The Dow Jones Industrial Average continued to sink in afternoon trading. The Nasdaq composite led the downside and traded over 2% lower. Oil briefly topped $130 a barrel and ignited recession fears among investors.
The S&P sectors were mostly lower on Monday, with energy and utilities the only ones higher. Consumer discretionary and financials were the worst performers, with losses of over 3% each.
Dow Jones In Stock Market Today
In today's market, all indexes traded lower as Russia's assault on Ukraine continued. The Dow Jones industrials were down 1.7%. The Nasdaq fell more than 2.5% while the S&P 5oo lost 2.1%. The Russell 2000 traded 1.5% lower.
Volume was running higher on the Nasdaq and on the NYSE vs. the same time on Friday. This is a bearish sign and a continuation of the market action in recent weeks. Indexes have been selling off in heavier volume in recent sessions, which indicates institutional selling rather than institutional accumulation.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 33055.58 | -559.22 | -1.66 |
| S&P 500 | (0S&P5) | 4237.98 | -90.89 | -2.10 |
| Nasdaq | (0NDQC ) | 12977.78 | -335.66 | -2.52 |
| Russell 2000 | 195.30 | -3.36 | -1.69 | |
| IBD 50 | 36.83 | -1.29 | -3.38 | |
Last Update: 1:42 PM ET 3/7/2022 |
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Elsewhere, the yield on the 10-year Treasury note traded up slightly to 1.74% after falling 12 points on Friday.
Alarmingly, the price of U.S. crude oil futures continued to push sharply higher, above $120 a barrel, rising over 4% today. Earlier on Monday, prices reached above $130 a barrel before cooling off.
U.S. Secretary of State Antony Blinken said Sunday that the U.S. and European allies are discussing a ban on Russian oil imports, which further fueled the surge in oil prices. This would serve as another layer of sanctions against Russia in response to the invasion of Ukraine.
Gas, Gold Stocks Breaking Out
As fuel prices continue to rocket, travel stocks are selling off. IBD's airlines industry group was the weakest of 197 groups, down 10%. Meanwhile, travel booking and hotel stocks were also among Monday's worst performers. U.S. Global Jets, an ETF that tracks airline stocks, fell nearly 9%.
Gold miners and oil stocks led the upside among the industry groups. These industry groups continue to provide a fair amount of breakouts for investors looking to stay active in the market. But the stock market remains in a correction, and many other breakouts have faded. Investors should note the additional risk before making new buys.
National Fuel Gas, a regional gas utility service, jumped above the 66.05 buy point of a cup without handle. Volume was above average. More importantly, the relative strength line hit a new high, a sign of strength.
Gold miner Newmont broke out from a 75.41 cup-base entry, which appears on the stock's weekly chart. The stock's RS line also reached a new high as shares climbed over 4% in strong volume.
Tractor Supply also rose past the 226.41 buy point of a double-bottom base in heavy volume. The relative strength line is at new highs also.
Finally, railroad operator CSX moved above the 38.11 buy point of a cup base. But shares reversed lower. CSX is new to IBD Leaderboard.
Follow Rachel Fox on Twitter at @IBD_RFox for more Dow Jones and stock market commentary.
