The major stock market indexes finished the trading session in negative territory after starting the day positive, but off the lows of the day. Investors remain wary prior to Federal Reserve Chair Jerome Powell's comments about interest-rate policy on Wednesday.
The S&P 500 pulled back 0.4% while the Nasdaq composite was the day's loser, down 0.9%. The Dow Jones Industrial Average trimmed 0.2%. The Russell 2000 small-cap index held up better than other benchmarks, gaining 0.1%.
The tech-heavy Nasdaq 100-tracking Invesco QQQ Trust ETF lost 1%.
Volume on the NYSE and Nasdaq was higher vs. the same time on Monday.
Crude oil rose 2% to $88.27 per barrel. The Energy Select Sector SPDR ETF edged up 1%. Natural gas plunged 7.9% and is below $6 per million British thermal units. The 10-year Treasury note shed one basis point to 4.05%. Bitcoin regained 0.4% to $20,460.
Job Openings Headed In Wrong Direction
The final October Purchasing Managers Manufacturing Index (PMI) came in slightly stronger than expected, at 50.4 vs. the 49.9 consensus.
The October Institute for Supply Management (ISM) Index beats expectations as well, at 50.2 vs. 50.0.
The survey queries roughly 300 purchasing managers about the general direction of production, including new orders, backlogs, inventories, employment, supplier deliveries and exports and imports.
The September Job Openings and Labor Turnover Survey (JOLTS) rose to 10.717 million vs. the 9.875 million consensus. The rise in job openings shows continued strength in the labor market, adding to wage pressures and inflation.
The FOMC announcement is scheduled for Wednesday Nov. 2 at 2:00 pm ET, with Fed Chair Jerome Powell hosting a 2:30 pm ET news conference. 87.5% now expect the Fed to raise rates by 75 basis points while 12.5% look for a 50-basis-point hike, according to the CME FedWatch Tool.
Fed watchers and everyone else will keep close eyes on inflation numbers and the employment situation, with the ADP Employment report due out Wednesday morning.
Stock Market Movers: Dogs And Hogs Stocks Pop
Animal health leader Idexx Laboratories soared 9.8% after reporting a beat on Q3 EPS and sales numbers, with a slightly lower revenue full-year EPS guidance. The stock was the second biggest gainer on the S&P 500 today.
Harley Davidson was up 2.5% on light volume, nearing the 44.56 buy point of a choppy base. The relative strength line hit a new high on the chart.
Heart-device manufacturer Abiomed rallied 49.9% on news that it has agreed to be acquired by Johnson & Johnson in a $16.6 billion all-cash deal. JNJ was down 0.5% on the news.
Pfizer jumped 3.1% after reporting better-than-expected Q3 earnings and sales. The pharma giant also raised full-year 2022 sales guidance.
Eli Lilly fell 2.5% after beating Q3 EPS and sales numbers, but lowering full-year 2022 EPS guidance.
Hologic gapped up 9.3% after better-than-expected Q3 EPS and sales numbers.
HOLX shares are in a long and choppy undefined base and above the 200-day moving average. The positive news prompted analyst upgrades, with Mizuho and Morgan Stanley raising price targets to 77 and 74, respectively. The stock is an S&P 500 leader in today's market.
IBD 50 Stock Market Movers: Skilled Nursing Stock Breaks Out
The Innovator IBD 50 ETF rose 0.6%, holding up better than the major stock market indexes.
Neurological drug developer Harmony Biosciences gained 14% after a strong Q3 report. Shares are extended from the 5% buy zone after hitting the 55.62 buy point of a cup-with-handle base.
Ensign Group rose 2.1% and broke out of a cup-with-handle base hitting the 91.64 buy point. The skilled nursing, rehab and senior living provider ranks No. 1 in the Medical-Long-Term Care industry group. The relative strength line hit a new high, as indicated by the blue dot on the chart.
Maintenance products retailer W.W. Grainger surged 1.4% and broke out of a cup-with-handle base, hitting a 588.72 buy point. Grainger beat Q3 estimates on Friday and raised its full-year sales guidance.
Medical device maker Axonics lost 6.8% after reporting a smaller-than-expected Q3 loss and higher sales.
