The stock market indexes are holding slight gains in Wednesday's afternoon session, hovering above the lows of the day. The small-cap Russell 2000 is outperforming all other indexes today and above the 21-day exponential moving average.
The Nasdaq composite gained 0.4%. The S&P 500 added 0.2% while the Dow Jones was up 0.1%. All three indexes are finding resistance at the 21-day exponential moving average.
The Russell 2000 small-cap ETF is the winner, higher by 0.7%, while the big-tech Nasdaq 100-tracking ETF Invesco QQQ Trust gained 0.2% by late afternoon.
NYSE volume is lower by 9.1% and Nasdaq volume is higher by 3%, compared with the same time on Tuesday.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 32946.26 | +36.67 | +0.11 |
| S&P 500 | (0S&P5) | 4138.12 | +9.39 | +0.23 |
| Nasdaq | (0NDQC ) | 12436.20 | +54.90 | +0.44 |
| Russell 2000 | 192.37 | +1.42 | +0.74 | |
| IBD 50 | 29.67 | +0.29 | +0.99 | |
Last Update: 3:02 PM ET 8/24/2022 |
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The SPDR Select Energy ETF gained 0.4%. Crude oil rose 1.1% and is trading above $94 per barrel. Natural gas is up 0.7% and near $9 per million British thermal units.
Bitcoin futures added 0.9% to $21,690.
Yield on the 10-year Treasury continues to climb, reaching 3.11%. Markets now see a 45.5% likelihood the Fed will boost rates by 50 basis points in September and a 55.5% chance of a 75-basis-point hike.
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Durable Goods Orders Flat
July new orders were unchanged, vs. a consensus of a 0.5% increase, with the ex-transportation number at 0.3%, better than the 0.1% expected.
The July Pending Home Sales month-over-month change came in at -1%, better than the -2.5% consensus. The report is a leading indicator tracking existing-home sales.
The EIA Petroleum Status Report shows a decrease of 3.3 million barrels of crude oil inventories for the week ended Aug. 19, suggesting weaker demand. Gasoline inventories were unchanged and distillate inventories were down 0.7 million barrels from the prior week.
Stock Market Today: Solar Stocks Gain
Solar tracking company Array Technologies popped 5.2% and reversed a decline it started after the stock gapped up on a positive earnings report on Aug. 9. The stock remains above the 21-day line, after dipping below the support line Tuesday. Company shares hold an impressive 98 Relative Strength Rating.
The Invesco Solar ETF was up 2.1% and above the 21-day exponential moving average. The ETF is on the Leaderboard Leader's List
Advance Auto Parts declined 9.7% after reporting a miss on Q2 EPS and sales after the market close Tuesday. Management gave lower sales guidance for 2022.
Citi Trends tanked 18.31% after reporting a surprise loss in Q2 and missed the sales expectations. Management also lowered it full-year sales guidance. The stock is now below the 50-day moving average.
Lithium Stock Breaks Out, Uranium Stock Surges
Lithium producer Livent is up 6.4% and broke out of a cup-with-handle base in heavy volume, hitting the 31.63 buy point on the MarketSmith chart. Livent is No. 2 in the Specialty Chemicals group, ranked no. 52 out of the 167 groups IBD tracks. Livent has shown considerable quarterly EPS growth combined with strong sales growth. It holds a near-perfect 98 Composite Rating.
Uranium explorer and refiner Cameco gapped up 14.5% on news that Japanese Prime Minister Fumio Kishida said the country will restart idle nuclear power plants. Japan has kept most of its nuclear plants idle since 2011 after a massive earthquake and tsunami caused a nuclear meltdown at the Fukushima Daiichi power plant.
Hazardous materials collection specialist Clean Harbors is up 3.2% and slightly extended from the 5% buy zone, after coming out of a double-bottom base. The company is No. 1 in the Pollution Control Group, which is ranked No. 21 out of 197 industries IBD tracks. It earns a perfect 99 Composite Rating and passes all criteria on the IBD checklist.
Stock Market Today: IBD 50 Stocks On The Move
The IBD 50 ETF, a measure of growth stocks, is trading higher by 1%, holding up better than major indexes.
Gene therapy company Sarepta Therapeutics gained 5%, pushing it into a 20%-25% profit zone from the 93.60 buy point on the chart. The company has a 97 Relative Strength Rating, meaning it has outperformed 97% of the stocks IBD tracks in the last 12 months.
Fertilizer company Mosaic is up 4.7% after Tuesday's report of Poland's fertilizer company halting production of nitrogen fertilizers and reducing ammonia output. The company ranks No. 5 in the Chemical-Agriculture group, which is ranked No. 42 out of 197 IBD groups. Mosaic meets eight out of nine metrics of the exclusive IBD criteria.
Steel manufacturer Commercial Metals is down 0.6% and finding support near the 21-day line. The company holds perfect 99 scores on both Composite Rating and EPS Rating.
