The major stock market indexes remain under pressure at the noon hour on Monday, after lifting above midmorning lows. The Dow Jones Industrial Average has bounced but is still trading lower by nearly 500 points.
The Nasdaq composite has lost 2.1%. The S&P 500 is down 1.7% while the Dow Jones has trimmed 1.5%.
The Russell 2000 small-cap ETF is lower by 1.7%, slightly better than the Nasdaq 100-tracking ETF Invesco QQQ Trust. The big tech benchmark is trading 2.1% lower after dropping below the 21-day exponential moving average.
NYSE volume is down 5.3% and Nasdaq volume down 13.4%, compared to the same time on Friday.
The SPDR Select Energy ETF has gained 0.1%. Crude oil has recovered deep losses, trading at $90 per barrel after the Saudi oil minister threatened to lower supplies. Natural gas is showing strength, up 3.9%.
Bitcoin futures are relatively flat, gaining 0.1% to $21,245.
Yield on the 10-year Treasury note is up 5 basis points to 3.02%.
Markets now see a 47.5% likelihood the Fed will boost rates by 50 basis points in September and a higher 52.5% chance of a 75 basis-point hike.
Natural Gas Refiner Breaks Out
Norway-based oil and gas refiner Equinor has gained 3.2% and broken out of an undefined base, hitting the 39.25 buy point on heavy volume.
Equinor is the No. 1 stock in the Oil and Gas Integrated group, as well as a member of the IBD 50 and Leaderboard Leaders watchlists.
Phoenix-based natural foods grocer Sprouts Farmers Market is up 0.5%, breaking out of a cup-with-handle base and hitting the 31.59 buy point on the MarketSmith chart.
The Wall Street Journal's Heard on the Street stock-picking contest recently featured the grocer.
Vipshop, a Chinese online discount retailer, is up 8.2% on heavy volume. Credit Suisse just upgraded the stock to "Outperform" with a price target of 12. Citigroup also upgraded its rating on VIPS to "Neutral" from "Sell."
Stock Market Today: Buffett Disputes OXY Takeover Rumors
Occidental Petroleum changed course after Friday's 9.9% gain, falling 2.8% on heavy volume.
The Wall Street Journal reported that "Mr. Buffett hasn't informed Occidental of any plans to acquire a controlling stake in the company and is unlikely to do so in the near-term." Buffett's Berkshire Hathaway had received permission to buy up to 50% of the driller's shares, causing investors to speculate about a possible takeover.
Meme Stocks Still Falling
AMC Entertainment has plunged 35.8% after newly-issued preferred shares begin to trade under the ticker symbol .
GameStop has given up another 4.0%, continuing its downward spiral. Bed Bath & Beyond stock also continued to lose ground and is down 9.9% at this hour.
Stock Market Today: IBD 50 Stocks On The Move
The IBD 50 ETF, a measure of growth stocks, is down 0.3%, holding up better than major indexes.
Fitness beverage company Celsius is the IBD leader, up 5.2% with an impressive 98 Relative Strength Rating on the chart.
Comstock Resources is having another strong day, up 4.8% after Goldman Sachs raises its price target to 13.50.
ON Semiconductor has shed 3.5%, with a heavy chip sector weighing on shares.
