The Dow Jones Industrial Average moved higher Tuesday and close near its intraday highs. The major indexes all closed decently higher after choppy trading earlier in the session.
Stock Market Today
Earlier in today's market, the major indexes stalled after strong gains on Friday and Monday. But the indexes closed near highs and moved substantially off lows.
Corporate earnings reports continue to be among the most important factors this week. At the close, the Dow Jones industrials were up 0.7%. The index climbed back above the 200-day moving average on Monday, a key area of resistance. The Nasdaq composite rose 0.7% after trading roughly 0.2% lower. The S&P 500 also advanced 0.7%.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 35403.86 | +272.00 | +0.77 |
| S&P 500 | (0S&P5) | 4546.35 | +30.80 | +0.68 |
| Nasdaq | (0NDQC ) | 14346.00 | +106.12 | +0.75 |
| Russell 2000 | 203.21 | +1.97 | +0.98 | |
| IBD 50 | 38.42 | +0.53 | +1.40 | |
Last Update: 4:28 PM ET 2/1/2022 |
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Energy stocks led the upside on Tuesday as the Energy Select Sector SPDR rose over 3%. Materials also outperformed. Utility and technology stocks lagged on Tuesday.
The Russell 2000 gained 0.9% as small caps also outperformed. Volume was running lower on the Nasdaq and higher on the NYSE vs. the same time Monday, according to IBD data. The Innovator IBD 50 ETF traded up 1.4%.
Earnings This Week: UPS, AMD, Alphabet
UPS broke out from a flat base with a 220.35 buy point. The stock gapped up in strong volume after the company reported record earnings that were driven by higher shipping rates and e-commerce demand. The company also gave strong 2022 guidance and hiked its quarterly dividend 49% to $1.52 a share. UPS sees 2022 revenue of about $102 billion vs. analyst estimates of about $100 billion.
Later, both Advanced Micro Devices and Google parent Alphabet are expected to report earnings after the close.
For AMD, analysts expect earnings growth of 46% for the quarter and 105% growth for the full year, according to IBD data. Earnings-per-share estimates for the full year were revised upward.
The chip designer has had a rough time recently, as shares fell more than 20% in the last two weeks. After breaking below the 200-day line last week, shares are regaining this area today. Shares were up 2.2% Tuesday after a gain of over 6% on Monday.
On Wednesday, Facebook parent Meta Platforms and Spotify are set to report after the closing bell.
Amazon.com will report on Thursday. The stock is up about 5% this week, but has also declined significantly the past few months. Shares are below their 50-day and 200-day lines.
Follow Rachel Fox on Twitter at @IBD_RFox for more Dow Jones and stock market commentary.
