Alibaba (BABA) shares were lower in midday trading Monday after financial magazine 'Barron's' warned shares could fall more than 50% on slowing demand and increased competition in China. However, Alibaba has hit back at those claims, arguing that demand will remain robust as its target markets are more affluent and likely to weather a slowdown. Stocks bounced off session lows, though remained in the red, as investors showed their nerves ahead of the two-day Federal Reserve meeting on Wednesday. Members could decide upon their first interest rate hike in nearly a decade. Chico's (CHS) climbed on reports it was considering a sale after being approached by private-equity firm Sycamore Partners.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.