The major stock market indexes are seeing steep losses in midday trading, although they’ve pared loses in the last hour as they near the highs of the day. The Dow Jones Industrial Average is getting hit the hardest, down more than 700 points earlier today and off 570 at midday.
The stock market weighs in on news that President Joe Biden says he could roll back some tariffs on Chinese imports, such as school supplies and clothing. But Chinese stocks were mainly lower, with the iShares China Large-Cap ETF (FXI) down 2%.
Dow Jones Down 1.9%
The Nasdaq composite reduced its loss to 0.4%, while the S&P 500 was off 1.6%. The Dow Jones lost 1.9% and the Russell 2000 has fallen 1.4%. NYSE and Nasdaq volume are down compared with the same time on Friday, on this first day of a holiday-shortened week.
Celsius (CELH), a fitness beverage company, is up 8.7% and climbed back above the 200-day moving average. The company is in the nonalcoholic beverages industry, which is ranked No. 39 out of 197 industries Investor’s Business Daily tracks. The industry group has an A- Industry Group Relative Strength Rating, a measure of the industry groups’ performance over the last six months.
U.S. Stock Market Today Overview
|Last Update: 12:00 PM ET 7/5/2022|
Ollie’s Bargain Outlet (OLLI) is another one of the rare stocks in the green today, up 4.2%, as the discount retailer climbs as part of an industry group now ranked No. 20.
CrowdStrike (CRWD), a cybersecurity company, is up 2.9% and holding above the 21-day exponential average in heavier-than-average volume. There is no clear buy point.
Energy Stocks, ETF Down With Crude Oil
Crude oil futures are down 8.1%, with crude oil dropping to $99.65 per barrel. The SPDR S&P Energy ETF (XLE) is down 5.3% following the drop in oil. U.S. crude hasn’t fallen below $100 a barrel since May 12.
Other energy stocks getting hit hard include Earthstone Energy (ESTE), down 11.5%, Pioneer Natural Resources (PXD) is off 4.9%, and Halliburton (HAL) is down 7.9%. These stocks and others in the group are now under their 200-day moving averages.
SolarEdge Technologies (SEDG), an Israeli-based solar company, is down 6.7% and dropped below the 50-day moving average. Despite that, the stock is still forming a cup with handle with a 314.62 buy point.
The SPDR S&P Biotech ETF (XBI) is up 2.4% and iShares Nasdaq Biotech (IBB) is up 0.3%, as investors are looking for somewhere to put their money.
Bitcoin futures are up 0.7% today to $19,445, and trading lower than earlier today.
The Innovator IBD 50 ETF (FFTY), a gauge of growth stocks, is down 2%. Permian Basin Royalty Trust (PBT), an oil and gas trust with properties in Texas that is in the IBD 50 list of top growth stocks, is down 10.4%. PBT has dropped below its 50-day moving average, erasing most of its gains from a 14.79 buy point.
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