The major stock market indexes were mixed to start the day on a negative jobs report and lower manufacturing data.
The Nasdaq composite was down 0.1% while the S&P lost 0.4%. The Dow Jones Industrial Average fell 0.7%. The small-cap Russell 2000 dropped 0.7%.
Volume fell on the Nasdaq and rose on the NYSE compared with the same time on Wednesday.
European stocks were mixed, with the German DAX down 1%, the London FTSE 100 dropping 0.5% and the Paris CAC gaining 0.2%.
Jobless Claims Worse than Expected
Weekly jobless claims rose to 251,000 from 244,000 the prior week, showing a slightly deteriorating job market. Economists were expecting 240,000.
The Philadelphia Fed Manufacturing index, an indicator of industrial manufacturing trends, came in at a surprising drop of -12.3%. Econoday consensus was looking for an increase of 0.4 for July. This makes it two months in a row with a negative report. June's -3.3 was the first negative report since 2008.
The odds for a 100-basis point rate hike at next week's Fed meeting dropped to 64%.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 31661.46 | -213.38 | -0.67 |
| S&P 500 | (0S&P5) | 3944.95 | -14.95 | -0.38 |
| Nasdaq | (0NDQC ) | 11883.29 | -14.36 | -0.12 |
| Russell 2000 | 180.25 | -1.24 | -0.68 | |
| IBD 50 | 27.27 | -0.07 | -0.26 | |
Last Update: 10:18 AM ET 7/21/2022 |
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Treasury yields dropped after the economic data, with the 10-year Treasury note's yield down 45 basis points to 2.99%.
The European Central Bank raised rates by 50-basis points while investors were expecting a 25 basis point hike. It was the first hike in 11 years.
Earnings Come in Mixed
Tractor Supply stock dropped 5.1% despite a beat on its Q2 earnings report. The company raised its full year 2022 guidance.
American Airlines was down 7.3% after reporting a miss on Q2 earnings per share but a beat on sales expectations. This was their first profitable quarter without government assistance since the start of the Covid-19 pandemic.
AT&T plunged 8.4% despite better than expected Q2 results, but lowered its full year free cash flow guidance.
IBD 50 Stocks Moving Today
The Innovator IBD 50 ETF, a gauge of growth stocks, is down 0.2%, trailing the major indexes.
Elf Beauty was up 1.9% and broke out of a cup-with-handle base, hitting the buy point of 33.54 on a MarketSmith chart.
Agilon Health was up 4.1% and within 2% of the 28.15 buy point in a sideways looking base on the chart.
Celsius Holdings rose 4.7% on heavy volume. The stock is showing an increasing relative strength line on the chart.
Crude oil futures dropped 2.8% to $97.12 per barrel. Bitcoin futures lost 4.3% today, back below the $23,000 level to $22,665.
