The stock market turned in another solid performance Monday, shrugging off weak economic data from China and a big miss in the Empire State Manufacturing index. Chevron lagged in the Dow Jones Industrial Average amid falling prices. But the Dow Jones served up several nice price gainers, including Walt Disney. Disney stock jumped 2.2% in nearly double its average daily volume after Dan Loeb's Third Point fund disclosed a new stake to pursue strategic changes, including a spinoff of Disney's ESPN unit.
The Nasdaq composite ended with a gain of 0.6%. Tesla stock was a nice gainer in the Nasdaq 100, up 3%, after CEO Elon Musk said Tesla has produced 3 million vehicles, including 1 million at its Shanghai plant. Preliminary data showed lower volume on the Nasdaq.
Costco also outperformed in the Nasdaq 100 ahead of busy week of retail earnings reports. Costco is in a good technical setup as it forms a cup-with-handle base with a 552.81 buy point.
Stock Market Today
The Dow Jones industrials ended with a nearly 0.5% gain. The S&P 500 rallied 0.4%. Small caps lagged, with the Russell 2000 up 0.2%. But the Russell also finished above its 200-day moving average for a second straight session.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 33912.63 | +151.58 | +0.45 |
| S&P 500 | (0S&P5) | 4297.14 | +16.99 | +0.40 |
| Nasdaq | (0NDQC ) | 13128.05 | +80.86 | +0.62 |
| Russell 2000 | 201.07 | +0.71 | +0.35 | |
| IBD 50 | 29.83 | -0.12 | -0.40 | |
Last Update: 4:06 PM ET 8/15/2022 |
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Top-performing S&P 500 sectors included the Consumer Staples Select Sector SPDR ETF and the Consumer Discretionary Select Sector SPDR ETF, up 1% and 0.7%, respectively.
The stock market was under pressure early after China unexpectedly cut interest rates amid another round of weak economic data. China's July retail sales rose 2.7%, but that was below the 5% consensus. Industrial production increased 3.8%, also below the 4.6% consensus view.
The weak data out of China fueled plenty of selling in the oil patch, with Diamondback Energy, Halliburton and Schlumberger leading the downside in the S&P 500.
WTI crude oil futures settled at $89.41 a barrel, down 2.9%.
U.S. economic data also disappointed when the Empire State Manufacturing index showed a sharp contraction with a reading of -31.3. Economists polled by Econoday expected the index to fall to 5 from July's reading of 11.1.
Market Movers
Leaderboard stock Albemarle extended gains in the stock market today after soaring 18% last week. ALB stock joined the Leaders list last week when it jumped above the 250 level.
Inside the MarketSmith Growth 250, lithium producer Livent extended its winning streak to seven sessions, rising 3%. It's quickly forming the right side of a cup base. But after such a strong move, it wouldn't be surprising to see LTHM stock form a handle below its recent high of 34.61. A handle area is where the last remaining sellers get shaken out of a stock before a possible breakout.
Celsius could also use a handle on its weekly chart. The stock recovered nicely last week after earnings, ending with a weekly gain of 6.6%. CELH outperformed early in the IBD 50, but the stock reversed lower, falling nearly 4%. Sentiment has been positive around CELH stock after the company inked a big distribution deal with PepsiCo. PepsiCo also invested $550 million in Celsius.
Vertex Pharmaceuticals soared to an all-time high, rising nearly 4%. Volume rose nicely from Friday. There was no news, but Vertex has a non-opioid painkiller in its pipeline that's doing well in early trials.
Vertex is currently a half-size position on IBD Leaderboard.
Hershey gave a buy signal Monday, rising 2% to 227.21. Today had the look of a setup day for HSY stock as it closed just below a 232.06 alternate entry.
Performance Food Group also moved well in the MarketSmith Growth 250. Shares jumped nearly 3%, good for a breakout over a 52.22 proper buy point.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
