- Stock Market Today: Nasdaq, S&P 500 Close Higher After CPI Report Shows Cooling Inflation The Wall Street Journal
- S&P 500, Nasdaq close at highest levels since April 2022, buoyed by cooler-than-expected inflation report: Live updates CNBC
- Stocks pop as inflation continues cooldown: Stock market news today Yahoo Finance
- Market Volatility Declines Ahead Of CPI; S&P 500 Gains – Citigroup (NYSE:C), Amazon.com (NASDAQ:AMZN) Benzinga
- Cooling inflation in the US brings slight relief to tech valuations TechCrunch
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Tag Archives: Nasdaq
ICAHN ENTERPRISES L.P. (NASDAQ: IEP) SHAREHOLDER CLASS ACTION ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed Against Icahn Enterprises L.P. (NASDAQ: IEP) – PR Newswire
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Stock Market Today: Nasdaq, Dow Gain After Amazon Earnings – The Wall Street Journal
- Stock Market Today: Nasdaq, Dow Gain After Amazon Earnings The Wall Street Journal
- Dow rises more than 100 points Friday, heads for best monthly gain since January: Live updates CNBC
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S&P 500, Nasdaq, Dow Erase Session Gains After Hawkish Fed Remarks: Investors Now Almost Fully Discount 25bp Hike In May – Invesco QQQ Trust, Series 1 (NASDAQ:QQQ), SPDR S&P 500 (ARCA:SPY) – Benzinga
- S&P 500, Nasdaq, Dow Erase Session Gains After Hawkish Fed Remarks: Investors Now Almost Fully Discount 25bp Hike In May – Invesco QQQ Trust, Series 1 (NASDAQ:QQQ), SPDR S&P 500 (ARCA:SPY) Benzinga
- S&P 500 ends Tuesday little changed as earnings season picks up steam: Live updates CNBC
- Stocks Close Slightly Higher Despite Bank Stock Weakness and Hawkish Fed Comments Barchart
- S&P 500 Settles Higher Ahead Of Big Bank Earnings, Market Volatility Decreases – Bank of America (NYSE:BAC), Goldman Sachs Gr (NYSE:GS) Benzinga
- The S&P 500 Rebounds As Reasons For Continuing Rate Hikes Lose Steam Seeking Alpha
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Stock Market Lower As Nasdaq Teeters At Key Level; It’s A Big Day For Tesla, EV Stocks – Investor’s Business Daily
- Stock Market Lower As Nasdaq Teeters At Key Level; It’s A Big Day For Tesla, EV Stocks Investor’s Business Daily
- 5 things to know before the stock market opens Wednesday CNBC
- Latest Stock Market News Today: GM job cuts, Tesla investor day, Rivian, Kohl’s, Lowe’s report | March 1, 2023 | Live Updates from Fox Business
- Dow Jones Falls On Weak Manufacturing Data; Elon Musk Readies For Tesla Investor Day Investor’s Business Daily
- Jim Cramer’s top 10 things to watch in the stock market Wednesday: China, stocks, retail CNBC
- View Full Coverage on Google News
S&P 500 rises after strong GDP report, Nasdaq jumps nearly 1% on Tesla results
The Nasdaq Composite rose Thursday as fourth-quarter gross domestic product came in above expectations, and investors parsed through the latest batch of corporate earnings.
The tech-heavy index jumped 1.2%, while the Dow Jones Industrial Average traded 104 points, or 0.3%, higher. The S&P 500 rose 0.6%.
GDP data released Thursday showed the economy expand at an annualized rate of 2.9% during the fourth quarter, the Commerce Department said. That’s above the 2.8% Dow Jones estimate, but represents a slight cooldown from the third-quarter reading.
“With today’s better-than-expected GDP number, I think investors are thinking, maybe we can get away with a pretty soft, mild recession that is not likely to throw us into an even deeper bear market when all is said and done,” said Sam Stovall, CFRA Research’s chief investment strategist.
Meanwhile, earnings season trudged on, with strong results from Tesla giving the Nasdaq and electric vehicle stocks a boost. Tesla jumped 9% after posting record revenue and solid earnings. Beaten-up technology giants Microsoft, Apple, Amazon and Alphabet added more than 1% each.
Airline earnings also rolled out, with Southwest falling on a larger-than-expected loss fueled by its holiday meltdown. American Airlines rose on a fourth-quarter beat.
Elsewhere, Chevron added 3% after announcing a $75 billion share repurchasing program.
Wall Street is coming off a mixed session, but all the major averages are headed for weekly, and monthly, gains. The Dow and S&P are up 1.5% and 1.9% so far this week, respectively. The Nasdaq has gained 3.1% this week and is on pace for its best month since July.
Focus now shifts to next week’s Federal Reserve policy, where the central bank is widely expected to announce a 25 basis point hike as it battles high inflation. Investors will be on the lookout for clue into how much further the Fed intends to hike before it cuts rates.
Dow closes 100 points higher, S&P 500 and Nasdaq notch best week since November
Stocks rose Friday as investors digested bank earnings and bet inflation would ease in 2023.
All of the major indexes fought their way into the green after beginning the day deep in the red.The Dow Jones Industrial Average rose 112.77 points, or 0.33%, to 34,302.74. The S&P 500 rose 0.4% to 3,999.08, and the Nasdaq Composite advanced 0.71% to 11,079.16.
The S&P and Nasdaq each posted their second consecutive up week and best weekly performance since November. The tech-heavy Nasdaq was the outperformer for the week after rising 4.82%. The S&P advanced 2.67%, and the Dow added 2%.
Bank earnings weighed on equities to start the day, but sentiment reversed as investors appeared to shrug off negative news that was expected anyway to some degree, according to Ross Mayfield, investment strategy analyst at Baird.
“Financials weren’t really quite expected to have a blockbuster quarter,” he said. “It’s just providing a bit of a sentiment wave, and since the banks lead earnings season they can kind of set the tone for how investors look at the broader picture.”
“Frankly, the market has rallied pretty nicely over the last few weeks, absent a catalyst, and so there might be a little bit of profit taking out of earnings season going,” Mayfield added.
Wells Fargo, whose profits for the last quarter had been cut by half, said it’s preparing for the economy to “get worse than it’s been over the last few quarters.”
JPMorgan Chase posted revenue that beat expectations, but even so, the bank warned it’s setting aside more money to cover credit losses because a “mild recession” is its “central case.” The bank posted a $2.3 billion provision for credit losses in the quarter, a 49% increase from the third quarter.
The CEOs of Citigroup and Bank of America also said they’re anticipating a “mild recession.”
Elsewhere, Delta Air Lines reported earnings and revenue that beat estimates for the final quarter of 2022. However, the stock slid about 4%. Investors have been awaiting these results to gain more insight into the health of the economy.
In economic data, the University of Michigan consumer sentiment survey showed the one-year inflation outlook down to 4%, the third straight monthly decrease and the lowest level since April 2021.
That followed December’s CPI report, released Thursday, which showed prices declined 0.1% over November. While prices rose at a 6.5% pace compared to the previous year, the results heightened hopes that the Federal Reserve may soon slow its hiking.
Jim Cramer says these 5 Nasdaq losers could rebound in 2023
CNBC’s Jim Cramer on Friday named four stocks that he believes could mount a comeback this year.
To come up with his picks, he parsed through last year’s worst-performing stocks listed in the Nasdaq 100.
“Out of the Nasdaq’s biggest losers, I think Qualcomm, Lam Research, Micron, and Airbnb will work this year, although not necessarily the first half,” he said, adding, “and don’t forget Illumina.”
Here are his thoughts on each stock:
Qualcomm
- Cramer said that while Wall Street expects the semiconductor company to start losing iPhone orders in 2024, it’s possible the company could hold to at least some of those orders due. The company’s push into the auto market should also help the stock, he added.
Lam Research
- He acknowledged that the near future could be ugly for chipmakers. However, “you can’t afford to wait around too long after this next bad quarter, because Lam’s stock will bottom months before the business does,” he said.
Micron
- He advised investors to wait several months to buy shares of Micron, but make sure to do so before the chip glut is over. “Once there’s any sign of a bottom, this thing will bounce back like crazy — always has,” he said.
Airbnb
- Cramer said that the company should continue to make money this year thanks to the current travel boom. Investors interested in the stock should buy it gradually on the way down, he added.
Illumina
- He said that while the company is “superb,” he’d rather own shares of Danaher than Illumina.
Disclaimer: Cramer’s Charitable Trust owns shares of Qualcomm and Danaher.
Jim Cramer says he likes these 5 Nasdaq stocks for 2023
CNBC’s Jim Cramer on Thursday gave investors a list of stocks that he believes could be worthwhile additions to investors’ portfolios.
All of his picks are listed in the Nasdaq Composite. While the index is heavy with tech stocks that were hammered last year, there are still names that could perform well even in a recessionary environment, according to Cramer.
“In an index that’s been folded, spindled and mutilated, I am still feeling good about a few of these stocks,” he said.
Here are his picks:
T-Mobile
- Cramer said that he expects the company to continue taking market share from competitors.
Regeneron Pharmaceuticals
- “Regeneron’s got a broad pipeline with a ridiculously cheap stock. I think it’s a really, really excellent situation, especially if you’re expecting a severe recession,” he said.
PepsiCo
- The beverage giant rivals Procter & Gamble when it comes to the best consumer packaged goods company in the U.S., he said, though he acknowledged that the stock’s valuation is a bit higher than he would like.
American Electric Power
- Cramer said that he likes the stock because the company is well-run, and utility stocks tend to perform well during economic slowdowns.
Dollar Tree
- While he does like the stock compared to other retailers listed on the Nasdaq, Cramer said that he still prefers TJX Companies.
Disclaimer: Cramer’s Charitable Trust owns shares of TJX Companies.
Dow Jones, Nasdaq Break Key Levels As Apple Skids, Tesla Ends Dive; What To Do Now
Dow Jones futures were little changed after hours, along with S&P 500 futures and Nasdaq futures. The stock market suffered further losses Wednesday as rising Treasury yields, Apple iPhone woes and soaring China Covid cases added to selling pressure on the major indexes.
X
The Nasdaq is near its bear market low, setting its worst close in over two years. The Dow Jones undercut a key level.
Apple (AAPL) fell again, setting a fresh bear low. AAPL stock is in danger of falling below a $2 trillion valuation. Tesla (TSLA), which also set another bear market low, rose modestly. But that only trimmed a steep weekly loss.
Energy stocks fell as crude and natural gas prices skidded, with natgas and coal producers hardest hit.
But several energy stocks are showing resilience. Exxon Mobil (XOM), Chevron (CVX), Schlumberger (SLB), Valaris (VAL) and, to some extent, First Solar (FSLR) are holding up reasonably well.
But whether these stocks make real progress from here depends greatly on whether unstable energy prices move higher.
CALM Earnings
After the close, egg producer Cal-Maine (CALM) reported surging earnings that slightly missed fiscal Q2 views. CALM stock fell 5% in extended trade, even with revenue soaring 110% and the egg producer announcing a $1.35-a-share dividend. Shares fell 2.5% to 62.19 in Wednesday’s regular session. That pulled CALM stock back within the 5% chase zone of a 60.11 handle buy point. But Cal-Maine could open Thursday below that entry.
Dow Jones Futures Today
Dow Jones futures were little changed vs. fair value. S&P 500 futures climbed 0.1% and Nasdaq 100 futures rose 0.2%.
The 10-year Treasury yield fell 2 basis points to 3.87%.
Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
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Stock Market Wednesday
The stock market continued to decline, with all the major indexes down more than 1%.
The Dow Jones Industrial Average fell 1.1% in Wednesday’s stock market trading. The S&P 500 index slumped 1.2%. The Nasdaq composite gave up 1.35%. The small-cap Russell 2000 gave up 1.6%.
Apple stock sank 3.1% to 126.04, an 18-month low. TrendForce cut its 2022 iPhone shipments forecasts due to recent lockdowns at Foxconn’s Zhengzhou base. And it also its trimmed its forecast for early 2023 shipments, citing Foxconn’s labor shortages.
The Dow Jones tech titan is on track for its sixth straight weekly loss and its worst monthly loss in four years. AAPL stock’s valuation closed at $2.005 trillion.
Tesla rose 3.3% to 112.71 after plunging 11.4% on Tuesday, ending a seven-day losing streak. The EV giant is still down nearly 15% for the month. Late Wednesday, Morgan Stanley analyst Adam Jonas cut his TSLA stock price target to a still-hefty 250, but also slashed his Q4 delivery target to just 399,000 EVs. Tesla climbed 1% overnight.
U.S. crude oil prices dipped 0.4% to $79.23 a barrel. Natural gas futures tumbled 5.8%.
The 10-year Treasury yield rose 3 basis points to 3.89%. That’s up 49 basis points from the Dec. 7 low of 3.4%, with nearly all of the gain since Dec. 15.
ETFs
Among growth ETFs, the iShares Expanded Tech-Software Sector ETF (IGV) shed 1.1%. The VanEck Vectors Semiconductor ETF (SMH) retreated 1.3%. Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) dipped 0.5%, setting a fresh five-year low. ARK Genomics ETF (ARKG) gave up 0.6%, just above its June bear low. Tesla stock is still a significant holding across Ark Invest’s ETFs.
SPDR S&P Metals & Mining ETF (XME) tumbled 4% and the Global X U.S. Infrastructure Development ETF (PAVE) slumped 1.75%. U.S. Global Jets ETF (JETS) descended 2.4%. SPDR S&P Homebuilders ETF (XHB) fell 2%. The Energy Select SPDR ETF (XLE) retreated 2.2%, with XOM and CVX stocks easily the top components, and SLB stock coming in third. The Financial Select SPDR ETF (XLF) edged down 0.35%. The Health Care Select Sector SPDR Fund (XLV) gave up 0.65%.
Five Best Chinese Stocks To Watch Now
Energy Stocks To Watch
Exxon stock fell 1.6% to 108.38, back below the 50-day line a day after recently retaking that key level. XOM stock has a 114.76 buy point from a flat base above a prior consolidation. But a move above Tuesday’s high of 110.47 could offer an early entry.
Chevron stock looks a lot like Exxon Mobil’s. Shares sank 1.5% to 176.98, slipping below its 50-day. CVX stock has a flat base next to a prior consolidation, with a 189.78 buy point, according to MarketSmith analysis. Investors could use 180.33, just above Tuesday’s high, as an early entry for CVX stock.
Schlumberger stock retreated 1.7% to 52.60, finding support near the 10-week line. SLB stock has a 16%-deep consolidation above/next to a deep cup base. The official buy point is 56.14. But investors could use 54.28, just above the Dec. 5 high at 54.18, as an SLB stock early entry.
Valaris stock fell 2.6% to 64.74, rising slightly from a test of the 10-day, 21-day and 50-day lines. The offshore contract drilling firm has a 70.27 buy point from a 17%-deep cup base above a deep cup-with-handle pattern. The buy point is 70.27. Investors could use 67.75, just above Tuesday’s high, as an early entry. That could develop into a proper handle buy point in a few days.
First Solar sank 2.7% to 146.17, losing further ground from the 50-day line, but came off an intraday low of 142.35. FSLR stock needs some work, and could easily break down from this point. Ideally other solar stocks, which are even harder hit, will also improve. But watch to see if First Solar can regain its 50-day and 21-day lines. There could then be a trendline, or perhaps a move above the Dec. 21 high of 162.20, to offer an early entry. FSLR stock could have a new base at the end of next week.
Market Analysis
The stock market had another rough session Wednesday.
The Dow Jones, which eked out a gain Tuesday, was unable to resist Wednesday. The Dow closed below its rising 50-day moving average for the first time since Oct. 21.
The S&P 500 continued to slide from its rising 50-day line. The benchmark index held above last Thursday’s lows but ended with its worst close since Nov. 9. The S&P 500’s best performers, Generac (GNRC) and Tesla stock, have been the S&P 500’s biggest losers in 2022. Not exactly inspiring.
The Russell 2000 undercut Thursday’s low, hitting its worst level in two months.
The Nasdaq composite fell to just within 135 points of its Oct. 13 bear market intraday low. The tech-heavy index finished with its weakest close since July 2020. Apple stock and a slew of other growth names slumped.
Until there’s clarity on the Fed rate end game and the economic outlook — including China’s Covid surge — the stock market will likely be choppy at best. And the major indexes are doing far worse than that right now.
Time The Market With IBD’s ETF Market Strategy
What To Do Now
The stock market is not acting well. While certain sectors are holding up better than others, it’s hard for any stocks to make much headway. Sectors and individual stocks can quickly deteriorate as well.
Investors could have small positions in some promising sectors but should be steering clear of growth for the time being. There’s nothing wrong with being all in cash. Keeping your financial and mental capital intact is critical.
But work on your watchlists. Many stocks from a variety of sectors are near buy points, or could be quickly if the market perks up. Focus on stocks with strong relative strength and holding key levels. Don’t exclude resilient names that don’t have a clear buy point yet.
If you’ve had a bad year, you’re not going to make it up in the final two trading days of 2022 with the market struggling. Learn from your mistakes and prepare for the next sustained market rally in 2023.
Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.
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