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Investors Business Daily
Investors Business Daily
Business
MICHAEL MOLINSKI

Stocks Mostly Higher As FedEx, Biotech, Chipmakers Report News, Earnings

The stock market traded mostly higher Friday morning as investors digested the events of the week, including the Fed rate hike, progress on peace talks between Russia and Ukraine, and the rising price of oil.

The Dow Jones Industrial Average lost 0.3% and the S&P 500 gained 0.2%. The Nasdaq was up 1%. The Russell 2000 index of small cap stocks was up 0.1%.

Volume rose on both the Nasdaq and the New York Stock Exchange, compared to Thursday's trading at the same time of day.

The 10-year U.S. Treasury yield ticked down to 2.15% Friday morning. U.S. oil prices extended their gains, with West Texas Intermediate crude trading near $104 a barrel.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 34400.80 -79.96 -0.23
S&P 500 (0S&P5) 4422.19 +10.52 +0.24
Nasdaq (0NDQC ) 13752.85 +138.07 +1.01
Russell 2000 205.39 +0.28 +0.14
IBD 50 38.42 +0.06 +0.16
Last Update: 12:26 PM ET 3/18/2022

President Joe Biden and Chinese leader Xi Jinping spoke Friday to discuss the Russian invasion of Ukraine. Although the text of the call was not immediately released, Biden was expected to try to deter Beijing from supporting Russia in the Ukraine war.

Biotech, Chipmakers Gain On News, Earnings

Biotech company Kezar Life Sciences broke through its buy point of 17.38 off a cup base, soaring 10% Friday morning after the company posted earnings that beat expectations for the fourth quarter. The company said Thursday evening that it lost 25 cents a share for the fourth quarter. Analysts surveyed by FactSet had been expecting a loss of 30 cents a share.

Chip equipment maker Axcelis Technologies jumped another 4% Friday, bringing its gains since Tuesday to 10%. The stock soared past its buy range, which it formed when it passed a buy point of 75.10 off a cup-with-handle formation.

Other semiconductor stocks also followed with gains. Rambus soared past its buy range, extending well past its buy point of 28.32 from a cup-with-handle formation.

Chips are gaining as supply-chain issues continue to affect multiple industries, inflating the prices of semiconductors.

FedEx Misses On Earnings

FedEx dropped 5% after the company missed earnings forecasts. It also said it expects lower shipping volumes and that profit margins are coming under pressure.

Among the Dow Jones leaders, Apple gained 1% and Microsoft moved up 0.6%.

Electric-vehicle leader Tesla gained 3% Friday morning, adding to a weeklong string of gains.

The Innovator IBD 50 ETF was down 0.1%.

Follow Michael Molinski on Twitter @IMmolinski

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