The major stock market indexes are holding gains at the noon hour on Thursday. The major indexes are now all above their 21-day exponential moving averages.
The Nasdaq composite gained 0.9%. The S&P 500 added 0.6% while the Dow Jones inched up 0.1%.
The Russell 2000 small-cap ETF was up 0.9%. The big tech Nasdaq 100-tracking ETF Invesco QQQ Trust is trading 1.1% higher, but still below the 21-day exponential moving average.
NYSE volume is up 8.7% and Nasdaq volume is up 15.2% vs. the same time on Wednesday.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 33008.66 | +39.43 | +0.12 |
| S&P 500 | (0S&P5) | 4164.59 | +23.82 | +0.58 |
| Nasdaq | (0NDQC ) | 12536.77 | +105.24 | +0.85 |
| Russell 2000 | 194.17 | +1.76 | +0.91 | |
| IBD 50 | 30.06 | +0.26 | +0.87 | |
Last Update: 12:14 PM ET 8/25/2022 |
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The SPDR Select Energy ETF was up a modest 0.3%. Crude oil pulled back 0.6%, trading at $94 per barrel. Bitcoin futures dipped, slipping 0.9% to $21,525.
Yield on the 10-year U.S. Treasury note was at 3.08%.
Today starts the annual three-day Jackson Hole Symposium, with all eyes on Fed Chairman Jerome Powell's speech on Friday, to get insight into the Fed's next rate hike amount. Markets now see a 39.5% likelihood the Fed will boost rates by 50 basis points in September and a higher 60.5% chance of a 75-basis-point hike.
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Jobless Claims Show A Minor Win For the Job Market
Second-quarter GDP came in at -0.6% vs. the consensus of -0.9%. Annualized Personal Consumption Expenditures rate rose 1.5%, up from the prior report showing 1%.
Initial jobless claims were 243,000 in the week ending Aug. 20, vs. the consensus forecast for 245,000, a small positive sign for the job market. Initial claims decreased by 2,000, the same decrease as the prior week.
Leading Fertilizer Company Breaks Out
CF Industries broke out of a cup base, hitting the 113.58 buy point in heavy volume on the chart. The relative strength line hit a new high as indicated by a blue dot on the MarketSmith chart.
The IBD 50 company specializes in clean energy, producing ammonia, green hydrogen and fertilizer products.
CF is No. 1 in the Chemicals-Agriculture group, which is ranked No. 51 out of 197 IBD groups. It meets all nine IBD criteria, including two perfect 99 scores for EPS Rating and Composite Rating.
The fertilizer group is seeing strength on Tuesday's news of a Polish fertilizer company halting production of nitrogen fertilizers and stopping ammonia output.
Fertilizer stock Mosaic is also benefiting on the news, up 1.1% on the stock market today.
Axcelis Technologies gained 12.5% and broke out of a cup-with-handle base, hitting the 79.93 buy point on the chart. Shares have shown strength with the relative strength line at a new high.
The company is ranked No. 1 in the Electronic-Semiconductor Equipment group, which is ranked No. 86 out of 197 IBD groups. The IBD 50 company had triple-digit EPS growth for the last four quarters, and sales growth ranging from 50% to 68% in the same time period.
Steel Company Hits Buy Point
Steel Dynamics is up 3% in heavy volume and broke out of a cup-with-handle base, hitting the 86.04 buy point.
The company is ranked No. 1 in the Steel Producers Group, which is ranked No. 79 out of 197 IBD groups. STLD stock holds high ratings, including a 98 EPS Rating and a 96 Composite Rating. It has a desirable 63% return on equity, a measure of profitability.
Analysts are expecting annual EPS of $21.39 in 2022, then $10.37 in 2023.
Stock Market Earnings Winners And Losers
Cloud data company Snowflake gapped up 18.7% in heavy volume after reporting better-than-expected fiscal Q2 2023 sales and positive guidance. The move would be the largest percentage increase on record since its IPO on Sept. 2020.
Titan Machinery jumps 10.3% after reporting a beat on Q2 EPS and sales. Titan is ranked No. 3 in the Retail-Wholesale Building Products Group, which is ranked No. 57 out of 197 IBD groups.
Peloton tanked 18.8% on the stock market today after the fitness company reported a Q2 miss on both earnings and sales.
Stock Market Today: IBD 50 Stocks On The Move
The IBD 50 ETF, a measure of growth stocks, is down 0.9%, holding up better than major indexes.
ON Semiconductor, also called Onsemi, is up nearly 4% and extended from a 71.35 buy point on the chart.
Wesco International is up 3.4% and coming out of a double-bottom base with a buy point of 144.39.
Vaccine maker Siga Technologies plummeted 9.4% in light volume and is below the 21-line.
