The major stock market indexes were mixed, relatively unchanged in the last hour, with the Dow Jones Industrial Average the leader, ahead of Tuesday's election and Thursday's inflation report.
The S&P 500 was unchanged while the Nasdaq composite gave back 0.3%. The Dow Jones Industrial Average inched up 0.5%. The Russell 2000 small-cap index trimmed 0.3%
The tech-heavy Nasdaq 100-tracking Invesco QQQ trust ETF shed 0.2%.
Volume on the NYSE and Nasdaq was lower vs. the same time on Friday.
Crude oil added 0.5% to $93.04 per barrel. The Energy Select Sector SPDR ETF edged up 1.3%. Natural gas soared 11.2% and is above $7 per million British thermal units.
The 10-year Treasury note added five basis points to 4.21%. Bitcoin gave back 2.2% to $20,700.
European markets were mixed, with the German DAX stock index higher by 0.4% in afternoon trading while the Paris CAC 40 was unchanged. The London FTSE 100 fell 0.5%.
Odds for a 50-basis-point hike at the December Fed meeting are now 52% while 48% are looking for a 75-basis-point hike, according to the CME FedWatch Tool.
Election And Inflation Are Areas To Watch
Tuesday's election will determine economic policy into early 2025 as a mixed Congress is likely to cause gridlock.
October CPI is set for release Thursday at 8:30 a.m. ET. The most-closely tracked inflation number is forecast to rise 0.7%, higher than September's 0.4%, for an annualized rate of 8.0%.
Core CPI, excluding food and energy, is expected to rise 0.5%, slightly less than September's 0.6%. This would yield an annualized rate of 6.6%.
Stock Market Movers: Facebook Parent Meta Pops On Layoff News
Facebook parent Meta Platforms rose 5.1% on plans to lay off thousands of workers in an attempt to cut costs, according to the WSJ. This would be the first staff reduction in the company's history.
The stock is down over 70% so far this year.
Coal miner Peabody Energy jumped 7.3% after announcing it's no longer in talks to acquire Australian miner Coronado Global Resources.
Ritchie Bros. Auctioneers sank over 20% after reporting better-than expected Q3 EPS but missing on revenue. The company has agreed to acquire digital vehicle marketplace IAA in a stock and cash transaction valued at approximately $7.3 billion. Shares of Ritchie Bros. are finding support at its 200-day moving average. IAA was up 2.3% on the news.
Warehouse club retailer Costco fell 1.2% after Wells Fargo downgraded the stock to equal weight and cut its price target to $490. Shares are trading below it's 21-day exponential moving average on the MarketSmith chart.
Medical Products Stock Gaps Up On Earnings
Medical products provider Haemonetics gapped up 3.1% after beating fiscal Q2 2023 top and bottom-line estimates. Shares are trading above its 21-day line. The company has a high 97 Relative Strength Rating.
Payment processor Shift4 dropped 4.3% in heavy volume, after beating Q3 EPS estimates but missing on sales. Management raised the low end of its full-year 2022 revenue guidance.
Data integration software developer Palantir shed 12.3% in heavy volume after beating Q3 sales estimates and missing on earnings.
IBD 50 Stock Market Movers: Natural Gas And Petroleum Stocks Find Strength
The Innovator IBD 50 ETF (FFTY) rose 1%, holding up better than the major stock market indexes.
Natural gas producer Comstock Resources surged 11.7% and is finding support at its 50-day moving average.
Petroleum Refiner Delek US rose 7.2% after beating Q3 sales estimates and missing on EPS.
Fiber optics designer Clearfield dropped another 12.7% on top of Friday's 5.5% loss and is trading below its 50-day line.
