The Dow Jones Industrial Average moved higher amid positive Russia-Ukraine cease-fire talks. Visa (V) and Nike (NKE) were the top blue chips. Robinhood (HOOD) exploded after it broadened its offerings to drive growth.
Meanwhile a trio of stocks attempted breakouts amid the positive action. Costco Wholesale (COST), Qualys (QYLS) and Robert Half International (RHI) all passed buy points.
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Volume was higher on both the New York Stock Exchange and the Nasdaq. This is a positive on an up day.
Meanwhile, the yield on the benchmark 10-year Treasury note rose eight basis points to 2.4%. Oil also fell again, with West Texas Intermediate crude dipping about 2% to nearly $104 per barrel.
Putin Agrees To This Amid Positive Russia-Ukraine Talks
Markets were buoyed by positive developments from the latest round of Russia-Ukraine cease-fire talks.
Russian President Vladimir Putin has agreed to meet Ukrainian President Volodymyr Zelenskyy after negotiations are completed, according to Russian chief negotiator Vladimir Medinsky.
Russia said it will limit operations near Kyiv and the city of Chernihiv as a show of goodwill, though the move stops short of a cease-fire.
Kyiv also presented a proposal for neutral status and international security guarantees.
The positive developments came after Ukrainian and Russian negotiators met face-to-face for the first time in two weeks on Tuesday.
Nasdaq Gains As Small Caps Impress
The Nasdaq was making the best gains out of the major indexes, rising 1.7%. Top gainers included Lucid Motors (LCID), which popped more than 7%, DocuSign (DOCU) and Zoom Video Communications (ZM).
The S&P 500 was also faring well, popping 1%. Nielsen (NLSN) surged nearly 22% after it agreed to be acquired by a private equity consortium. Epam Systems (EPAM) also impressed with a gain of over 12%.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 35201.79 | +245.90 | +0.70 |
| S&P 500 | (0S&P5) | 4620.76 | +45.24 | +0.99 |
| Nasdaq | (0NDQC ) | 14599.61 | +244.71 | +1.70 |
| Russell 2000 | (IWM) | 211.34 | +5.15 | +2.50 |
| IBD 50 | (FFTY) | 39.96 | +0.22 | +0.55 |
| Last Update: 2:54 PM ET 3/29/2022 | ||||
Most S&P sectors were in positive territory. Only energy was in negative territory. Technology and consumer discretionary were making the best gains.
Small caps were actually shining brightest, with the Russell 2000 up 2.5%.
Growth stocks had worse luck though. The Innovator IBD 50 ETF (FFTY), a bellwether for growth stocks, was only up 0.6%.
Dow Jones Today: Visa, Nike Stock Shine
The Dow Jones Industrial Average also moved higher. It gained about 250 points, or 0.7%.
Visa was the top performer on the Dow Jones today. It jumped more than 3%, moving above its 200-day moving average in the process according to MarketSmith analysis.
Nike stock was also faring well, rising just over 3%. This stock popped above its 50-day moving average but remains below the 200-day line.
Insurance play Travelers (TRV)was struggling most as it skidded about 2% lower. Oil major Chevron (CVX) also struggled, dipping almost 2%.
Robinhood Stock Soars On Extended Hours Move
Robinhood stock was having one of its best days ever as it popped about 25%. This was a heavy volume move, a bonus for investors in the security.
It was benefiting from the news it is extending the hours users can trade to between 7 a.m. ET and 8 p.m. ET.
The brokerage, which targets the retail investment market, is trying to fight slowing growth.
Robinhood is also looking to offer 24/7 trading, though it is not yet clear when this would be offered to users.
The stock is looking to catch up with rivals such as Charles Schwab (SCHW) and Fidelity, which already offer broader after-hours trading.
HOOD stock remains in negative territory for the year and remains down more than 80% on its all-time high of 85, which it reached in August last year.
These Stocks Test Buy Points
Costco stock is trading below its entry after earlier moving above a weekly chart cup-with-handle entry of 566.85.
The stock’s relative strength line has been making progress since mid-January. The stock boasts good earnings and stock market performance.
IT security stock Qualys is in a buy zone after passing a cup-with-handle entry of 143.04.
The RS line here has just hit a new high, which is a positive. Volume was lower however, which is a flaw.
All-around performance is strong for Qualys stock and institutional investors have been snapping up the stock of late.
Staffing services play Robert Half International is also actionable after moving past a 120.99. This was also a cup with handle base.
Earnings growth has been particularly strong here of late. EPS has grown by an average of 144% over the past three quarters.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.
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