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Dow Jones Reverses On Hot Inflation Report; Coinbase, Unity Plunge On Earnings

By SCOTT LEHTONEN

The Dow Jones Industrial Average reversed from early losses Wednesday after a hotter-than-expected inflation report — the consumer price index. Energy stocks rallied as oil prices bounced back from a two-session slide. Former stock market leaders Coinbase, Roblox, Trade Desk and Unity Software all tumbled after reporting their quarterly earnings results.

Coinbase, Occidental Petroleum, Roblox, Trade Desk and Unity Software reported their earnings results late Tuesday. Meanwhile, Wendy's and Yeti reported earnings early Wednesday.

COIN shares plunged 27% while Occidental gained 1.4%. Roblox reversed 3% higher as Trade Desk declined 4%. Unity plunged 36% while Wendy's dropped more than 8%. And Yeti traded up around 3%.

Electric-vehicle giant Tesla erased early losses Wednesday morning. Dow Jones leaders Apple and Microsoft both traded down around 1% in today's stock market.

As the stock market correction feels for a bottom, Dow Jones leaders Chevron and Merck — along with Cheniere Energy, Exxon Mobil and Northrop Grumman — are among IBD's top stocks to watch for Wednesday.

Cheniere Energy, Microsoft and Tesla are IBD Leaderboard stocks. Exxon and Merck were featured in this week's Stocks Near A Buy Zone column.

Dow Jones Today: Treasury Yields, Oil Prices, CPI

After Wednesday's open, the Dow Jones Industrial Average turned up 0.7%, while the S&P 500 moved up 0.8%. The Nasdaq also reversed up 0.6% in morning trade.

Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust rose 0.6%. The SPDR S&P 500 ETF gained 0.8%.

The 10-year Treasury yield jumped to 3.01% Wednesday morning after closing Tuesday just below 3%. On Monday, the 10-year Treasury yield reached its highest level since November 2018. Meanwhile, U.S. oil prices traded 4% higher, with Texas Intermediate crude hovering around $104 a barrel.

Consumer prices rose 0.3% in April, higher than the Econoday estimate for a 0.2% increase. Meanwhile, inflation rose 8.3% in April from a year ago, hotter than the 8.2% estimate.

Stocks Break Lower On Inflation — This Should Worry You

Stock Market Correction Deepens

On Tuesday, the Nasdaq composite rose 1%, taking back less than a quarter of Monday's 4.3% dive. The S&P 500 edged higher, while the Dow Jones industrials inched lower. The Nasdaq and S&P 500 are each angling toward their sixth-straight weekly declines. The Dow industrials index is bucking for its seventh down week.

Tuesday's The Big Picture column commented, "Add these factors to the reality that pure growth stocks are nowhere near proper buy points, and the regular reader of this column may conclude that sitting on a big wad of cash remains a smart move."

If you're new to IBD, consider taking a look at its stock trading system and CAN SLIM basics. Recognizing chart patterns is one key to the investment guidelines. IBD offers a broad range of growth stock lists, such as Leaderboard and SwingTrader.

Investors also can create watchlists, find companies nearing a buy point, or develop custom screens at IBD MarketSmith.

Five Dow Jones Stocks To Watch Now

Dow Jones Stocks To Watch: Chevron, Merck

Dow Jones leader and energy giant Chevron is in a flat base that has a 174.86 buy point, according to IBD MarketSmith chart analysis. CVX shares traded up 1% Tuesday, but are still caught below resistance their 50-day line. Chevron shares gained 1.8% Wednesday morning.

CVX stock boasts a perfect 99 IBD Composite Rating, per IBD Stock Checkup. Investors can use the IBD Composite Rating to easily gauge the quality of a stock's fundamental and technical metrics.

Drug leader Merck is just below a cup with handle's 89.58 buy point following a brief breakout attempt last week. Shares rose 0.1% early Wednesday.

Among the stock's positives, its relative strength line is at new highs, indicating big stock market outperformance during the current stock market correction.

Three Top Growth Stocks To Watch In The Current Stock Market Correction

Stocks To Watch: Cheniere, Exxon

IBD Leaderboard stock Cheniere Energy is one of the top stocks to watch despite losing another 2.4% Tuesday. Shares are falling further below their 50-day line, even as they continue to etch a flat base that shows a 149.52 buy point, according to IBD MarketSmith chart analysis. LNG shares were up 0.2% Wednesday.

Energy giant Exxon Mobil broke out past a cup-with-handle's 89.90 buy point last week. But shares gave up the entry and are about 5% below the buy point. That stops short of triggering the automatic sell rule. But the faltering breakout illustrates the danger of owning any stocks in the current market environment. XOM shares moved up 1.9% Wednesday.

Defense contractor Northrop Grumman continues to etch a cup with handle with a 477.36 buy point. Shares are just below their 50-day line after Tuesday's 0.9% loss. Northrop shares inched higher Wednesday.

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

Tesla Stock

Tesla stock erased early losses Wednesday morning, still looking to add to Tuesday's 1.6% gain. Shares remain sharply below their 50- and 200-day lines amid their recent weakness.

The stock traded as high as 1,243.49 on Nov. 4 and is about 36% away from that all-time high.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks, Apple shares rallied 1.6% Tuesday, but remain below their 200-day line. Apple stock fell 0.7% Wednesday.

Software leader Microsoft gained almost 2% Tuesday, snapping a three-day losing streak. The stock closed about 24% off its 52-week high. MSFT shares moved down 0.8% Wednesday morning.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.

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Dive Deeper:
Dow Jones Cuts Losses After New Inflation Data; Disney Tumbles On Earnings
The Dow Jones Industrial Average dropped after inflation data Thursday, as the market correction worsens. Disney tumbled on earnings results.
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The Dow Jones Industrial Average rallied 400 points Tuesday following Monday's market dive. Peloton and Upstart crashed on earnings results.
Dow Jones Futures: What To Do After Monday's Stock Market Plunge; Biden Inflation Speech Next
Dow Jones futures moved higher after Monday's stock market plunge. President Biden's speech on inflation is scheduled for Tuesday.
Dow Jones Rallies; Twitter Plunges After Elon Musk Says Deal 'On Hold'
The Dow Jones Industrial Average rallied 250 points Friday. Twitter plunged after Elon Musk tweeted the deal is "temporarily on…
One subscription that gives you access to news from hundreds of sites
Dow Jones Dives As Stock Market Correction Worsens; Bitcoin Tumbles And Yields Climb
The Dow Jones Industrial Average dived 500 points Monday morning. Bitcoin tumbled to its lowest level since July 2021.
Dow Jones Futures Extend Stock Market Sell-Off; This Should Worry Investors
The stock market tumbled Wednesday on a hot inflation report. A lack of investor fear suggests no market bottom yet.
Get all your news in one place