The Dow Jones Industrial Average rose from session lows after inflation data raised fears of rate hikes. The index was down 0.2% at 4 p.m. ET Wednesday.
The S&P 500 pared early losses and rose 0.1% at closing bell, while the Nasdaq outperformed on Wednesday, rising 0.3%. All three indexes are just below their 50-day moving average.
Volume was lower on the NYSE but higher on the Nasdaq compared with the same time Tuesday.
The small-cap Russell 2000 lagged with a 0.8% fall.
The Innovator IBD 50 ETF fell 1%.
Crude oil traded at $88.57 a barrel, down about 0.3%.
The yield on the benchmark 10-year Treasury note fell 1 basis point to 4.24%.
August inflation came in higher than expected, rising 3.7% on a 12-month basis, after July's 3.2%, according to Econoday. Rising gas prices contributed to much of the increase. But core inflation, which excludes the more volatile food and gas prices, also rose, by 0.3%, which was above consensus views of 0.2%.
Thursday's retail sales and the producer price index, both for August, loom. The CME FedWatchTool continues to see a slim 3% chance of a rate hike in September but a higher 40.8% chance in November.
Dow Jones Stocks
Visa is in a buy range from a 245.37 buy point. Shares are approaching an all time high of 252.67. Intel is near the top of its buy range from a 37.19 entry. Shares have cleared resistance at around 37. Microsoft rebounded from its 50-day line.
Stocks Moving Today
Adobe and Lennar report earnings on Thursday. ADBE stock is in a buy range from an alternate entry of 552.94. The software giant expects sales of $4.85 billion at the midpoint of the estimate range for the quarter and earnings of $3.97 per share.
Lennar has a lot of work to do before it clears its 50-day line. Shares hit a profit zone from a 106.13 buy point in July, but have fallen since.
Cracker Barrel pared early gains and reversed sharply lower after earnings. Increases in menu prices helped comparable restaurant sales growth, but comparable store sales declined.
Among chip stocks, Semtech reversed to halt a five-day losing streak ahead of earnings at the market close. Shares are in a downtrend below the 50-day line.
China EV stocks fell. The European Commission is investigating imposing tariffs on EV imports that benefit from subsidies. Li Auto and Warren Buffett backed BYD are trying to hold the 50-day line, while Xpeng remains above it. BYDDF is in a cup base with a buy point of 36.27.
Futures: Small Caps Signal Market Weakness; ARM IPO Prices High
Specialty Alloy Stock At New High
Carpenter Technology closed at new high, at levels last seen in January 2008. The stock is also above a profit zone from a buy point of 53.60 after buyers came in strong numbers for four days. The maker of specialty alloy has also cleared an upper channel line, another reason to take profits.
Rocket Pharmaceuticals soared, gapping above its 50- and 200-day moving averages. News that it had reached an alignment with the Food and Drug Administration concerning its trial for the treatment of Danon Disease moved the stock.
Chip design company ARM is set to go public. ARM plans on pricing its shares at $52, higher than a proposed range between $47 and $51. The company boasts Apple and Google parent Alphabet among its clients. According to reports, NewStreet Research gave ARM a buy rating with a $59 price target ahead of its IPO.
American Airlines fell after cutting its profit outlook due to higher costs for gas and pilot contracts. Shares are below their 50-day line and at risk of undercutting an earlier base. Spirit Airlines also fell on a lowered revenue outlook for the current quarter. SAVE stock fell below its 50-day line in strong volume in the stock market today.
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