Stocks today made mild moves and traded mixed in afternoon market action. Small caps lagged.
The market dropped 150 points in early trading after the European Central Bank surprised Wall Street with a 50 basis-point hike in interest rates. The Dow Jones Industrial Average tanked further on a weaker-than-expected U.S. jobless claims report. But the blue chip index reversed to trim losses and get near the break-even level.
The Nasdaq moved into positive territory with a gain of as much as 1%. At around 1:45 p.m. ET, that gain shrank a bit to 0.6%. Meanwhile the S&P 500 rose 0.3%. But the Russell 2000 fell nearly 0.6%. On Tuesday, the small-cap index surged 3.5%.
The benchmark 10-year U.S. Treasury bond yield slid 10 basis points to 2.93%.
Volume on the Nasdaq was running more than 12% lower vs. the prior session, while volume on the NYSE was up 8%. The Russell 2000 continued in negative territory and was down 0.23%.
Watch This Potential Market Leader
The Innovator IBD 50 exchange traded fund was flat.
Verra Mobility is up after raising its full-year guidance based on strong expectations for growth in demand for what it calls its "smart transportation" mobility services. VRRM stock has found support along its 50-day moving average and is trading off a cup-with-handle formation, trying to pass a buy point of 16.83.
VRRM's strong Relative Strength Rating of 93 also indicates its strong performance; the 93 RS means Verra has outperformed 93% of all companies in the IBD database over the past 12 months.
Seagen has been posting a bullish tight close flag pattern off a cup-with-handle base and may present an entry point of 183.10. The stock spiked on the news that it is an acquisition target for Merck. The acquisition is likely delayed until both companies report their earnings on July 28.
Elsewhere in stocks today, discount variety retail store chain Dollar Tree is trading just above a buy point of 166.32 with a cup-with-handle base. Shares at one point fell more than 3% but stabilized at the 21-day exponential moving average.
Dollar Tree has been outperforming the market and has an RS rating of 98.
In the computer software-medical group, Evolent Health is trading a shade above its buy point of 33.23. The company will report its earnings on Aug. 2 and was recently on the IBD 50 stocks to watchlist.
The stock got some air play in Thursday's IBD Live show.
Stocks Today: Will Chip, Medical Plays Lead The Uptrend?
Nvidia has broken above its 50-day moving average, a bullish sign. Yet the megacap tech still needs a lot of time and work in building a new bullish base.
Along with other semiconductor chip companies such as Advanced Micro Devices and Intel, its earnings will be on the watch even as Congress votes on the Chip Act, or known in its official title as the Creating Helpful Incentives for the Production of Semiconductors for America Act.
IBD 50 stock Agilon Healthcare has been witnessing an increased RS rating. It has a 28.15 buy point off a consolidation.
Meanwhile, crude oil futures slipped 2.9%. Chevron fell back toward its 200-day moving average as crude oil fell on rising inventories.
