The Dow Jones Industrial Average, Nasdaq and S&P 500 continued to fall Wednesday. Tech stocks led the downside. Investors remain on edge over the potential war in Ukraine.
Stock Market Today
At around 3 p.m. ET, the Dow Jones industrials were down 1.3%, trading near session lows and moving further below resistance at the 200-day moving average. The Nasdaq composite lost 2.3% after it got turned away at its 21-day exponential moving average last week. The tech-heavy index undercut its Jan. 28 low of 13,236, a potential area for support. Investors should watch the Nasdaq's low from Jan. 24 of 13,094 as a potential support area.
The S&P 5oo declined 1.7% and remains roughly 20 points from undercutting last month's low on Jan. 24. After Tuesday's losses, the S&P 500 hit a decline of more than 10% from its Jan. 4 peak. With declines of 10% or more, Wall Street typically considers the index to have gone into a correction.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 33155.29 | -441.32 | -1.31 |
| S&P 500 | (0S&P5) | 4232.60 | -72.16 | -1.68 |
| Nasdaq | (0NDQC ) | 13077.08 | -304.44 | -2.28 |
| Russell 2000 | 193.56 | -3.10 | -1.58 | |
| IBD 50 | 35.81 | -0.79 | -2.16 | |
Last Update: 3:12 PM ET 2/23/2022 |
||||
The yield on the 10-year Treasury note rose slightly to 1.97%, after recently spiking above 2% on concerning inflation data.
The Russell 2000 traded down 1.6%. Data showed volume was running lower on the Nasdaq and on the NYSE vs. the same time on Tuesday.
Ongoing geopolitical tensions are contributing to much of the market's volatility. Indexes fell further on Wednesday after the Kyiv government declared a state of emergency and called up reservists. Russian President Vladimir Putin remains open to a diplomatic solution, but continues to build up his army for an invasion.
Earlier this week, Russian troops advanced into parts of eastern Ukraine that Putin called independent states.
Dow Jones Today
As for Dow Jones stocks, oil stock Chevron led the upside with a gain of 1.8%. The stock has been holding above its 21-day line since before the recent market volatility and is showing relative strength. The RS line is nearing new highs.
While most S&P sectors fell, Energy Select Sector SPDR rose over 0.8%. U.S. crude oil traded slightly higher but pared an earlier gain of 0.5% to $92.46 a barrel.
Elsewhere in the Dow Jones, Cisco, Apple and Home Depot fell more than 2% each. Cisco broke below support at its 200-day line, a bearish sign, while Home Depot continued its fall after a big sell-off on Tuesday.
The retailer sold off nearly 9% in heavy volume despite reporting better-than-expected earnings and sales numbers. Home Depot shares remain well below the 200-day line.
Growth Stocks Making Moves
The Innovator IBD 50 ETF dropped more than 2%, hindered by a 19% loss for Boise Cascade. The stock plummeted below its 21-day and 50-day lines after reporting earnings late Tuesday. Shares of Boise were previously extended from a 71.90 entry but triggered the 7% sell rule after Wednesday's losses.
On the upside, two gold and silver miners led the upside. Sibanye Stillwater and SSR Mining rose roughly 4% and 9%, respectively, as natural resource stocks have been showing strength.
SSR Mining reported fourth-quarter results early Wednesday and shares jumped over 9%. The stock is now less than 1% away from a 20.15 buy point in a three-month cup pattern. Meanwhile, the stock's RS line is hitting a new high, a bullish sign.
SSR's earnings fell 6% vs. a year earlier to 44 cents a share amid a 10% rise in sales to $408 million.
Follow Rachel Fox on Twitter at @IBD_RFox for more Dow Jones and stock market commentary.
