The Dow Jones Industrial Average turned higher in afternoon trading after trading over 400 points lower on Monday. April was one of the worst monthly performances for the S&P 500 since 2008.
Dow Jones Today
In economic news, the S&P Global U.S. Manufacturing Purchasing Managers' Index increased to 59.2 in April. This was up from 58.8 in March. It was lower than initial estimates of 59.7 but also the sharpest gain since September.
Near the close, the Dow Jones industrials were up 0.3%, while the Nasdaq rose 1.6%. The S&P 500 advanced 0.6% and led the downside as the small-cap Russell 2000 was up 0.8%. Volume was higher on the Nasdaq and on the NYSE vs. the same time on Friday.
The Innovator IBD 50 ETF, a benchmark for growth stocks, fell 0.2%, underperforming the major indexes. The index remains well below its 50-day and 200-day moving averages as the market has been especially damaging to growth stocks.
Elsewhere, the yield on the 10-year Treasury note climbed to 2.98%, the highest point since November 2018. The Federal Reserve is meeting Tuesday and Wednesday to make an expected half-point rate hike.
As for Dow Jones stocks, Dow component American Express led the downside. The credit card company fell almost 2%. Shares moved below their 200-day line for the first time since March and continue to trade below a 194.45 handle entry.
On the upside, shares of Intel led, followed by Honeywell, with gains of over 1.5% each.
Onsemi Stock Up After Earnings
Chipmaker Onsemi's earnings made headlines in today's market as shares held a gain of over 1.7%. The Phoenix-based company beat Wall Street's views for the March quarter and guided higher for the current period.
The company, previously known as ON Semiconductor, earned an adjusted $1.22 a share on sales of $1.945 billion in Q1. Analysts expected Onsemi earnings of $1.05 a share on sales of $1.91 billion, according to FactSet. On a year-over-year basis, Onsemi earnings soared 249% while sales climbed 31%.
Earnings from public storage REIT Public Storage are due after the close. Shares were down 4.7% after dropping 6% Friday. For earnings, analysts expect Public Storage to report $2.33 a share on sales of $986 million. Shares have fallen below their buy point of 377.46 off a flat base, creating a round-trip sell signal. The stock also triggered the 7% sell rule in afternoon trading.
Meanwhile a handful of travel-related stocks are expected to report earnings this week, including Expedia and MGM Resorts on Monday, after the close. Meanwhile, Airbnb is set to report on Tuesday, followed by Booking Holdings on Wednesday.
Follow Rachel Fox on Twitter at @IBD_RFox for more Dow Jones and stock market commentary.
