Technology stocks faced another round of selling in the stock market Monday, as Wall Street followed the Russia/Ukraine war along with another big jump in the yield of the U.S. Treasury 10-year bond ahead of this week’s two-day Federal Reserve meeting. American Express (AXP) was a top gainer in the Dow Jones Industrial Average, but Nike (NKE) and Chevron (CVX) lagged.
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The Nasdaq composite was down more than 2%, hurt by another sell-off in Chinese stocks like Pinduoduo (PDD), JD.com (JD), NetEase (NTES) and Baidu (BIDU). Regulatory concerns have dogged China stocks for months. Sentiment has gotten increasingly negative as investors weigh China’s relationship with Russia, rising Covid cases in the country and delisting concerns.
Software stocks like Splunk (SPLK) and Datadog (DDOG) also took big hits on the Nasdaq. Both are tracked in IBD’s enterprise software group, which was down more than 4% in afternoon trading.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 32883.23 | -60.96 | -0.19 |
| S&P 500 | (0S&P5) | 4166.76 | -37.55 | -0.89 |
| Nasdaq | (0NDQC ) | 12566.56 | -277.25 | -2.16 |
| Russell 2000 | (IWM) | 192.40 | -4.33 | -2.20 |
| IBD 50 | (FFTY) | 35.94 | -1.07 | -2.89 |
| Last Update: 1:44 PM ET 3/14/2022 | ||||
The Innovator IBD 50 ETF (FFTY) fell 3%, weighed down by weak performances from Warrior Met Coal (HCC), Qualys (QLYS) and LSB Industries (LXU).
Dow Jones Today
The Dow Jones industrials eased 0.2% after being up by as much as 1.4% intraday. The blue-chip index was buoyed by a 2% gain for American Express. AXP stock is back above its 200-day moving average, but the 50-day line around 178.50 remains a potential resistance level to watch.
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3M (MMM) added just over 1% as it tries to bottom near 140. But 3M stock is 30% off its high and not near a proper entry.
Travelers (TRV) jumped to an all-time high, rising 1.5%. Group peer Cincinnati Financial (CNIF) also hit a new high and is still in a buy zone.
In other stock market news, the S&P 500 gave back 0.9%, helped by a big gain for NortonLifeLock (NLOK), which added more than 5%. It has one of the better looking charts out there as it sits near the top of a 34-week consolidation.
Financial stocks also outperformed in the S&P 500, including regional banks like Fifth Third (FITB), Northern Trust (NTRS), KeyCorp (KEY) and Regions Financial (RF). All four were up at least 4%. The 10-year Treasury yield surged to 2.11%, up about 11 basis points.
The Financial Select Sector SPDR ETF (XLF) was the S&P 500’s top-performing sector with its 1.5% gain.
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Fed Chairman Jerome Powell is widely expected to raise the federal funds rate to a target range of 0.25%-0.5% Wednesday as the Fed gets ready to fight persistent inflation with interest-rate hikes. But how fast the Fed will hike rates is still in question, especially amid growing concerns about a slowdown for the U.S. economy.
MarketSmith Growth 250
Coal stocks and oil and gas producers lagged badly in the MarketSmith Growth 250.
In the coal group, Ramaco Resources (METC), Peabody Energy (BTU) and Alpha Metallurgical Resources (AMR) suffered double-digit percentage declines.
Among E&P firms, Coterra Energy (CTRA), Cactus (WHD) and Devon Energy (DVN) showed heavy losses.
At the New York Mercantile Exchange, U.S. crude oil futures were down more than 6% to $102.43 a barrel.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
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The post Dow Jones Dips Amid Another Tech Sell-Off; Surging 10-Year Yield Lifts These Financial Stocks appeared first on Investor’s Business Daily.
