The Dow Jones Industrial Average fell to session lows in afternoon trading Wednesday, but a couple of Dow Jones stocks were up at least 1%, including UnitedHealth Group and Walmart.
UNH stock has been moving higher in light volume after a breakout from a double-bottom base. WMT stock, meanwhile, is still in a buy zone after a bullish move above its March 21 high.
Procter & Gamble gave back 1% in the Dow Jones today. JPMorgan downgraded P&G to neutral from overweight and lowered its price target to 165 from 181.
Home Depot and Salesforce.com also lagged with losses of 3% each.
Outside the Dow Jones
The S&P 500 was down 0.8%, but energy, fertilizer and some health care stocks outperformed. Occidental Petroleum was near session lows but still rose 1% after Raymond James maintained a strong buy rating and lifted the price target to 85 from 60.
U.S. crude oil futures were up more than 2% to around $106.50 a barrel.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 35125.91 | -168.28 | -0.48 |
| S&P 500 | (0S&P5) | 4592.43 | -39.17 | -0.85 |
| Nasdaq | (0NDQC ) | 14434.16 | -185.48 | -1.27 |
| Russell 2000 | 207.56 | -4.15 | -1.96 | |
| IBD 50 | 39.45 | -0.56 | -1.40 | |
Last Update: 3:18 PM ET 3/30/2022 |
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Paychex also outperformed in the S&P 500 after reporting earnings. The stock was on pace for a bullish outside day, up 3.5%, as it vies for a breakout from a cup base with a 139.07 buy point.
The Nasdaq composite took the hardest hit, down 1.3% in afternoon trading Wednesday. But the loss didn't look so bad in light of a bullish rally for the index since its March 14 low. The Nasdaq continues to trade well after confirming a new uptrend on March 18 with a follow-through day.
Lululemon Athletica was the top percentage gainer in the Nasdaq 100, up more than 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.
LULU stock is up nearly 18% so far this week as it tries to regain its 200-day moving average.
Meanwhile, a strong earnings report and bullish outlook from Micron Technology did little to help the stock, as a 5% intraday gain faded to a loss of more than 3%.
IBD 50 Movers
Inside the IBD 50, New Fortress Energy was on pace for its 10th gain in 11 sessions. But it's already past the 5% buy zone after a breakout from a bottoming base with a 35.17 buy point.
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Dutch Bros gave back early gains after a bullish breakout Tuesday over a 62.11 buy point. Shares were down close to 1%.
The MarketSmith Growth 250 also served up plenty of strong gainers. Evoqua Water Technologies broke out over a trendline, giving an early entry. Shares were up 2.5%.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
