The major stock market indexes are all in the green to end the week, down just before noon but now near the highs of the day. The Dow Jones Industrial Average is leading the other indexes.
Investors are feeling positive on the mixed earnings reports today. Just after midday, the Nasdaq was up 1.22% and S&P 500 was up 1.55%. The Dow Jones Industrial Average was up 1.9%, and the Russell 2000 up 1.8%. NYSE volume was up 7.2% and Nasdaq volume up 9.6% vs. the same time on Thursday. The Dow Jones was up nearly 600 points.
June U.S. retail sales numbers came in stronger than expected, at 1% versus the consensus of 0.9%. Bill Adams, Chief Economist for Comerica Bank, said: "Consumers cut back on purchases of gasoline as prices surged, but spending in most other categories held up. Traffic in restaurants and other hospitality businesses held up in June as Americans continue to prioritize experiential consumption."
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Health Care Giant Impresses The Street
UnitedHealth Group, a leading health care benefits provider, is up 5.1%, on a Q2 sales beat and earnings-per-share numbers. The IBD 50 company said it had double-digit growth in both its Optum Health and UnitedHealthcare segments. Investors look to UNH as the first of the big health care providers for a preview for the earnings season.
UnitedHealth stock came out of a cup-with-handle base and is in the 5% buy zone on the MarketSmith chart.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 31199.48 | +569.31 | +1.86 |
| S&P 500 | (0S&P5) | 3849.07 | +58.69 | +1.55 |
| Nasdaq | (0NDQC ) | 11388.69 | +137.50 | +1.22 |
| Russell 2000 | 172.62 | +3.06 | +1.80 | |
| IBD 50 | 26.92 | +0.27 | +1.01 | |
Last Update: 12:12 PM ET 7/15/2022 |
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Cross Country Healthcare, a medical staffing company, is seeing another strong day, up 5.7% on heavy volume. The stock is in a long cup base, and has a strong relative strength line on the chart.
Energy Drink Makers Get A Boost
Monster Beverage is now down 0.3%, but broke out of a double-bottom base, nearing the 98.83 buy point. The share price is at a new high on the relative strength line on the weekly chart.
Celsius Holdings, another fitness beverage maker, is up 8.8%, a big mover in the IBD 50 list.
Costco is up 1.4%, after Deutsche Bank analyst Krisztina Katai raised her rating to buy from hold, with a new price target of 579, up from 525.
The stock price is in a sideways trending base, and rose above the 200-day moving average. Costco shares hit a new high on the relative strength line, as indicated with a blue dot on the chart. Costco has a high Composite Rating of 96 out of 99, and consistent increased mutual fund ownership.
REIT Breaking Out
Agree Realty, a retail Real Estate Investment Trust, is up 1.9% and breaking out of a cup-with-handle base. The stock hit the buy point of 74.77. The REIT leases to large retailers including Costco and AutoZone. The company has a 93 Composite Rating and has shown consistent quarterly EPS growth of 11% to 17% in the last four quarters.
Option Care Health, an infusion drug services provider, is up 4.6% and rose above a cup base, approaching the buy point of 31.18. The share price reached a new high on the relative strength line.
Analysts are looking for 22% annual EPS growth in 2022 and 24% in 2023. Option Care earned an impressive 97 Composite Rating.
Banks Earnings Reports Mixed, Doesn't Phase Stock Market
Investors look to bank earnings as a bellwether for the overall economy, as it gives a look into the health of the consumer. Wells Fargo is up 6.3% despite reporting a miss on Q2 revenue and EPS. Citigroup is up 10.2% after exceeding Wall Street's expectation for both sales and EPS. CEO Jane Fraser said their bond trading and other trade solution units had the best quarter in a decade.
Invesco QQQ Trust, an ETF corresponding to the Nasdaq 100 Index, is up 1.5% and rose above the 21-day exponential moving average.
The SPDR Select Financial ETF reversed course from this morning and is now up 3.1%, as the market takes in the big bank earnings reports.
Crude oil futures are up 2.4% with crude at $98.12 per barrel. Bitcoin futures are up 1% today, holding above the $20,000 level at $20,825.
The Innovator IBD 50 ETF, a gauge of growth stocks, is up 0.9%, trailing the major indexes.
