The Dow Jones Industrial Average drifted higher in today’s stock market and traded near its intraday highs. The Nasdaq, however, showed contrary action and traded lower. The S&P 500 traded near break-even.
X
Dow Jones In The Stock Market Today
At around 12 p.m. ET, the Dow Jones industrials were trading up 0.6%, leading the upside. The Nasdaq composite was down around 0.6%. The S&P 500 pared small losses back to break-even, while the Russell 2000 small-cap index came down off morning highs but remains up 0.6%. Volume was running lower on the Nasdaq and on the NYSE vs. the same time on Wednesday.
The Dow Jones was led higher by strong gains in Boeing (BA), up close to 4%. Shares are close to regaining their 200-day line after finding resistance at this level for the past several months. Financial stocks also performed well in the Dow Jones, including Goldman Sachs (GS), which was up over 1%.
Several bank stocks — including fellow blue-chips JPMorgan (JPM) and Wells Fargo (WFC) — are gearing up to report earnings Friday before the market opens. Analysts expect JPMorgan to report earnings of $3.01 a share on sales of $29.71 billion. Meanwhile, Wells Fargo is expected to report earnings of $1.09 a share on $18.38 billion in revenue.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 36494.35 | +204.03 | +0.56 |
| S&P 500 | (0S&P5) | 4724.72 | -1.63 | -0.03 |
| Nasdaq | (0NDQC ) | 15102.36 | -86.03 | -0.57 |
| Russell 2000 | (IWM) | 217.21 | +1.22 | +0.56 |
| IBD 50 | (FFTY) | 42.99 | +0.32 | +0.75 |
| Last Update: 12:02 PM ET 1/13/2022 | ||||
Shares of JPMorgan have been gaining in heavy volume in recent sessions, and the stock remains below a 173.06 flat-base buy point. Wells Fargo is currently extended from a recent 52.66 buy point of a flat base.
In economic news, the Labor Department reported early Thursday that initial jobless claims rose to 230,000 last week, up from 207,000 the week before. That was greater than Econoday’s estimate for 205,000 claims but remains well below levels from the start of the Covid-19 pandemic.
Additionally, the producer price index surged 9.7% in December, on a year-over-year basis. This was slightly below economists estimates for a 9.8% gain. On a month-over-month basis, producer prices climbed 0.2% in December, below Econoday’s estimate for a 0.4% increase.
Meanwhile, the 10-year Treasury bond yield held steady around 1.73% on Thursday, after a gain of well over 20 basis points last week.
Chip Stocks Making Notable Moves
The Innovator IBD 50 ETF (FFTY) rose 0.8% Thursday for a third day of gains. Growth stocks have suffered as bond yields rise. Rising yields tend to make riskier, high-growth opportunities less appealing for investors.
But several semiconductor stocks continue to outperform as these industry groups rank highly among IBD’s 197 tracked groups. Taiwan Semiconductor (TSM), which is part of the semiconductor manufacturers group, surged 10% in heavy volume. Shares gapped up above a 135.60 buy point of a cup with handle, according to MarketSmith. Early Thursday, the chip company reported Q4 earnings and sales that beat Wall Street targets.
Semiconductor makers rank No. 13 out of our 197 industry groups and certainly qualify as a leader.
Other leading chip stocks scoring big gains in heavy volume included Lam Research (LRCX), Applied Materials (AMAT) and STMicroelectronics (STM).
STMicroelectronics is part of the semiconductor makers group as well. Shares rose over 3% but remain off intraday highs. The stock is shaping the right side of a flat base with a 52.25 entry.
Two stocks from the semiconductor equipment manufacturers group, which ranks No. 8 among IBD’s industry groups, also performed well. Lam Research, up close to 6%, is extended from a 673.90 buy point of a long consolidation. The stock reclaimed its 21-day line but is hitting some slight resistance near the Jan. 4 high.
Finally, Applied Materials, which rose over 2%, is back in a buy zone from the recent 159.10 flat-base entry. Investors should note the stock already triggered the 7%-8% loss-cutting sell rule on Monday from the initial breakout.
Follow Rachel Fox on Twitter at @IBD_RFox for more Dow Jones and stock market commentary.
YOU MIGHT ALSO LIKE:
IBD’s Market Outlook: A Guide To The Different Designations
Get Free IBD Newsletters: Market Prep | Tech Report | How To Invest
What Is CAN SLIM? If You Want To Find Winning Stocks, Better Know It
Join IBD Live And Learn Top Chart Reading And Trading Techniques From Pros
The post Dow Jones Leads Upside, Nasdaq Trades Lower; These Financial Stocks Gear Up For Earnings While Chip Stocks Show Strength appeared first on Investor’s Business Daily.
