Sellers hit technology stocks again Tuesday, but the Dow Jones Industrial Average pared a 2.4% early loss to a 0.2% loss, while oil and gas stocks continued their outperformance in the S&P 500.
The two-day Federal Reserve meeting started today and the policy statement is due Wednesday at 2 p.m. ET. The first interest rate cut isn't expected until the March meeting, but the Fed could wind down its monthly bond purchases sooner than expected.
American Express was the top gainer in the Dow Jones industrials, up more than 8%, on better than expected Q4 results. AXP stock showed bullish chart action by rallying above its 50- and 200-day moving averages. But the stock is still consolidating. IBM and Johnson & Johnson also outperformed in the Dow Jones today after reporting earnings.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 34296.74 | -67.76 | -0.20 |
| S&P 500 | (0S&P5) | 4356.45 | -53.68 | -1.22 |
| Nasdaq | (0NDQC ) | 13539.30 | -315.83 | -2.28 |
| Russell 2000 | 198.99 | -2.54 | -1.26 | |
| IBD 50 | 37.27 | -0.59 | -1.56 | |
Last Update: 4:04 PM ET 1/25/2022 |
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But a few Dow Jones stocks were under pressure, including Microsoft and Apple. MSFT stock was down more than 4% in early after-hours trading after reporting earnings. Results from Apple are due late Thursday.
Outside the Dow Jones
The Nasdaq composite fell 2.3% and the Nasdaq 100 dropped just over 2%. Truck maker Paccar was a top gainer in the Nasdaq 100, up around 3%. The stock is only 6% off its high as it tries to break free from a 12-month consolidation. But several growth stocks closed sharply lower in the Nasdaq 100, including security software stocks like Okta, Zscaler and Fortinet.
IBD's enterprise software group and chip equipment group fell 2.5% each.
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Tesla reversed lower ahead of its earnings report Wednesday after the close, adding to a weakening trend. The EV leader is still holding above its 200-day line.
The S&P 500 fell 1.2%, although several oil and gas stocks continued their outperformance. After finding support at its 50-day moving average Monday, Apa Corp. jumped 8% to 33.07. It's just past the 5% buy zone from a 31.24 entry. Group peer Occidental Petroleum reclaimed a 35.85 buy point, rising 8% to 36.77.
Halliburton soared to a new high after the company said Q4 profit doubled from a year ago to 36 cents a share. Revenue increased 32% to $4.28 billion.
Eight of the day's 10 best performing industry groups were from the oil and gas sector. U.S. crude oil futures settled at $85.60 a barrel, up 2.8%.
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Among oil and gas producers, Devon Energy, Viper Energy Partners and Diamondback Energy closed with gains of at least 3%.
MarketSmith Growth 250
Inside the MarketSmith Growth 250, Allscripts Healthcare Solutions gapped out of a big cup-with-handle base after the company reported preliminary Q4 sales above expectations. The company also announced a $250 million share buyback.
In the mining sector, Alcoa surged 5.5%. AA stock is making a solid test of its 10-week moving average after a breakout from a double-bottom base last month.
Inside the IBD 50, Pfizer outperformed, rising nearly 2%. The company, along with its partner BioNTech, launched an omicron-targeted vaccine trial.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
