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Investors Business Daily
Investors Business Daily
Business
KIMBERLEY KOENIG

Major Stock Indexes are Mixed; Health Care Stocks Lead, But These Leaders Break Down

The major stock market indexes are mixed and are trading near or at the lows of the day, with the Nasdaq composite and S&P 500 down from the last hour. Investors are looking for a follow-through day, but are not finding it so far.

The Nasdaq composite is up 0.3% while the S&P 500 is down 0.3%. The Dow Jones Industrial Average is the laggard, down 0.6% and the Russell 2000 is down 0.4%.

NYSE volume is up 5.5% and Nasdaq volume is down 2.3% compared with the same time on Wednesday.

Health Care, Biotech Stocks In Buy Zones

Harmony Biosciences is up 4.8% and now extended from the 47.21 buy point of a cup-with-handle base. Its relative strength line hit a new high on the weekly chart in MarketSmith.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 30383.74 -99.39 -0.33
S&P 500 (0S&P5) 3755.84 -4.05 -0.11
Nasdaq (0NDQC ) 11085.75 +32.67 +0.30
Russell 2000 167.46 -0.36 -0.21
IBD 50 26.44 -0.83 -3.04
Last Update: 1:20 PM ET 6/23/2022

Harmony Biosciences shows growing year-over-year quarterly earnings per share, with an increase of 89% in the March-ended quarter, and 152% and 143% in the prior two quarters. It has a 96 out of 99 Composite Rating and a return on equity of 82%.

Vertex Pharmaceuticals is up 2.9%. It is back above the 276.10 entry of cup-with-handle base. It is now topping an alternate buy point at 279.23. The company has a 97 for both Composite Rating and EPS Rating.

Vertex's quarterly EPS growth slowed in the first quarter to 18%, from 34% and 35% in the prior quarters. Sales growth slowed to 22% in Q1, from 27% and 29% in previous quarters.

UnitedHealth Group is up 1.1% and is trying to move back above the 50-day moving average. The relative strength line is at new highs.

Leaders Step Down

Arch Resources, a coal miner and producer, is down 9.1% after a 6.4% drop yesterday. The stock price is below the 50-day moving average, a possible sell signal.

The coal industry group has been the leader, ranking No. 1 out of 197 industries Investor's Business Daily tracks. But the group's leaders have been breaking down. Consol Energy slid below the 50-day line today.

Mosaic, a fertilizer company, is down 8.4% and broke below the 200-day moving average. The agricultural chemicals group is ranked 25th out of 197, dropping from No. 6 just three months ago.

Food Stocks Heating Up

Pilgrim's Pride, a leading chicken producer in the U.S., Mexico and Puerto Rico, is up 0.5% on lighter volume. It's been holding above its 29.80 buy point from a consolidation, and from a handle entry at 29.60.

Pilgrim's Pride stock price is above the 50-day moving average and approaching the 21-day exponential moving average. It has a best-possible Composite Rating of 99 and a Relative Strength Rating of 96.

Campbell Soup shares are up 0.6%, trading in a flat base, as they try to reclaim the 50-day moving average. Its relative strength line is near a new high. Campbell's had its first positive quarterly earnings-per-share growth number in the April-quarter after four consecutive down quarters.

Bitcoin is up 0.9% today to $20,290, and has been trending in the $20,000 range since Friday.

The Innovator IBD 50 ETF, a gauge of growth stocks, is down 3.1%.

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