The stock market erased early gains at midday Monday as Wall Street got more earnings reports. Oil stocks gained after President Joe Biden opened federal lands to oil drilling.
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The Nasdaq fell 0.4%, and the S&P 500 was down 0.2%. The Dow Jones Industrial Average declined 0.2%. The small-cap Russell 2000 index fell 0.9%. Indexes were at session lows.
Volume fell on the NYSE and Nasdaq compared with the same time on Thursday. (The stock market was closed for Good Friday.)
The yield on the 10-year Treasury note rose to 2.85%.
Oil Up As Energy Sector Leads Stock Market
The price of U.S. crude oil rose 1% to $108 a barrel. The energy sector led the stock market. Energy Select Sector SPDR (XLE) rose 1.1%, outperforming all other S&P sector ETFs.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 34371.37 | -79.86 | -0.23 |
| S&P 500 | (0S&P5) | 4383.60 | -8.99 | -0.20 |
| Nasdaq | (0NDQC ) | 13291.64 | -59.44 | -0.45 |
| Russell 2000 | (IWM) | 197.09 | -1.87 | -0.94 |
| IBD 50 | (FFTY) | 36.28 | -0.26 | -0.71 |
| Last Update: 12:10 PM ET 4/18/2022 | ||||
Murphy Oil (MUR) rose above the 43.30 buy point of an ascending base. Volume was heavy and the relative strength line is also at new highs — two bullish signs for the breakout. The company is in the top-ranked international oil and gas exploration and production industry.
Oil stocks Occidental Petroleum (OXY), Comstock Resources (CRK) and ConocoPhillips (COP) led the IBD 50 with gains of more than 3%.
Gold mining stocks also jumped Monday as the price of gold shot up. The S&P Gold Shares ETF (GLD) gained 0.8%. Barrick Gold (GOLD) gained 1.5% and was approaching its 26.17 buy point of a flat base.
President Biden announced on Friday that he would resume selling leases to drill for oil and gas on federal lands starting today, reversing an earlier campaign pledge.
Marriott International (MAR) jumped 1.5% after the stock joined the IBD 50. The stock is in a buy range after breaking through its 179.40 buy point of a cup-with-handle pattern.
The Innovator IBD 50 ETF (FFTY) fell 0.6% at midday. Health care stocks were the biggest drag on the IBD 50.
Financials Mixed As Earnings Reports Come In
Bank of America (BAC) rose 3% after the company’s first-quarter earnings and revenue topped analysts’ consensus estimates. The bank reported EPS of 80 cents and revenue of $23.2 billion. Ahead of the report, BofA stock had sunk to the lowest level since last July.
Bank of New York Mellon (BK) fell more than 3% after earnings also exceeded estimates.
After the close, J.B. Hunt (JBHT) will report first-quarter results. The trucking company dipped 1.5% Monday.
More than 150 companies are reporting quarterly results this week, including Tesla (TSLA), Lockheed Martin (LMT) and more financial institutions.
Tech stocks posted narrow gains.
Tesla gained 1.3% as it forms a cup-with-handle base with a 1,152.97 buy point. Tesla — which reports earnings Wednesday after the close — plans to reopen its Shanghai plant today, reports said. The plant had been idled since March 28 due to a Covid lockdown. It’s not clear when production will resume.
Google parent Alphabet (GOOGL) and Microsoft (MSFT) also posted narrow gains.
Follow Michael Molinski on Twitter @IMmolinski
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