The Dow Jones and other major indexes posted their second day of gains Tuesday after early signs of a weakening job market. Tesla CEO Elon Musk threw in the towel, agreeing to buy Twitter at the original offering price of 54.20 per share.
The Dow Jones Industrial Average was up 2.4% in afternoon trading after paring some of its morning gains. The S&P 500 added to the morning's 2.4% gain and was up 2.6%. The Nasdaq led advances by 3% in late trading. The small-cap Russell 2000 index is adding 3% as well after breaking out of a 7-day trading range.
The yield on the 10-year Treasury note declined to 3.63% while crude oil surged to $86.33 per barrel.
Volume on the NYSE and on the Nasdaq was higher compared to the same time on Monday.
The Innovator IBD 50 ETF was up nearly 3%
Tuesday's JOLTS report said job openings fell to 10.1 million. Openings fell in all regions, but the Midwest saw the steepest decline.
According to LPL Financial Chief Economist Jeffrey Roach, widening regional variations will likely complicate national monetary policy. However, the Fed is still on pace to increase rates by another 75-basis points next month.
Stocks Moving Outside Dow Jones
Elon Musk has offered to buy Twitter for the original $44 billion offering price, according to a Bloomberg report.
The Tesla CEO has been in a long-drawn-out tussle over the acquisition and has tried to back out several times after agreeing to the purchase. Shares of Twitter gapped up over 12% before trading was halted. Tesla shares dropped more than 1% in intraday trading but are still up by more than 2% for the session.
Among the IBD 50, HF Sinclair is in a buy zone, above a buy point of 56.40 in a cup-with-handle base. Enphase Energy has broken above its 50-day line. Cross Country Healthcare has gapped up over 7%. The stock has gained more than 20% from its buy point of 27.87 and has triggered the profit-taking rule.
Several leadership stocks, trading above their 50- and 200-day moving averages, are breaking out in today's relief rally.
Neurocrine Biosciences broke out above a buy point of 109.36, rising as high as 112.12 before falling back near its buy point. Valmont Industries is nearing its buy point of 290.08. Both are in flat bases. Blackstone Minerals is breaking out of a cup-with-handle at 16.70.
Futures Fall As Yields, Dollar Rise
GM Retakes First Place In US Car Sales
General Motors' sales increased 24% in the third quarter to 555,580 vehicles. Shares surged over 8%.
Easing chip supplies fueled sales, helping the automaker outpace Toyota's U.S. sales. Toyota's better supply management made it the top selling car in the U.S. in 2021.
GM supply chain woes yielded a 13% plunge to 2.2 million sales for the year while Toyota notched a 10% gain, selling 2.3 million.
In the first quarter of 2022, Toyota continued to hold first place with 514, 592 vehicles after GM reported a 20% drop in sales to 512, 846 units, due to chip shortages.
Outside Dow Jones, Google parent Alphabet will unveil its next cloud-computing generation at the Google Cloud Next 2022 event next week.
Google Cloud Next 2021 revealed its infrastructure and service tools for data centers, offered a preview of its AI-enabled data analytics, and introduced its cybersecurity action team. Cloud and search drove the company's Q2 revenue of $69.6 billion and earnings of $1.21 per share.
Shares are now in deep correction but they have risen in this week's rally.
