The Dow Jones Industrial Average rose above its 200-day line Tuesday, retaking the key level for the first time since April. The blue-chip index held the bulk of the morning's gains and was up 0.9% in afternoon trade.
The S&P 500 reversed earlier losses and entered positive territory with a 0.45% gain. The tech-heavy Nasdaq composite reversed slightly higher in afternoon trade. The Russell 2000 inched higher. Crude oil continued to gyrate and was trading just above $86 a barrel.
The yield on the benchmark 10-year Treasury rose to 2.83%.
Volume was higher on both the Nasdaq and NYSE vs. the same time yesterday.
The Federal Reserve's statistical release today found that total industrial production increased in July. Manufacturing increased by 0.7% after declining in June and May and was 3.2% higher than July 2021. The increase was largely due to a 6.6% increase in the production of automobiles and parts. Mining output rose 0.7%, while utilities fell 0.8%. Capacity utilization in manufacturing and mining also rose above the long-run average.
Yesterday, the New York Fed's Empire State manufacturing data survey found that new orders and shipments were lower in August even as delivery times were stable for the first time in two years. General business conditions are expected to improve with an increase in new orders and shipments over the next six months.
Wednesday's U.S. retail sales numbers and the minutes from the Federal Reserve's latest meeting will also indicate the state of the economy.
S&P 500 Hits Pause As Five Stocks Top Buy Points
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 34203.30 | +290.86 | +0.86 |
| S&P 500 | (0S&P5) | 4312.39 | +15.25 | +0.35 |
| Nasdaq | (0NDQC ) | 13121.38 | -6.67 | -0.05 |
| Russell 2000 | 201.22 | +0.15 | +0.07 | |
| IBD 50 | 29.48 | -0.35 | -1.17 | |
Last Update: 1:28 PM ET 8/16/2022 |
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Dow Jones Blue Chips Surge; Energy Stocks Rise
Retail bellwethers Walmart and Home Depot beat estimates yesterday. Home Depot's earnings of $5.05 a share on $43.79 billion in sales topped estimates. Shares surged 5%. Walmart's earnings of $1.77 a share on sales of $152.9 billion also beat views. Walmart stock jumped almost 6% in afternoon trade.
In the energy sector, stocks rose after yesterday's dampening news from China's Natural Bureau of Statistics drove down several energy stocks. Equinor continues to trade close to a buy point of 39.25. The company is well-positioned to benefit from the Ukraine-Russian conflict that has left Europe looking for oil supply outside Russia. The IBD 50 stock has been in a consolidation since April and is above its 10-week and 40-week moving averages.
IBD Leaderboard stocks New Fortress Energy and Cheniere Energy rose 2% and 2.4%, respectively, even as the price of crude oil continues at a six-month low. Both stocks are extended above their buy points.
EQT Corp. is breaking out today from a cup-with-handle base's buy point at 46.81. For its quarter ended June 30, EQT announced earnings of 83 cents a share on sales of $502 million, vs. 6 cents on $421 million in June 2021. A dividend of 15 cents per share also showed a 20% increase. Over the five most recent quarters, more funds have purchased the stock and earnings have grown in the triple digits, according to IBD MarketSmith.
Elsewhere, Wesco International, another holding in the IBD 50 list of top growth stocks, has been rallying and continues to approach a double-bottom base's 144.39 entry.
Retail And Chip Stocks Set To Report Earnings
After Walmart and Home Depot earnings today, retail heavyweights Target and Lowe's are on tap for Wednesday, with BJ's Wholesale following on Thursday.
Dow Jones stock Cisco Systems and Analog Devices will report their earnings results Wednesday, with chip bellwether Applied Materials earnings due Thursday.
Analog Devices is in a cup base with a buy point of 192.05. BJ's formed a double bottom with a buy point of 71.10.
