The stock market traded near session lows at midday Wednesday, after indexes reversed lower and the S&P 500 and Nasdaq threatened to undercut their previous lows.
The S&P 500 fell 0.8% while the Nasdaq composite was off 0.5%. The Dow Jones Industrial Average fell 0.3%. The Russell 2000 was down 0.5%.
Volume fell on the NYSE and Nasdaq compared with the same time on Tuesday.
After Tuesday's losses, the S&P 500 hit a decline of more than 10% from its Jan. 4 peak, a decline that Wall Street typically considers a market correction. So far, the S&P 500's decline does not equal its 12.4% slide in January. Still, the index is less than 50 points from undercutting that low.
The Nasdaq is nearing its Jan. 28 low of 13,236 and wouldn't have to fall much more to undercut its 2022 low of 13,094.
The stock market remains on edge about a looming war in Ukraine. The Kyiv government declared a state of emergency and called up reservists. Russian President Vladimir Putin has not shut the door on a diplomatic solution, but his army continues to build up for an invasion. Earlier this week, Russian troops advanced into parts of eastern Ukraine that Putin called independent states.
Europe Stock Markets Climb
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 33493.57 | -103.04 | -0.31 |
| S&P 500 | (0S&P5) | 4282.96 | -21.80 | -0.51 |
| Nasdaq | (0NDQC ) | 13275.51 | -106.01 | -0.79 |
| Russell 2000 | 195.60 | -1.06 | -0.54 | |
| IBD 50 | 36.36 | -0.24 | -0.66 | |
Last Update: 11:48 AM ET 2/23/2022 |
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European stocks reversed lower. The London FTSE 100 pared its gain to 0.1%. The German DAX fell 0.5%, and the Paris CAC 40 lost 0.1%.
The VanEck Russia ETF tumbled 7.5%. The ETF has plunged 16% this week and is down more than 26% for the year — one of the worst country ETF performances of 2022.
Most S&P sectors fell, but Energy Select Sector SPDR rose 0.6%. U.S. crude oil advanced 0.6% to $92.46 a barrel. U.S. sanctions on Russia do not affect the oil and gas sector.
Among major movers, Tenneco skyrocketed 94% in huge volume after Apollo Funds agreed to acquire the company in a deal valued at $7.1 billion. Apollo will take the auto parts maker private, and Tenneco will end its listing on the NYSE. Apollo shares were nearly flat.
The Innovator IBD 50 ETF outperformed the stock market with a 0.9% increase. The best moves came mainly from financial and natural resources stocks.
Earnings News In Stock Market
Palo Alto Networks rallied 3.7% after the cybersecurity company's results topped expectations. January-quarter adjusted earnings rose 12% to $1.74 a share. Sales including acquisitions rose 30% to $1.31 billion. Guidance was modestly above views.
Overstock.com soared more than 20% after the online retailer's fourth-quarter results topped expectations. Also, Intercontinental Exchange said it is investing in TZero, a broker-dealer that is 80% owned by Overstock.com. TZero enables the trading of digital securities also known as Security Token Offerings. Overstock.com's rally comes after the stock had plummeted to a July 2020 low.
Lowe's rose more than 3% after the home-improvement chain beat January-quarter expectations and raised its full-year guidance above analysts' views. The company expects earnings for the fiscal year of $13.10 to $13.60 a share, above its prior guidance of $12.25 to $13 a share. It forecast sales of $97 billion to $99 billion. Lowe's shares are bouncing off the 200-day moving average.
Photronics topped the 20.03 buy point of a cup base but ducked back into the base. The chip equipment maker reported quarterly earnings earlier today.
