The major stock market indexes pulled back hard Tuesday afternoon, but closed above the lows of the day. The Nasdaq and S&P 500 now have five consecutive down days, with the Nasdaq at levels not seen since 2020.
The Nasdaq composite shed 1.1%, the S&P 500 trimmed 0.7%, and the Dow Jones Industrial Average inched up 0.1%. The Russell 2000 small-cap index was unchanged, while the Nasdaq 100-tracking Invesco QQQ Trust's 1.4% loss.
Volume on the NYSE and the Nasdaq was higher vs. the same time on Monday.
Crude oil trimmed 2.8% to $88.63 per barrel. The SPDR Select Energy ETF lost 0.8%.
The 10-year Treasury note yield inched up to 3.93%. Bitcoin shed 1.1% to $18,920.
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As of Tuesday afternoon, 82.8% expected the Fed to raise rates by 75 basis points at its Nov. 2 meeting, while 17.2% looked for a 50-basis-point hike, according to the CME FedWatch Tool.
European markets were trading in the red, with the German DAX stock index down 0.4%, Paris CAC 40 0.1% and London FTSE 100 1.1% to close out the trading day.
The September NFIB Small Business Optimism Index came in at 92.1 vs. the 91.5 consensus, an increase over the prior 91.8.
Pharma Stock Soars On Phase One News
Biopharma company Dice Therapeutics soared 62.3% in heavy volume after announcing promising Phase 1 data for its experimental psoriasis treatment. Shares are extended from a cup-with-handle base and buy point of 22.46. The stock has a high 97 Relative Strength Rating.
Dice is in the Medical-Biomed/Biotech Group, which is ranked No. 5 of the 197 IBD groups.
Nasdaq 100 component Amgen popped 5.7% in heavy volume after Morgan Stanley upgraded the stock to overweight from equal weight, raising its price target to $279. Today's upside is close to its largest one-day percentage gain since Feb. 8, when it rose 7.8%.
AMGN stock was the best performer in the Dow Jones, contributing over 97 points and helping to push it into positive territory. It also led the S&P 500 and the Nasdaq 100 indexes.
Stock Market: Winners And Losers
Beauty products manufacturer ELF Beauty rose 6% after Piper Sandler upgraded the stock to overweight and raised its price target to $46. ELF shares earn a 96 Relative Strength Rating. The company holds a 92 Composite Rating and a lackluster 77 EPS Rating, held down by erratic quarterly earnings.
Black Stone Minerals dipped 0.2% and is in the 5% buy zone of a cup-with-handle base with a buy point of 16.70. The stock started today's trading session with a gap down, but quickly popped back up in morning trading.
ON Semiconductor dropped 4% and is below its 200-day moving average.
Zoom Video closed the day unchanged, even though Morgan Stanley cut the stock to equal weight and dropped its price target to $90.
Roblox pulled back 2.4% after Barclays initiated coverage with a underweight rating and a 20 price target.
IBD 50: Winners And Losers
The Innovator IBD 50 ETF pulled back 1.1%, in line with the Nasdaq.
Home medical equipment provider AdaptHealth gained 0.5% and is trading above its 50-day moving average.
Molina Healthcare gained 0.6% and is in a flat base with a buy point of 361.35 on the chart. The relative strength line hit a new high, as indicated by the blue dot on the MarketSmith chart.
World Wrestling Entertainment rose 1.3% and is closing in on the 75.33 buy point of a cup base. The stock market is still in correction so this may be one to watch from the sidelines for now. WWE stock holds a 96 Relative Strength Rating, 97 EPS Rating and 95 Composite Rating.
Specialty coatings manufacturer RPM International rose 1.5% and is trading back above its 50-day moving average, after dipping below that critical level in the last two days.
The relative strength line hit a new high on the chart. RPM shares are in a long cup-with-handle base and within 5% of a 98.07 buy point.
Northern Oil & Gas plummeted 9.1%, dropping below its 21-day exponential moving average before finding support at its 50-day moving average. The company has entered into a definitive agreement to acquire assets in the Delaware Basin for $130 million.
