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Good morning. Yields hit a 24-year high before backing off, PepsiCo reports before the open, and the chip stocks get a read from Samsung and Taiwan Semiconductor.
The Market Gauge
Stocks ended their win streaks on Wednesday but closed well off the lows. The S&P 500 slipped 0.22% to 7,801.77 and the Nasdaq fell 0.22% to 27,538.69, one day after both set record closes. The Dow lost 341 points, or 0.66%, to 51,179.87, after being down more than 550 points earlier.
The driver was the bond market. The 10-year Treasury yield jumped as high as 5.36% intraday, its highest level since early 2002, before a well-received 10-year auction pulled it back to about 5.28%. Buyers stepped in after the Fed minutes came out at 2 PM ET. Oil fell 1.3% to $88.28 a barrel, its lowest settle since Aug. 31. Under the surface it was a weaker day: the small-cap Russell 2000 dropped 1.3% to just above its 200-day moving average, and the equal-weight S&P 500 ETF fell 0.8%.
IBD calls Wednesday a normal pullback after several days of gains. The S&P 500 and Nasdaq are still near their highs and leading stocks are mostly acting well, but breadth is weak, so IBD suggests adding exposure in small steps.
Beginner note: “Breadth” measures how many stocks join a move. When the S&P 500 dips 0.2% but the average small stock falls 1.3%, a few giant companies are holding the index up. A rally with narrow breadth can keep going, but it has fewer supports if those giants stumble.
On today's calendar
Overnight: Samsung and Taiwan Semiconductor. Samsung's preliminary Q3 profit was huge on memory-chip demand but still missed estimates. Taiwan Semiconductor reports September and Q3 sales overnight. Memory and chip stocks such as Micron could move on both at the open.
PepsiCo Q3 earnings (about 6:00 AM ET, call 8:15 AM ET). The snack and drink giant reports before the bell. Its results are a read on whether shoppers are still paying up for brands or trading down.
Initial jobless claims (8:30 AM ET). The weekly count of new unemployment filings. A steady low number says layoffs are not picking up.
Wholesale trade (10:00 AM ET). How much inventory wholesalers are holding. A smaller report, but it feeds into estimates of economic growth.
Coming Friday. Delta Air Lines reports before the open, and the University of Michigan's preliminary consumer sentiment survey is out at 10:00 AM ET.
On the radar: AbbVie
$ABBV ( ▼ 0.83% ) AbbVie is one of the world's largest drugmakers, best known for immunology medicines that treat conditions such as psoriasis and Crohn's disease. On Wednesday, while the Dow fell and yields spiked, AbbVie rose 1.75% to 271.36 and hit a new 52-week high of 274.94 intraday. It cleared the 267.47 buy point of a seven-week base (per IBD and MarketSurge) and closed about 1.5% above it, inside the 5% buy zone that runs up to about 280.84. Volume was about 13% above its average.
Why it's worth watching: Not every leader is a fast tech stock. Yahoo Finance lists AbbVie's beta at 0.23, which means its price has historically moved far less than the overall market. On a day when rising yields pressured growth stocks, money flowed into big pharma instead, and IBD's medical groups led the market. Watching which groups hold up on a down day is one of the simplest ways to spot where big investors are moving.
How useful was today's Before the Bell?
ONE FOR THE ROAD
When the market dips, do you look at which stocks went up, or only at the ones that went down?
Educational content only. Not financial advice. Past performance does not predict future results. Read the full financial disclosure.
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