The stock market ended the week positive, despite a down day today. All major indexes closed lower, with the Nasdaq being the biggest loser.
The S&P 500 lost 0.9% while the Dow Jones Industrial Average faded 0.4% on Friday. The Nasdaq composite dropped 1.9% and the small-cap Russell 2000 slid 1.6%. The Dow, S&P 500 and Nasdaq all posted weekly gains with the Russell 2000 being the winner.
NYSE preliminary closing volume was down 7.6% compared to Thursday while Nasdaq volume rose 2.6%.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 31900.61 | -136.29 | -0.43 |
| S&P 500 | (0S&P5) | 3961.90 | -37.05 | -0.93 |
| Nasdaq | (0NDQC ) | 11834.11 | -225.50 | -1.87 |
| Russell 2000 | 179.49 | -2.93 | -1.61 | |
| IBD 50 | 26.81 | -0.65 | -2.37 | |
Last Update: 4:24 PM ET 7/22/2022 |
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The July preliminary PMI Composite Flash report showed the Manufacturing Index came in at 52.3, higher than the consensus of 51.8 but down from 52.7 in June. The Services Index was 47.0 while economists were looking for a much higher 52.3, also down from June's 52.7. The measure of private sector output tracks changes in variables such as new orders, stock levels, employment and prices.
Next week all eyes will be on the Fed Meeting, with the expectation of a 75-basis point rate hike.
Defense Tech Stocks and Club Retailers Broke Out
Parsons, a provider of technology for the defense, intelligence and critical infrastructure markets, was unchanged for the day, and is showing a buy point on the MarketSmith chart.
BJ's Wholesale Club was up 0.4% and broke out of a double-bottom base, hitting the 71.10 buy point on lighter volume. The IBD 50 stock has had improving quarterly earnings-per-share growth in the last two quarters after a disappointing read on the October-ended quarter.
Analysts expect BJ's annual EPS growth to be 2% in fiscal 2022 and 11% in fiscal 2023. The company earned a high 95 EPS Rating and 98 Composite Rating. Sales growth has ranged from 10% to 16% in the last three quarters.
Friday Stock Market Movers
American Express was up 2% after beating both EPS and revenue expectations. Schlumberger, an oil services company, was up 4.3% after reporting a beat on Q2 EPS and sales.
Cross Country Healthcare, medical staffing company in the IBD 50 list, plunged 17.1%, finding support at its 21-day exponential moving average. Snap plummeted 39.1%, after reporting disappointing Q2 earnings after Thursday's market close.
Watch For Earnings Next week
Big earnings to look for next week include Facebook-parent Meta Platforms, big pharmas Merck and Pfizer. Also, oil giants Exxon Mobil and Chevron . Others include Centene and Automatic Data Processing.
Make sure to check the IBD earnings calendar page for the latest news.
ETF Movers
Invesco QQQ Trust, an ETF corresponding to the Nasdaq 100 Index, was down 1.8% but remains above the 50-day moving average line.
Crude oil futures were down 1.8% with crude at $94.65 per barrel. Bitcoin futures were down 2.5% and dropped below the $23,000 level to $22,665.
The Innovator IBD 50 ETF, a gauge of growth stocks, was down 2.4%, lagging the major indexes.
