The stock market closed lower Monday, led down by the Nasdaq as fears of inflation and the upcoming earnings season put pressure on stocks. The Dow Jones Industrial Average was the least affected. Technology, communications services and consumer discretionary sectors led the declines, with Tesla and Amazon.com falling more than 6% and 3%, respectively.
Defensive and utility stocks were among the only gainers.
The Nasdaq composite sold off 2.3% while the S&P 500 closed 1.2% lower. The Dow Jones Industrial Average continued in slightly negative territory, down 0.5%. The small-cap Russell 2000 was down 2%. The Innovator IBD 50 ETF was down 1.3%.
Volume was lower on the Nasdaq and the NYSE vs. the same time on Friday, early data showed.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 31175.52 | -162.63 | -0.52 |
| S&P 500 | (0S&P5) | 3854.47 | -44.91 | -1.15 |
| Nasdaq | (0NDQC ) | 11372.60 | -262.71 | -2.26 |
| Russell 2000 | 172.09 | -3.50 | -1.99 | |
| IBD 50 | 26.88 | -0.35 | -1.29 | |
Last Update: 4:22 PM ET 7/11/2022 |
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On Wall Street, PepsiCo is poised to report its second-quarter results tomorrow before the market opens. The stock continues to trade above its 50- and 200-day moving averages after reclaiming those key levels in the past several days. PepsiCo is forming a base with a 177.72 buy point. Analysts expect modest earnings growth of 1.2% for the quarter.
Stock Market Tumbles On Fears Of Inflation, Earnings
UnitedHealth Group reports earnings this Friday. The stock briefly broke out of a cup with handle on Friday, with a buy point of 518.80, and remains below the entry.
Other major companies reporting earnings this week include Delta Air Lines on Wednesday; banking giants JPMorgan Chase and Morgan Stanley, along with Taiwan Semiconductor Manufacturing on Thursday morning. Citigroup, BlackRock and Wells Fargo wrap up the trading week with earnings reports on Friday.
Corcept Therapeutics has had a meteoric rise since bottoming on May 12, causing its Relative Strength Rating to go up from 85 to 97. The stock recently crossed above the average analyst 12-month price target of 27.50. But shares fell 6.4% Monday afternoon, dropping back into the buy zone of a 25.78 buy point.
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BioMarin, Evolent Among Movers
BioMarin Pharmaceuticals is coming off a double-bottom base and is still in buy range from a buy point of 86.69. The price appreciation may be due to the larger rally in biotechnology and pharmaceutical stocks that is driving these stocks to buy points or price breakouts.
Evolent Health, a biotech firm that was an IBD Stock of the Day last week, fell below its buy point of 33.24. The recent cup-with-handle formation and the positive performance of biotech stocks in June indicate possible upside to the stock, despite today's selling.
Lantheus continues to hold up above its 50-day moving average after its double-bottom breakout in February. The maker of medical products appears to be forming a new base.
Rollins, a company that ranks first in IBD's building maintenance and services group, has been rising off a flat base and may present a buying opportunity at its 37.07 buy point.
Ranked first in the IBD retail supermarket/minimarkets group, Murphy USA has come off a consolidation phase and is trading just above an entry point of 262.68.
The 10-year Treasury yield fell 11 basis points to 2.99%.
