An effort at a rally for the Dow Jones Industrial Average failed, and the stock market’s woes persisted.
Elon Musk has subpoenaed an important Twitter employee as his takeover battle takes an unexpected turn.
While Bitcoin rose, Riot Blockchain (RIOT) and Coinbase (COIN) saw varying success. Although one analyst had called Apple (AAPL) “bullish,” the stock fell.
Meanwhile, despite the day’s mixed performance, the outlook for three notable stocks was mainly positive.
Near their respective purchase marks, United Parcel Service (UPS), Exxon Mobil (XOM), and NRG Energy (NRG) all showed strength.
According to preliminary reports, trading volume dropped on the Nasdaq and the NYSE.
The 10-year Treasury note’s yield increased by 8 basis points to 3.11 percent.
After being battered on Friday due to Federal Reserve Chairman Jerome Powell’s hawkish speech in Jackson Hole, stocks attempted to make a stand today.
Apple stock fell today, according to the Dow Jones, even after a bullish forecast.
Nearly 200 points, or 0.6%, were lost on the day for the Dow Jones Industrial Average.
Despite JPMorgan maintaining its overweight recommendation, Apple’s shares fell by 1.4%. The researcher found “favorable lead times across regions” for the iPhone.
According to MarketSmith data, AAPL shares are trading at a discount to the handle purchase price of $176.25.
However, Salesforce (CRM) underperformed the rest of the components by a significant margin (-3%).
The strongest performers on the Dow were Walmart (WMT) and Chevron (CVX), both of which gained 1%.
A Legal Twitter Move by Elon Musk
On Monday, Elon Musk, CEO of Tesla, adopted a new tack in his continuing takeover dispute with Twitter.
According to court documents, the executive’s attorney has submitted a subpoena to Peiter Zatko, the Twitter whistleblower.
This comes after Twitter’s former head of security said the company lied about the prevalence of bots on its site.
This is a central tenet of Musk’s defense for his right to back out of his agreement to acquire the company. Trial will be on October.
The stock market day for Tesla ended with a loss of 1.1% for the company’s stock. MarketSmith data shows it has fallen farther below the critical 200-day moving average.
Twitter shares dropped by 1% below its 200-day moving average and is now looking to the 50-day average for solace.
Three Solid Stocks Approaching Buy Zones Outside the Dow
Despite the volatile price movement of late, investors should still be on the lookout for promising equities.
Exxon Mobil is trending toward a stabilizing pattern entry of around 105.67, so keep an eye on it in MarketSmith’s forecast.
The relative strength line has also been trending upwards, a positive development.
The IBD Composite Rating for XOM stock is almost flawless at 97. In addition, the stock price has been up 59% since 2022, signaling a positive trend in the market.
Exxon Mobil stock’s positive outlook has been supported further by the company’s rising profits.
Similarly, UPS stock has been doing well as the company prepares for a fresh market entrance. With a purchase point of 209.49, it has formed a cup with a handle pattern. On August 10, it made a positive move by passing back above its 200-day moving average. This is currently providing stability.
An impressive 88 out of a possible 99 for the stock’s Composite Rating indicates that it is a solid investment. Consistent earnings per share growth of 18% over the last three quarters is a significant advantage.
In the end, NRG Energy is aiming for a 44-point cup-with-handle base entry. This stock’s relative strength (RS) line has been trending upward this month, while it is still far below its highs.
The Composite Score for the electric company is 91. In addition, 65% of the stock is owned by institutional investors, making it a clear favorite.
