The Dow Jones Industrial Average was under modest selling in afternoon trading Wednesday, but several Dow Jones stocks were up at least 1%, including UnitedHealth Group (UNH) and Walmart (WMT).
UNH stock, a member of the Leaderboard model portfolio, has been moving higher in light volume after a breakout from a double-bottom base. WMT stock, meanwhile, is still in a buy zone after a bullish move above its March 21 high.
Procter & Gamble (PG) was in a group of four stocks down 1% or more in the Dow Jones industrials. JPMorgan downgraded P&G to neutral from overweight and lowered its price target to 165 from 181.
Outside the Dow Jones
The S&P 500 fell 0.4%, but energy, fertilizer and some health care stocks outperformed. Occidental Petroleum (OXY) was near session lows but still rose 1% after Raymond James maintained a strong buy rating and lifted the price target to 85 from 60.
U.S. crude oil futures were up more than 2% to around $106.50 a barrel.
U.S. Stock Market Today Overview
|Last Update: 1:10 PM ET 3/30/2022|
Paychex (PAYX) also outperformed in the S&P 500 after reporting earnings. The stock was on pace for a bullish outside day, up 3.5%, as it vies for a breakout from a cup base with a 139.07 buy point.
The Nasdaq composite was down 0.5% in afternoon trading Wednesday. But the loss seemed pretty tame in light of a bullish rally for the index since its March 14 low. The Nasdaq continues to trade well after confirming a new uptrend on March 18 with a follow-through day.
Lululemon Athletica (LULU) was the top percentage gainer in the Nasdaq 100, up more than 10%, after the retailer reported a 31% rise in adjusted earnings. Revenue increased 23% to $21.3 billion. Lululemon also guided full-year earnings and revenue above expectations and announced a $1 billion share buyback program.
LULU stock is up more than 18% so far this week as it tries to regain its 200-day moving average.
Meanwhile, a strong earnings report and bullish outlook from Micron Technology (MU) did little to help the stock, as a 5% intraday gain faded to mostly flat.
IBD 50 Movers
Inside the IBD 50, New Fortress Energy (NFE) was on pace for its 10th gain in 11 sessions. But it’s already past the 5% buy zone after a breakout from a bottoming base with a 35.17 buy point.
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Dutch Bros (BROS) extended gains after a bullish breakout over a 62.11 buy point Tuesday. Shares were up another 4% Wednesday in strong volume, putting the stock past the 5% buy zone.
The MarketSmith Growth 250 also served up plenty of strong gainers. Evoqua Water Technologies (AQUA) broke out over a trendline, giving an early entry. Shares were up 2.5%.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
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