Advertisements

Follow us on facebook


Stock Market Today: Nasdaq Up 1%, So Has The Stock Market Put In A Bottom? | Stock News & Stock Market Analysis

The stock market erased losses as indexes closed mostly higher and the Nasdaq gave the first sign the market may have bottomed.

X

The Nasdaq made a bullish price reversal and closed back above the 50-day moving average, up 1.1% on the day. The Nasdaq 100, an index of the 100 largest nonfinancial companies in the composite, made a similar show of support at its 50-day line. That suggests the market may have exhausted its selling. But market risk remains higher than normal.

The S&P 500 climbed 0.5% and the Dow Jones industrial average fell 0.3%. Small caps shined as the Russell 2000 leaped 1.6% at the close.

Volume fell on the Nasdaq and the NYSE, according to preliminary numbers.

For a second straight day, Wall Street contracted on news that President Trump will impose tariffs on steel and aluminum imports. Yet sector ETF SPDR Industrial (XLI), representing one of the areas of the economy that could feel more pain from higher steel prices, fell less than 0.1%.

The day’s top industry groups included a couple of defensive plays such as hospitals and generic drugs. But other health care, consumer and technology groups were up more than 2%. The nine stocks on IBD Leaderboard on average gained 3%.

The retail sector was split, with home furnishing, specialty and mail order groups among the laggards while department stores were the best group in Friday’s market. Restaurants rose more than 1%, although McDonald’s (MCD) gapped down to the lowest level since May. RBC cut Q1 same-store sales estimates, citing lackluster sales of the new dollar menu.

Oil stocks were mainly higher. The price of crude was little changed, closing at $61.25.

The Dow transports rose fractionally. Airlines were down modestly as a major storm forced hundreds of flight cancellations at Atlanta’s airport, the busiest in the nation.

In one of the most noteworthy stock moves, Nvidia (NVDA) reversed higher after dipping to its 50-day moving average. That puts the chip leader in a potential follow-on buy area at either 50-day moving average or the 10-week moving average, although Nvidia is late into its long-term advance.

Nvidia is in the IBD 50, where other stocks made similar moves at the 50-day line. Watch Weibo (WB), China Lodging (HTHT), ASML Holdings (ASML) and Intuitive Surgical (ISRG).

RELATED:

What’s New Inside Investor’s Corner?

McDonald’s Is Dow Jones’ Biggest Loser On ‘Tough Start’ For $1-$2-$3 Dollar Menu

Will Trump Steel Tariffs And Policies Spark An Economic Clash With China And Xi Jinping?

Delta’s 750 Flight Cancellations Threaten Revenue As Georgia Threatens Profit

How A Follow-Through Day Sparked A Market Bottom One Century Ago

Source link

Advertisements

No comments.

Leave a Reply