notable declines. However, there are a few stocks that seem to be holding up relatively well, including Neurocrine Biosciences, Nov, Aflac, Regeneron Pharmaceuticals, Modine Manufacturing, and FedEx. These stocks have the potential to be good buy points.
Costco Wholesale reported positive earnings and revenue, beating expectations. However, the company’s stock saw a slight decline. Despite this, Costco has been holding up relatively well and has a buy point from a flat base. Meta Platforms is set to unveil new hardware and AI tools at the Meta Connect conference. The company’s stock dipped slightly on Tuesday, but it is on the IBD Leaderboard. Additionally, Nov and Modine Manufacturing are also on the IBD 50. While the stock market correction continues, there is a possibility of a short-term bounce. However, stocks are unlikely to rebound significantly without a retreat in Treasury yields. In addition to market concerns, there is also a potential federal government shutdown on the horizon. Overall, it is currently a stock market correction, and investors should exercise patience and watch for signs of market strength.
