There was a sudden drop in the stock market, but these 2 indices outperformed

Share Market It fell sharply since 1 p.m. ET, although the index remained above session lows. The action of the day is driven as much by technical factors as by macro and political considerations.


The Dow Jones Industrial Average was down 0.8%, while the Nasdaq was down 0.3% around 1:40 p.m. ET. The S&P 500 gained marginally and was down 0.3%. But small caps outperformed as the Russell 2000 rose 0.6%. The Innovator IBD 50 ETF also outperformed, rising 0.9%.

Crude oil rose 2% to $96.30 a barrel. Volumes were higher on both the Nasdaq and NYSE than at the same time on Monday. Attention is turning to rising tensions in US-China relations. House Speaker Nancy Pelosi landed a trip to Taiwan, angering Chinese officials.

Mixed signals for the stock market

The 10-year Treasury yield is at 2.73%, up 13 basis points, and the curve is inverted. Historically, the inverted yield curve has been the canary in the coal mine. Monday’s ISM Manufacturing Index, which measures monthly changes in output, showed growth continued at 52.8 in July, though at its lowest rate since June 2020.

As summer begins, investors are looking forward to reading an assortment of indicators. Seasonally slowing summer housing market continues slow, although it has been buoyed by a strong labor market. The decline is led by single-family homes.

Today’s job openings report showed a decline from May to June. According to Peter Essel, head of portfolio management at Commonwealth Financial Network, there are more voluntary job layoffs in smaller firms and a drop in job openings at larger firms could result in wage increases as smaller firms compete for talent.

US Stock Market Today Overview

index sign, symbol worth profit loss % Change
Dow Jones ,0 paisa, 32530.10 -268.30 -0.82
S&P 500 ,0S&P5, 4103.54 -15.09 -0.37
Nasdaq ,0NDQC , 12345.18 -23.80 -0.19
Russell 2000 ,IWM, 187.28 +0.10 +0.05
IBD 50 ,ffty, 28.78 +0.29 +1.02
Last Updated: 1:50PM ET 8/2/2022

Jeffrey Roach, chief economist at LPL Financial, however, sees a gradual decrease in job openings as fewer openings lead to a normalization of leaving rates. In June, there were 1.8 openings for every unemployed person, a number that is likely to move closer to parity in the coming months.

Tomorrow’s key capital equipment order and factory order numbers will tell us more about what’s going on in construction. Both rose marginally at 0.5% and 1.6% in June. Along with this, the employment numbers of this week will also be monitored.

flexible corporate income

shares of Pinterest ,pins) grew nearly 12% on strong sales from Promoted Pins reported in Monday’s earnings report, proving that ad revenue remains strong for some companies.

Last week, Alphabet ,Google), Google’s parent company, also posted strong ad sales growth. Investors can speculate that Facebook parent meta platform,meta) The lower ad revenue numbers announced last week may be related to the company losing access to data on Apple’s user behavior rather than a broader slowdown in the advertising business.

Shares of Pinterest also rose on news that Elliott Investments had become the company’s largest investor. Susquehanna International Group upgrades Pinterest from neutral to positive. Shares have broken above themselves 50-day moving average,

Uber ,Uber) also beat expectations with revenue of $8.1 billion, an increase of 105% over the prior year, and earnings per share of $1.33.

Solar Panel & System Manufacturer Sun Power ,SPWR) also rose 14% today with revenue of $414 million and earnings of $.03 per share, beating estimates. It climbed above the 200-day moving average.

Cummins, Caterpillar in Stock Market Movers

cummins ,CMI), which makes diesel and natural gas engines, also beat estimates with earnings of $4.94 per share. The stock rose nearly 2 per cent.

In the finance sector, shares of Cowen Group ,cow) And Toronto-Dominion ,td) also increased by 7% and 1%, respectively, after TD confirmed its plans to acquire Cowen in an all-cash transaction of $1.3 billion.

In the below direction, Kamla ,cat, jetblue ,Blue) And woodward ,WWD) are down after the reduction in earnings expectations.

For investors searching for growth stories in uncertain markets, the energy sector continues to offer a select few, though one should tread carefully and adopt a stop loss strategy. IBD Leaderboard Stocks Chenier Energy ,LNG) may be an opportunistic game as Europe reduces its dependence on Russian oil. Stock is close to entry 146.45.

Exxon ,XOM) And beam ,CVX) both performed well in the second quarter in terms of earnings figures. Their increasing institutional ownership signals a good sign, which is based on the I. can slim Stock picking strategy. Both stocks are trading above the 50-day moving average. cup base – A bullish signal.

Stocks making big moves today

shares of gartner ,This) is up 6.8% at 287.40 after its earnings report, and is the best S&P 500 stock to date.

SolarEdge ,SEDG) is announcing earnings at market close today. look for Eris Water Solution ,eris) Wednesday. The stock broke out of the cup base with a buy point of 22.10. Keep in mind that buying a stock ahead of an earnings report is risky.

AMN Healthcare ,AMN, Funko ,FNKO) And new fort energy ,NFE) report on Thursday. AMN is trading near a buy point at 125.04 double bottom Base with a handle.

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