The stock market was nicely higher in afternoon trading Tuesday as Wall Street looked past another jump in the 10-year Treasury yield. Nike jumped nearly 3% in the Dow Jones Industrial Average, while Apple broke out of a downtrend.
Meanwhile, financial stocks like Wells Fargo, SVB Financial and First Republic Bank outperformed in the S&P 500.
The Nasdaq composite was up 1.8%, unfazed by another big jump in the 10-year Treasury yield, which rose another 6 basis points to 2.37%. The yield is up sharply from its March 1 low of 1.68%.
The yield curve has flattened quite a bit lately, with the two-year yield trading around 2.16%. It's been rising faster than the 10-year yield, which has some concerned about a sharper-than-expected slowdown for the U.S. economy.
The Nasdaq composite showed positive action Tuesday with a nice move above the 50-day moving average and the 14,000 level. The index on Friday confirmed a new uptrend with a follow-through day. The bullish gain came after the S&P 500 confirmed a new uptrend on Wednesday.
Palo Alto Networks hit an all-time high Tuesday after a nice bounce off its 50-day line last week. Amid a lot of technical damage in the security software group, PANW has emerged as the outright leader in the group. The stock was up 3.5% in late trading.
Dow Jones Today
The Dow Jones industrials were up 0.6%, but the blue-chip index is still challenged below its 200-day moving average. A move above the line would fully break the Dow Jones out of its downtrend.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 34762.80 | +209.81 | +0.61 |
| S&P 500 | (0S&P5) | 4505.44 | +44.26 | +0.99 |
| Nasdaq | (0NDQC ) | 14092.27 | +253.81 | +1.83 |
| Russell 2000 | 207.47 | +2.03 | +0.99 | |
| IBD 50 | 39.32 | +0.24 | +0.61 | |
Last Update: 2:40 PM ET 3/22/2022 |
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Boeing was a top gainer in the Dow Jones industrials today, up more than 3%. Shares gapped down Monday after a Boeing 737-800 jet carrying 132 passengers crashed in China.
Buyers flocked to Nike stock after the company reported better-than-expected earnings and sales. But the stock's 50-day moving average remains a potential resistance level to watch.
JPMorgan added nearly 2% and gapped above the 140 level. But like Nike stock, JPM is still far off its high and below its 50-day line.
Microsoft also cleared key technical levels with a move above the 300 level. Shares were up 1%.
Apple stock was poised for its sixth straight gain as it forms a double-bottom base. Apple gave an early buy signal with a move above the 50-day moving average. Now, it's approaching a 176.75 entry.
Outside the Dow Jones
The S&P 500 was up 1%, but finding actionable stocks among the best percentage gainers was no easy task. Adobe rallied 3% ahead of its earnings report after the close, but the software giant is still below its 50-day and 200-day lines.
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Wells Fargo stock jumped 4% in the S&P 500, but it's still trying to get above its 50-day line.
Inside the MarketSmith Growth 250, Alpha & Omega Semiconductor surged past a 59.48 buy point, but it quickly moved past the 5% buy zone. Shares were up 11% to 63.29. Fellow chip stock Global Foundries is trading tightly near highs as it tries to break free from a first-stage base.
Jackson Financial also delivered a breakout in the MarketSmith Growth 250. The stock was slightly off highs after topping a 44.76 entry.
Howmet Aerospace broke out of a long consolidation, rising nearly 4%. The stock initially broke out in late February but quickly pulled back and found support at its 200-day moving average.
Leaderboard stock Darling Ingredients saw its position size increase when the stock cleared a cup-with-handle base with a 80.31 buy point. Leaderboard has been increasing exposure lately amid newfound strength in the major stock indexes.
Inside the IBD 50
The Innovator IBD 50 ETF added 0.6% in late-afternoon trading. Longtime Leaderboard holding Tesla was one of the best percentage gainers in the IBD 50, up nearly 7%.
Tesla's Gigafactory in Berlin opened today, and the factory is expected to produce up to 500,000 vehicles a year.
After five straight gains, Nvidia turned lower after the company's Investor Day.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
