The Dow Jones Industrial Average finished lower to kick off the first week of the fourth-quarter earnings season. The blue-chip index was down 0.3% at the closing bell on Monday, after rising nearly 1% earlier in the day. It remained above the 50-day moving average.
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The S&P 500 also reversed lower, closing 0.1% lower. It rose above the 50 day line today but closed below it. The Nasdaq led a 0.6% gain and pulled back after approaching the 50-day line. Small cap Russell 2000 finished up 0.2% although it also gave up much of its gains.
Trading volume increased on the New York Stock Exchange and decreased on the Nasdaq, according to preliminary data.
Many stocks topped the buys but some faded below the entries. modin (modern) And amcor (AMKR) still held up and the size was good. Modine is in buy area from buy point 22.23. Amkor is in the buy area from the 29.20 cup base buy point.
slb (slb) fell slightly from its buy point at 56.14. The volume was poor. Oil and gas drilling services company Halliburton (Hal) broke out from the base of a cup with a handle and buy a point 40.09.
The Innovator IBD 50 ETF (fifty) was up 0.2% at the end of the day.
Crude Oil rose 1% to trade at $74.80 a barrel. The yield on the benchmark 10-year Treasury note fell 5 basis points, to 3.55%.
According to the latest data from S&P Global Market Intelligence, real GDP rose to 2% in 2022. Strong numbers from trade and inventories in November pushed GDP growth above the trend line in the second half of the year.
“An emerging risk is that the economy remains stronger for longer than previously anticipated, requiring more aggressive and sustained monetary tightening to prevent higher inflation from becoming entrenched,” said Joel Bracken, co-head of US economics at S&P Global Market Intelligence.
A mild recession remains a strong possibility in the first half of 2023.
Stocks are moving today
shares Uber (Uber) rose nearly 4% after the upgrade to overweight from analyst Piper Sandler Alexander Potter. The new price target is 33. Uber is forming a base with a buy point at 31.92.
Also after the analyzer was upgraded inspiration (ORCL). It received an overweight rating from Piper Sandler analyst Brent Bracelin, with a price target of 104, up from 85. Shares are up nearly 1% in today’s session. The stock’s RSI is also at a 52-week high.
in another place, Regeneron Pharmaceuticals (regen) is down over 7% and is on track for its biggest drop since March 20, 2020. In the initial update, Eylea’s sales of $1.5 billion were lower than FactSet’s estimate of $1.64 billion.
Larva (Never) in the buy area of the cup base with handle and buy 238. CAT is running IBD Leaderboard.
bed bath behind (BBBY) increased by more than 20% with significant volume even as bankruptcy haunted the household goods company. However, the shares are trading below 1.70. Earnings are due on Tuesday.
Commercial rental inventory has been unloaded. McGrath Rentcorp (MGRC) broke through a flat base with a buy point at 100.40 on Friday and came back below a buy point today. H&E Equipment Services (she) reversed lower but is still in overbought territory after the breakout of 47.27.
retail stock Messi (M) And lululemon (Lulu) fell more than 7% after warning of dismal holiday season sales.
Earnings Deck for Dow Jones Stocks
commercial minerals (CMC) less reflection after Strong earnings Today. The shares are in a buy zone after the stock found support at the 10-week moving average.
On Friday, Dow Jones leaders c. B. Morgan Chase (JPM) And United Health (United nations) will report earnings before opening. JPM is approaching a buy point at 138.76 on a flat base. The United Nations is well below the 50-day line.
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