Major stock indexes weren't moving much in afternoon trading Tuesday, an impressive performance in light of bullish gains for the stock market Friday and Monday.
The Nasdaq composite and S&P 500 made big percentage gains in higher volume Tuesday. Top gainers in the Dow Jones Industrial Average included Boeing, Chevron and Visa.
Small caps led the way, with the Russell 2000 up 0.6%. Meme stock AMC Entertainment outperformed in the small-cap index, up 9%, after the company released preliminary Q4 results that showed a wider than expected loss but better than expected revenue.
Other meme stocks like GameStop and Digital World Acquisition also scored healthy gains.
Dow Jones Today
After climbing above its 200-day moving average Monday, the Dow Jones industrials were nearly flat. American Express continued its post-earnings pop, up another 1.6%. It's near the top of a 15-week consolidation after shares soared 11.5% last week.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 35124.47 | -7.39 | -0.02 |
| S&P 500 | (0S&P5) | 4512.56 | -2.99 | -0.07 |
| Nasdaq | (0NDQC ) | 14238.86 | -1.02 | -0.01 |
| Russell 2000 | 202.47 | +1.23 | +0.61 | |
| IBD 50 | 38.24 | +0.35 | +0.92 | |
Last Update: 1:10 PM ET 2/1/2022 |
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After jumping 5% Monday, Boeing stock was up another 4%, but it's still on a downtrend, firmly entrenched below the 200-day moving average. Chevron gained 2%, but it's too late to buy CVX stock after a big move already. Visa was off highs but still rose 2%. It's still in buy range from a 226.89 alternate entry.
The Nasdaq composite was little changed, although beaten down names like Upstart, Sofi Technologies and Global-E Online showed gains of at least 6%.
The S&P 500 edged lower despite a big gain for UPS, which surged to a new high after reporting strong earnings and sales growth. UPS also increased its quarterly dividend to $1.52 a share from $1.02.
Exxon Mobil also did well in the S&P 500, up more than 5% on strong Q4 results. But XOM stock is well past the 5% buy zone after a breakout from a shallow cup base on Jan. 5.
Stock Market Movers
Oil and gas stocks, fertilizer stocks and coal stocks outperformed in the MarketSmith Growth 250. After a trip to its 50-day moving average last week, Valero Energy was in rally mode again, up 3%. The oil refiner is still in buy range from the 83.25 entry.
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The VanEck Oil Services ETF rallied just over 3% as it tries to break free from a lengthy consolidation.
In the fertilizer space, Leaderboard stock CF Industries jumped 7%. It's been trending nicely above the 10-week moving average for several weeks as it forms an ascending base with a 74.87 buy point. Group peer Mosaic soared nearly 7%.
In the coal group, small cap Warrior Met Coal surged 7% as it approaches an alternate entry of 29.40.
Inside the IBD 50, NMI Holdings jumped 4% to 25.70 after it briefly topped a 26.08 buy point. An Accumulation/Distribution Rating of A- and up/down volume ratio of 1.7 indicates strong demand for shares in recent weeks.
Strength in the stock helped lift the Innovator IBD 50 ETF to a gain of 0.9%.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
