The Dow Jones Industrial Average moved lower in today’s market, while the Nasdaq also extended losses. After soaring to close out last week’s trading, stocks were back to selling off on Monday amid geopolitical tensions.
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Stock Market Today
Investors remain hyper-focused on the Russia-Ukraine conflict as headlines continue to sway markets. On Monday, representatives from Ukraine and Russia met on peace talks while fighting continued. Russia’s invasion appears to have stalled, as Ukrainians continue to defend major cities.
In today’s market, indexes followed Thursday and Friday’s positive action with a pullback.
At around 3 p.m. ET, the Dow Jones industrials were down 1.4%. The index still remains well below resistance at the 200-day moving average and shorter-term 21-day line. The Nasdaq Composite was down 0.8% while the S&P 5oo declined 1.3%. The Russell 2000 traded 0.1% lower. Data showed volume was running higher on the Nasdaq and on the NYSE vs. the same time on Friday.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 33600.14 | -458.61 | -1.35 |
| S&P 500 | (0S&P5) | 4334.53 | -50.12 | -1.14 |
| Nasdaq | (0NDQC ) | 13614.90 | -79.72 | -0.58 |
| Russell 2000 | (IWM) | 202.35 | -0.15 | -0.07 |
| IBD 50 | (FFTY) | 37.62 | +0.04 | +0.11 |
| Last Update: 3:06 PM ET 2/28/2022 | ||||
The yield on the 10-year Treasury note fell to 1.84% from 1.99% on Friday. Meanwhile, the price of U.S. crude oil rose over 4% to above $95 a barrel.
The Innovator IBD 50 ETF (FFTY) gained 0.1%, outpacing the major indexes. The growth-focused ETF was led by gains in Sibanye Stillwater (SBSW) and Callon Petroleum (CPE), which rose 9% and 7%, respectively.
Sibanye Stillwater is among several mining stocks outperforming in recent weeks. Shares continued to bolt higher toward a new 19.84 cup-base entry. The stock remains 4% away from the buy point after rising in strong volume on Monday.
Outside Dow Jones: Stocks Making Moves
Among notable movers Monday, several defense and steel stocks trading higher.
Two aerospace and defense stocks in the MarketSmith Growth 250 index scored breakouts including L3Harris Technologies (LHX) and Howmet Aerospace (HWM).
Howmet Aerospace, a provider of steel and metal products for the aerospace and transportation industries, broke out from a 36.13 buy point but faded from the entry in afternoon trading. Shares remain less than 1% away from the entry. The stock has been rising in heavy volume recently after gaining support at the 50-day line.
Meanwhile, L3Harris broke out from a 246.18 entry and remains within the buy zone. Shares held a gain of over 7% on Monday while the stock’s RS line notched a new high, a bullish indicator.
Elsewhere, Northrop Grumman (NOC) jumped past the 409.07 buy point of a flat base in heavy volume. Shares leapt 5.4%. The stock is extended from the buy zone.
Steel Dynamics (STLD) traded inside a buy range Monday, rising 2.9% past its buy point 68.27 of a double-bottom base. On Friday, it followed several steel producers such as U.S. Steel (X) and Nucor (NUE), as their shares shot up because steel was seen as benefiting from Russia’s attack on Ukraine.
Follow Rachel Fox on Twitter at @IBD_RFox for more Dow Jones and stock market commentary.
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The post Dow Jones, Nasdaq Reverse Lower After Last Week’s Gains; Defense Stocks And Steelmakers Climb appeared first on Investor’s Business Daily.
