The stock market bounced Tuesday morning with the Nasdaq composite and small caps leading as the surge in oil prices slowed, and bond yields kept rising.
The Nasdaq jumped 1.1% while the S&P 500 and Dow Jones Industrial Average rose 0.8%. Apple, a big piece of the three indexes, climbed above the 50-day moving average for the first time since Feb. 10.
Dow component Nike jumped 5.1% after the athletic apparel company's sales and earnings for the February-ended quarter topped expectations. Direct to consumer sales jumped 15% to $4.6 billion, a business that Nike is trying to boost.
Small caps outperformed as the Russell 2000 rallied 1.3%. The index is on pace for its fifth gain in the past six sessions.
Volume fell on the NYSE and Nasdaq compared with the same time on Monday.
The price of U.S. crude oil rose 0.1% to $112.23 a barrel, slowing from a three-day rebound. Energy was the weakest S&P sector, down 0.3%. Financial Select Sector SPDR climbed 2% to lead the S&P sector ETFs. Communications services, materials and consumer discretionary rose more than 0.7%.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 34819.25 | +266.26 | +0.77 |
| S&P 500 | (0S&P5) | 4495.38 | +34.20 | +0.77 |
| Nasdaq | (0NDQC ) | 13994.29 | +155.83 | +1.13 |
| Russell 2000 | 208.01 | +2.57 | +1.25 | |
| IBD 50 | 39.50 | +0.42 | +1.07 | |
Last Update: 10:12 AM ET 3/22/2022 |
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Financials Lead Stock Market
Financials appeared to be rising on another rise in the benchmark 10-year Treasury yield. The note's yield rose 5 basis points to 2.36%, around the highest since May 2019.
Tesla climbed 1%, adding some space above its 50-day moving average as it tries to start a long recovery. After many delays, the company opens its factory near Berlin today.
Innovator IBD 50 ETF rose 1.1%.
Alpha & Omega Semiconductor climbed above the 59.48 buy point of a cup with handle base in heavy early trading. But the stock eased just below the entry. The handle in the base is 25% deep, which is much more than normal. While this year's market correction may explain why some handles and bases are deeper than normal, Alpha & Omega's handle is still one of the deepest among leading stocks.
Darling Ingredients is just past the 80.31 buy point of a cup with handle base. Chicken sandwich chain Chick-fil-A chose Darling Ingredients to convert its used cooking oil into renewable transportation fuel.
Zim Integrated Shipping jumped 9% to a new high. Earlier this month, the shipping company declared a dividend of $17 per share payable April 4 to shareholders as of Wednesday.
Jackson Financial, AIG Break Out In Today's Stock Market
Outside the IBD 50, a few financials stood out. Jackson Financial broke out of a double-bottom base with a 44.76 buy point in big volume. American International Group edged above the 63.64 buy point of a flat base in a feeble breakout attempt.
In Europe, the London FTSE 100 index was up 0.5% in afternoon trading. The Paris CAC 40 rose 0.8%, and the German DAX climbed 0.8% also.
In Asia, the Nikkei 225 reopened after Monday's close with a 1.5% increase. The Shanghai Composite rose 0.2% and the Hong Kong Hang Seng rallied nearly 3.2%.
Chinese stocks rebounded from Monday's tumble. Alibaba surged 11%; JD.com jumped more than 4%. Alibaba announced it is boosting its stock buyback program from $15 billion to $25 billion.
KraneShares China Internet ETF climbed 6%, while iShares China Big Cap gained 4.1%. Chinese stocks started rebounding last week after China officials gave comments that suggested support for tech companies.
