The major stock market indexes vacillated from negative to positive territory, trading relatively unchanged, in the last hour. The market is laying low ahead of Wednesday's Fed meeting.
The Nasdaq composite trimmed 0.1%, while the S&P 500 dipped 0.1%. The Dow Jones Industrial Average was unchanged. Small caps held up slightly better, with the Russell 2000 index adding 0.1%.
Stock Market Continues Its Decline; Oil Slides
Volume on the NYSE and Nasdaq was down compared to the same time Friday.
The Nasdaq 100-tracking Invesco QQQ Trust lost 0.3%.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 30849.89 | +27.47 | +0.09 |
| S&P 500 | (0S&P5) | 3875.74 | +2.41 | +0.06 |
| Nasdaq | (0NDQC ) | 11458.13 | +9.73 | +0.08 |
| Russell 2000 | 179.66 | +0.67 | +0.37 | |
| IBD 50 | 26.90 | -0.06 | -0.22 | |
Last Update: 1:34 PM ET 9/19/2022 |
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Traders project an 84% chance the Fed will raise interest rates by 75 basis points at this month's meeting. And 16% of traders expect a 100-basis-point hike, according to CME Group's FedWatch.
The yield on the 10-year U.S. Treasury note rose to 3.47% hitting eleven year highs earlier in the day.
In Europe, the German DAX stock index gained 0.5%, the Paris CAC 40 shed 0.3%, while the London stock market was closed.
The September Housing Market Index came in at 46, weaker than the consensus of 48, showing sentiment of a slowing demand for housing and the general economy.
Stock Market Gainers And Losers: Oil Transports Lead
Solar company Array Technologies was up 4.7% on a Piper Sandler upgrade to overweight from neutral. Shares are extended from an undefined base with a 14.73 buy point. But the stock is finding support at the 50-day moving average. Array has a 95 Relative Strength Rating, meaning it has outperformed 95% of stocks in the IBD database.
Marine oil transporter Teekay Tankers was up 10.5% on heavy volume and is extended from a cup base with a buy point of 22.20. Teekay is No. 12 in the Oil & Gas Transport group, which is ranked No. 3 out of the 197 groups IBD Tracks. Teekay has an impressive 96 Composite Rating, but a lackluster 65 EPS Rating.
Oil shipper Frontline was up 6.8% on heavy volume and extended form a cup base with a buy point of 11.67. The stock has a 99 Relative Strength Rating and a 97 Composite Rating.
WillScot Mobile Mini was up 1.8% on news of its acquisition of Allied Office Trailers and Storage Containers. The stock is extended from a double-bottom base with a 38.11 buy point. WillScot has a 97 Composite Rating.
AutoZone gave back its morning gains, down 2.3% on heavy volume after reporting a beat on both fiscal Q4 2022 EPS and sales. The stock dipped below its 50-day moving average and its 21-day exponential average.
IBD 50 Stocks On The Move: Beverage Stock Leads The Day
The Innovator IBD 50 ETF dropped 0.4%, more than the major indexes.
Fitness beverage maker Celsius Holdings was up 4.2% the IBD 50 leader and is back above its 21-day line. The company earned a perfect 99 Composite Rating. Analysts are expecting annual 2022 EPS of 42 cents per share up from 5 cents in 2021.
Genuine Parts was up 1.5% and is extended from a cup-with-handle base, and testing support at the 50-day moving average. The company holds a 98 Composite Rating and an 89 EPS Rating. Genuine has consistent quarterly EPS and sales growth, with an annualized 2.3% dividend yield.
Super Micro Computer dropped 7.3% after a Susquehanna downgrade to neutral from positive with a price target of 55. The stock has given back more than 25% of its gain above its 57.75 buy point of a double-bottom base. That's a round-trip sell signal. Shares are trading below its 50-day moving average.
Natural gas and oil company EOG Resources was down 0.9%, triggering the 7% to 8% sell rule from its cup-with-handle 129.19 buy point. Oil stocks are down on recession fears.
Crude oil gained 0.4%, trading at $85.10 per barrel. The SPDR Select Energy ETF was down 0.3%. Natural gas dropped 0.4%.
Bitcoin futures lost another 2.3% to $19,115.
