The Dow Jones Industrial Average moved higher as President Joe Biden gave a new warning to Russia. Leaderboard stock Nvidia (NVDA) was leading a semiconductor charge. Underlining the point, Intel (INTC) was the top blue chip.
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A couple of stocks managed to pass buy points amid the encouraging action. Mining play BHP (BHP) and Marathon Petroleum (MPC) both tested buy points.
Solid economic reports boosted stocks. The Labor Department said jobless claims fell to 187,000 last week, the lowest level of initial claims in over 52 years. Economists expected 210,000 new claims. The S&P’s Purchasing Manufacturers Index was also released and showed the U.S. private sector had expanded.
Meanwhile, the yield on the benchmark 10-year Treasury note inched up 2 basis points to 2.34%. Oil gave up some ground though, with West Texas Intermediate crude dipping more than 2% to just over $112 per barrel.
Biden Issues Warning To Putin
Biden issued a warning to Russian counterpart Vladimir Putin amid the ongoing Ukraine-Russia war.
He said NATO would take action if Putin used chemical or biological weapons in the conflict.
“We will respond if he uses it. The nature of the response depends on the nature of the use,” Biden said during a press conference.
The commander in chief also said the military alliance has “never been more united than it is today.”
Russia’s invasion of Ukraine has now been dragging on for 29 days and looks to be entering a stalemate.
The president is currently in Brussels to attend G-7, NATO and EU summits.
Nasdaq Pops As Tech Stocks Flex
The Nasdaq was leading the other major indexes amid a resurgence among tech stocks. It was up about 1.2%. Semiconductor stocks were making the best moves.
Chip stocks were also dominating the more broad-based S&P 500. The index was up 0.9%.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 34587.40 | +228.90 | +0.67 |
| S&P 500 | (0S&P5) | 4494.64 | +38.40 | +0.86 |
| Nasdaq | (0NDQC ) | 14084.25 | +161.65 | +1.16 |
| Russell 2000 | (IWM) | 204.82 | +0.92 | +0.45 |
| IBD 50 | (FFTY) | 39.52 | +0.60 | +1.54 |
| Last Update: 2:54 PM ET 3/24/2022 | ||||
The S&P sectors were all green, with technology and materials making the best gains. Consumer discretionary and real estate were turning in the slimmest gains.
Small caps were making slimmer gains. The Russell 2000 rose 0.5%.
Growth stocks were excelling though. The Innovator IBD 50 ETF (FFTY), a bellwether for growth stocks, rose around 1.5%.
Dow Jones Today: Intel Stock Leads Gainers
The Dow Jones Industrial Average was lagging the other major indexes. It rose more than 200 points, or 0.7%.
Intel was faring best on the Dow Jones today. It was up more than 6%.
Nevertheless, the stock has been stuck in a downtrend since April 2021. In addition, it remains stuck below its 200-day moving average for now.
UnitedHealth (UNH) and Apple (AAPL) were two of the other best gainers. Cisco Systems (CSCO) lagged as it fell nearly 1%.
Nvidia Spikes, Leads Chip Stocks Higher
Nvidia was leading chip stocks higher as it turned in a gain of around 9%. It is now powering away from its 50-day moving average as it seeks to repair damage.
The Leaderboard stock saw its position size increased after it after it surged past a trendline entry point of 272.38. It is actionable as high as 286.
NVDA stock was up about 9% and pulled further away from the 50-day line. At its investors day earlier this week the company said it still sees a $1 trillion market opportunity in data-center solutions, automotive applications and gaming.
IBD 50 stock Alpha & Omega Semiconductor (AOSL) popped nearly 7% while Advanced Micro Devices (AMD) rose 5% and Marvell Technology (MRVL) jumped 5.5%.
The VanEck Semiconductor ETF (SMH) underlined the broad gains. It was up more than 4%.
These Stocks Test Buy Points
Australian mining play BHP is in a buy zone after breaking out of a cup with handle base, MarketSmith analysis shows. The ideal buy point is 73.68.
The relative strength line has been making impressive strides in recent months, which is a positive.
In addition, the stock boasts excellent earnings performance and a low P-E ratio. EPS has grown by an average of 110% over the past three quarters, well above CAN SLIM requirements.
Marathon Petroleum is just below its entry after earlier clearing a flat base buy point of 81.49. Volume is light, however.
Given the recent outperformance of energy stocks, investors may opt to keep a close eye on the stock to see if it can retake its buy point.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.
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