The major stock market indexes were wavering in the last hour near the day’s lows. The Russell 2000 showed the most movement, down 0.9%.
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The stock market was holding steady as it awaits the FOMC minutes released this afternoon. The Nasdaq was down 0.1%, while the S&P 500 was off 0.4%. The Dow Jones lost 0.3%, and the Russell 2000 has fallen 1.2%. NYSE volume is down 9.9% while Nasdaq volume is unchanged compared with the same time on Tuesday.
The U.S. ISM services PMI report for June came in down 0.6 point to 55.3, better than expected, but down from May. We are now at levels not seen since May 2020.
The economy continues to see supply and hiring constraints in the service industries, as seen in the increased supplier delivery times and decrease in new orders.
Stock Market Action: Breakouts From Cups With Handles
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 30814.75 | -153.07 | -0.49 |
| S&P 500 | (0S&P5) | 3814.44 | -16.95 | -0.44 |
| Nasdaq | (0NDQC ) | 11272.05 | -50.19 | -0.44 |
| Russell 2000 | (IWM) | 170.54 | -2.29 | -1.33 |
| IBD 50 | (FFTY) | 26.62 | -0.23 | -0.86 |
| Last Update: 12:08 PM ET 7/6/2022 | ||||
Evolent Health (EVH), a cost savings and health care administration company, is up 4.3% after breaking out of a recent cup-with-handle base. It broke above the buy point of 33.24 and is within a 5% buy zone to 34.90 on the MarketSmith chart.
Dollar Tree (DLTR) is down 0.4% after a strong move up this morning, but holding its big gain from yesterday, and remains above the 50-day moving average. Shares broke out of a cup-with-handle base and are within 1% of its 166.45 buy point. The stock is showing a new high on the relative strength line, a positive signal.
Funko (FNKO), a maker of toy collectibles, is pulling back 0.8% after breaking out of a long cup-with-handle base earlier this morning. The stock is now within 4% of its 25.18 buy point. Funko has had interest from its popular “Stranger Things” collectibles.
Biotech And Chinese ETFs Give Back
Celsius Holdings (CELH), the fitness beverage company, is up 3.7% on top of yesterday’s gain of 13.8% in heavy volume. Celsius stock is holding above the 200-day moving average on the chart.
The SPDR S&P Biotech ETF (XBI) is giving back its morning gains, down 0.5%, and iShares Nasdaq Biotech (IBB) is down 0.4%, as investors turn away from this group.
Chinese ETFs are down today after having a strong month in June. The KraneShares China Internet ETF (KWEB) is down 4.8%, while the iShares Trust China ETF (MCHI) is down 2.2%. Chinese stocks are under pressure, as millions of Chinese go back into lockdowns after seeing Covid-19 infections increase.
Crude oil futures are down 3.5%, with crude oil falling to $95.97 per barrel. The SPDR S&P Energy ETF (XLE) is down 3.8% following the drop in oil.
Bitcoin futures are down 1.6% today to $20,055, and trading higher than earlier today.
The Innovator IBD 50 ETF (FFTY), a gauge of growth stocks, is down 0.9%, trailing the major indexes.
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