The Dow Jones Industrial Average closed near its session lows on Wednesday, as stocks sold off into the close. The major indexes all traded lower after several days of gains. The Nasdaq underperformed with a loss of over 1%.
Indexes cooled on Wednesday. However, the light-volume sell-off didn't look all that bad in light of several days of bullish action for the indexes since the follow-through on March 16.
The majority of S&P 500 sectors fell, with the exception of energy stocks, which led the upside after several days of trading lower. U.S. crude oil futures were up more than 3% to around $107 a barrel. Meanwhile, consumer discretionary and technology stocks led the S&P sectors. The Technology Select Sector SPDR ETF lost 1.7% on Wednesday.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 35228.15 | -66.04 | -0.19 |
| S&P 500 | (0S&P5) | 4602.49 | -29.11 | -0.63 |
| Nasdaq | (0NDQC ) | 14442.28 | -177.36 | -1.21 |
| Russell 2000 | 207.62 | -4.09 | -1.93 | |
| IBD 50 | 39.45 | -0.56 | -1.40 | |
Last Update: 4:22 PM ET 3/30/2022 |
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Dow Jones In The Stock Market Today
Dow Jones stocks Home Depot and Salesforce.com lost over 3% and led the downside among blue chips. UnitedHealth Group and Walmart rose over 1.5% each. UnitedHealth remains inside the buy zone from a 501.03 double-bottom entry. The buy zone goes to 526.08.
Elsewhere, Apple fell 0.7%. Shares remained inside the buy zone of a double-bottom buy point at 176.75, according to IBD MarketSmith chart analysis. Apple broke out on Tuesday. Apple stock is among the first of the major tech plays to break out as the sector continues to recover from heavy selling in recent months.
At the close, the Dow Jones industrials was off 0.2% as the Nasdaq lost 1.2%. The S&P 500 declined 0.6% as the Russell 2000 closed with a 2% loss. Early data showed volume was lower on the Nasdaq and on the NYSE vs. the close on Tuesday. Stocks have been rising in heavy volume and selling off in lighter volume, is a good sign for the market uptrend.
Stocks Making Notable Moves
Paychex outperformed with a gain of over 3% after reporting strong earnings. The stock now vies for a breakout from a cup base with a 139.07 buy point. Adjusted earnings of $1.15 per share beat estimates and showed year-over-year growth of 20%. Meanwhile, revenue of $1.28 billion also beat views and increased 15% year over year.
Lululemon Athletica gained almost 10% after the retailer reported a 31% rise in adjusted earnings. Revenue increased 23% to $21.3 billion. Lululemon also guided full-year earnings and revenue above expectations and announced a $1 billion share buyback program. Shares have increased 18% for the week but are hitting possible resistance at the 200-day moving average.
Follow Rachel Fox on Twitter at @IBD_RFox for more Dow Jones and stock market commentary.
