Following Friday’s stock market plunge, the Dow Jones Industrial Average retreated lower on Monday as the market looked for direction. For the Columbus Day holiday, all federal offices, banks, and the bond market were closed. After setting a record for electric vehicle deliveries from its Shanghai manufacturing in September, Tesla stock increased.
Third-quarter earnings season kicks off this week with results due from BlackRock (BLK), Delta Air Lines (DAL), Citigroup (C), Domino’s Pizza (DPZ), Fastenal (FAST) and Morgan Stanley (MS).
Also reporting are PepsiCo (PEP), JPMorgan Chase (JPM), UnitedHealth (UNH), Walgreens Boots Alliance (WBA) and Wells Fargo (WFC).
Following downgrades by UBS, U.S. automakers Ford (F) and General Motors (GM) experienced losses. After being lowered from neutral to sell, Ford lost 5.5% of its value. The rating for GM shares changed from buy to neutral after a 4% decrease.
Leader in electric vehicles Tesla (TSLA) saw its shares rise 1% on Monday. After today’s stock market open, tech giants Apple (AAPL) and Microsoft (MSFT) were up among the Dow Jones industrials.
The top stocks to watch include Cummins (CMI), Murphy USA (MUSA), Neurocrine Biosciences (NBIX), Vertex Pharmaceuticals (VRTX), and World Wrestling Entertainment (WWE), in addition to Dow Jones stocks Chevron (CVX) and UnitedHealth (UNH). The stock market is still waiting for confirmation of a new uptrend. Investors should maintain their defensive posture since despite the recent turbulence, the market is still considered to be “under correction.”
Article originally published on investors.com.