Dow Jones futures dropped Tuesday morning, along with S&P 500 futures and Nasdaq futures, ahead of the early release of August JOLTS data. Meanwhile, Cathie Wood’s Ark Invest ETFs sold nearly $4 million worth of Nvidia stock.
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The Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, is expected to fall to 8.75 million in August vs. 8.827 million in July. The JOLTS data is due at 10 a.m. ET.
Further, Friday’s September jobs report is the highlight of this week’s economic reports. Wall Street expects moderate strength, with 150,000 new jobs. The jobless rate is expected to tick down to 3.7% from 3.8%. Average hourly wages are seen growing 0.3%.
Nvidia (NVDA) edged higher after Keybanc maintained its overweight rating, upping the price target from 670 to 750.
On Monday, Cathie Wood’s Ark Genomic Revolution ETF (ARKG) sold 8,983 shares of Nvidia stock, according to daily trade disclosures. NVDA stock is making a move to recapture its 50-day line, which could lead to an early buy trigger.
Stock Market Today
Electric-vehicle giant Tesla (TSLA) declined 1% Tuesday morning, while Dow Jones tech icons Apple (AAPL) and Microsoft (MSFT) moved squarely lower ahead of today’s stock market open.
IBD Leaderboard stock Arista Networks (ANET), Duolingo (DUOL), DraftKings (DKNG), and IBD SwingTrader stock Zscaler (ZS) — as well as Dow Jones stocks Caterpillar (CAT) and Chevron (CVX) — are among the stocks to watch in the ongoing stock market correction.
Arista is an IBD Leaderboard stock, and featured in this Stocks Near A Buy Zone column. Cybersecurity leader Zscaler is an IBD SwingTrader stock.
Dow Jones Today: Oil Prices, Treasury Yields
Ahead of Tuesday’s opening bell, Dow Jones futures fell 0.5% vs. fair value, while S&P 500 futures declined 0.7%. Tech-heavy Nasdaq 100 futures lost 0.8% vs. fair value in morning action.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) dropped 0.8%, while the SPDR S&P 500 ETF (SPY) fell 0.5% early Tuesday.
Early action also showed the 10-year U.S. Treasury yield rising to 4.72%, set to hit another long-term high.
Oil prices extended Monday’s losses, falling 0.5% Tuesday morning. West Texas Intermediate futures traded below $88.50 a barrel.
Stock Market Correction
On Monday, the Dow Jones Industrial Average dropped 0.2%, while the S&P 500 inched higher. The tech-heavy Nasdaq composite gained 0.7%.
Monday’s Big Picture column commented, “Historically, the stock market does best in the fourth quarter of the year. The S&P 500 averages a 2.8% increase, compared with gains of 1.3%-2.3% in the other quarters. The Nasdaq averages a 4.4% fourth-quarter gain, according to Dow Jones Market Data. That compares with 0.4%-3.6% gains for the first three quarters.”
Tuesday is Day 5 of a rally attempt, so a follow-through day is possible any day. A follow-through day signals the start of a new uptrend.
Now is an important time to read IBD’s The Big Picture column, with the stock…
Read More: Dow Jones Futures Fall 150 Points Ahead Of Jobs Data; Cathie Wood Sells