The major stock market indexes could not hold gains in the final hour of trading Wednesday, finishing off the highs of the day. The three major indexes dipped back into negative territory.
The Nasdaq composite shed 0.3% while the S&P 500 lost 0.2%. The Dow Jones fell 0.1%. The Russell 2000 small-cap index fell 0.6%.
Stock Market And Economic News: Oil Up and Mortgages Down
Volume on the NYSE and the Nasdaq was lower versus the same time on Tuesday.
The Nasdaq 100-tracking Invesco QQQ Trust trimmed 0.1%.
OPEC+ agreed to a 2-million barrel per day cut in production, the biggest reduction since April 2020. Crude oil added 1.3% to $87.72 per barrel on the news. The SPDR Select Energy ETF also edged up 2.1%.
The 10-year Treasury note yield ticked up to 3.75%. Bitcoin lost 0.5% to $20,185.
The MBA Mortgage Applications Composite Index for the week ended Sept. 30 dropped a hefty 14.2% while the Purchase Index fell 12.6%. The Refinance Index dumped a whopping 17.8%, down 86% compared to a year ago.
The national average for a 30-year fixed rate mortgage is now over 6.8%, according to bankrate.com.
Stock Market Gainer: WING Stock Takes Off
IBD Growth 250 stock Wingstop rose 6.9% trading above its 21-day exponential moving average and 50-day lines.
Potato products company Lamb Weston rose 4.2% on heavy volume after meeting fiscal Q1 2023 sales estimates and beating earnings expectations. The company noted a 12% sales volume decline, attributing it to a slowdown in demand from restaurants, hotels and sports venues.
LW shares broke out of a flat base and hit the 83.39 buy point on the MarketSmith chart. LW stock is trading above its 50-day moving average while the relative strength line has just hit a new high, as indicated by the blue dot on the weekly chart.
Murphy Oil rose 3.8% and broke out of a cup-with-handle base, hitting the 41.60 buy point. The company announced a quarterly $0.25 cash dividend to shareholders of record on Nov. 14, payable on Dec. 1. The oil explorer currently pays a 2.4% annual dividend yield.
RPM International rose 3.3% after reporting a beat on fiscal Q1 2023 EPS and sales. Management gave a higher-than-expected Q2 sales forecast, adding a boost to the stock.
Shares are in a cup-with-handle base with a 98.07 buy point while the relative strength line just hit a new high.
The company specializes in sealants, coatings and construction products. Leading consumer brands include Rust-Oleum, Roto-Rooter and Kwik Seal.
Enphase Energy plunged 9.3% on heavy volume, chasing its previous largest one-day decline of 14.1%, in April 2021. Shares are trading below the 50-day line and 21-day exponential moving average.
Enphase shares skyrocketed on July 27 after a better-than-expected Q2 earnings report. The stock held gains until late September, rolling over after the Fed rate hike. Even so, the stock has gained 37.3% year to date.
IBD 50: AI Company Pops, Staffing Stock Tanks
The Innovator IBD 50 ETF sold off 1%, tumbling more than the stock market major indexes.
AI digital manufacturing company Xometry gained 4.3% on light volume, finding support at its 21-day line. The company has a high 98 Relative Strength Rating.
Matador Resources gained 4.6% and is in the 5% buy zone of a cup-with-handle base with buy point of 58.68.
World Wrestling Entertainment pulled back 0.5% after earlier gains, and broke out of a cup base, hitting a 75.33 buy point. Shares have recently been building the right side of the base. The relative strength line hit a new high today.
APA rose 3.5% after Raymond James lowered its price target to 70 but maintained its strong buy rating. The move is on top of yesterday's 5% gap up.
The company has shown strong quarterly earnings growth recently. Analysts now project 137% annual EPS growth in 2022 and 15% in 2023.
Mutual funds have been buying the stock, with 1,270 owning shares in June, up from 1,014 in March and 932 in December.
Health care staffing company Cross Country Healthcare pulled back 6% after Truist Securities downgraded the stock to a hold, with a price target of 36.
