The stock market’s early gains on Friday faded ahead of the three-day weekend. sales force (CRM) and chevron (CVX) outperformed the Dow Jones today, while Lululemon Athletica (Lulu) and from Broadcom (AVGO) led the Nasdaq 100, buoyed by strong earnings reports.
Salesforce bucked the trend with modest gains after Guggenheim upgraded the enterprise software company to a neutral from the sale. Chevron retreated from its highs but still rose 1.5% amid another day of outperformance by oil and gas stocks.
LULU stock faded after a strong start, but shares are still up about 7% after the company reported solid growth across many metrics and raised its revenue forecast. Total revenue increased 29% to $1.87 billion, with same-store sales increasing 23%. Store visits are up over 30%, with e-commerce up 40%.
stock market today
After rising 1.4% earlier today, the Nasdaq Composite closed with a 1.3% loss. The S&P 500 and Dow Jones industrial indexes were down 1.1% each. Preliminary data showed lower volumes on the New York Stock Exchange and Nasdaq ahead of the Labor Day holiday.
US stock market overview today
|Dow Jones||(0 USD)||31318.84||-337.58||-1.07|
|Standard & Poor’s 500||(0S&P5)||3924.41||-42.44||-1.07|
|defect 50||(fifty fifty)||27.68||+0.28||+1.02|
Last update: 4:08 PM ET 9/9/2022
The number of distribution days for the Nasdaq and S&P 500 indexes has been on the rise in recent weeks. The S&P 500 index is showing four significant declines in volume since August 19th. The Nasdaq has shown four declines since August 17th.
Increased signs of institutional selling in indices have made it difficult for investors to make money in the stock market. And don’t forget that the last two September sessions were tough months for the stock market. Last year, the Nasdaq fell 5.3% in September. In 2020, the index fell 5.1%.
The stock market initially celebrated the August jobs report before the opening, which showed a nice jump in the labor force participation rate. Nonfarm payrolls increased by 315,000 in August, slightly above estimates of 293,000. The unemployment rate rose to 3.7% and the labor force participation rate rose to 62.4% from 62.1%.
The jobs report lowered the probability of a 75 basis point hike at the Fed’s September 21-22 meeting. But Fed money futures traders still believe there is a 58% chance that the Fed will raise 75 basis points. That’s down 70% on Thursday.
On the New York Mercantile Exchange, US crude oil futures settled at $86.87 a barrel, up 0.3%. Natural gas futures were down 4.2% before 4 PM ET.
Russia’s Gazprom said its main gas pipeline to Europe will not reopen on Saturday as originally scheduled due to the oil spill. The pipeline news came after the Group of Seven countries backed a cap on Russian oil prices.
Oil and gas stocks dominated the uptrend in the MarketSmith Growth 250. Talos Energy TALO stock jumped 6.6%. It still forms the right side of a V-shaped base. Strong earnings and sales growth over the past three quarters has helped boost TALO’s composite rating of 98.
Energy storage on the go
After testing the 21-day exponential moving average on Thursday, capital is small Renewable energy sources in Montauk (MNTK) jumped nearly 6%. The company’s specialty is capturing methane and converting it into renewable natural gas.
Oventiv (OVV) is up 3.4%. It is holding above short-term support levels as it forms the right side of the base.
How do you know it’s time to sell your favorite stocks
between oil refineries, CVR Energy (CVI) was on the verge of ending a five-session low after approaching the 50-day moving average on Thursday. The shares rose 6.5% as the stock formed a cup base with a handle at 37.73 buying points. Peer group HF Sinclair DINO stock jumped above the 21-day line, up nearly 5%.
Solar stocks have been volatile again. Invesco Solar ETF (TAN), which is important Enphase (ENPH) and First Solar (FSLR) as the largest of its two holdings, at 2.4%. TAN is close to testing its 50-day moving average, which is approaching its last buying point at 78.92.
among Chinese stocks, Bindudu (PDD) maintains gains well after gapping Monday on earnings. The company operates an e-commerce platform in China. Revenue growth accelerated well from the previous quarter, up 31% to $4.69 billion.
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