The Dow Jones Industrial Average traded off its lows in the final hour of trading but still closed in the negative. Meanwhile, the Nasdaq composite led on the downside and traded over 1% lower for a second-straight day. The major indexes continued to show weakness after getting turned away at a key resistance level this week.
X
The S&P sectors were mixed on Friday, with energy and utilities outperforming with gains of over 2%. Meanwhile technology and financials were the worst performers with losses of over 1.5%.
Dow Jones In The Stock Market Today
In today’s market, the indexes all traded lower after notably being turned away at key areas of resistance on Thursday. At the close, the Dow Jones industrials were down 0.5%. The Nasdaq was down more than 1.6% while the S&P 5oo lost 0.8%. The Russell 2000 traded 1.5% lower.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 33614.67 | -179.99 | -0.53 |
| S&P 500 | (0S&P5) | 4328.87 | -34.62 | -0.79 |
| Nasdaq | (0NDQC ) | 13313.44 | -224.50 | -1.66 |
| Russell 2000 | (IWM) | 198.67 | -3.15 | -1.56 |
| IBD 50 | (FFTY) | 38.12 | -0.11 | -0.29 |
| Last Update: 4:34 PM ET 3/4/2022 | ||||
Early data showed volume was running higher on the Nasdaq and on the NYSE vs. the close on Thursday. This is a bearish sign and a continuation of the market action in recent weeks. Indexes have been selling off in heavier volume in recent sessions, which indicates institutional selling rather than institutional accumulation.
Volatility was up, with the Cboe Volatility Index, or VIX, spiking more than 9%.
Elsewhere, the yield on the 10-year Treasury note traded down 12 points to 1.72% after rebounding from this level earlier in the week. The price of U.S. crude oil futures continued to push sharply higher, above $115 a barrel, rising over 7%.
In economic news, the Labor Department reported a much better than expected jobs report. The U.S. economy added 678,000 jobs in February, easily beating Econoday estimates that called for the addition of 390,000 jobs. The unemployment rate fell to 3.8%. However, investors’ concerns over Russia’s war in Ukraine outweighed the good news.
IBD 50 Stocks Attempt To Gain Ground
IBD’s market outlook remains at “correction,” and shows the market is not currently in an uptrend or reflective of optimal buying conditions. But investors may still want to watch for stocks trading near buy points because indexes are attempting to rally.
The Innovator IBD 50 ETF (FFTY) lost 0.3% on Friday after successfully regaining its 21-day exponential moving average on Wednesday. Shares are fighting to hold above this level. Gains in construction stocks, gold miners and chemicals companies led the upside.
IBD 50 leader and heavy construction stock KBR (KBR) rose over 7% in heavy volume and is now extended from a 50.09 buy point of a cup base. Meanwhile, gold miner Franco-Nevada (FNV) also traded higher in heavy volume as shares rose over 3%. The stock is barely extended from a 150.74 double-bottom base. FNV is up over 7% this week as traders pile into safe havens like bonds and gold.
Public Storage Passes New Entry
Shares of storage company Public Storage (PSA) are in a buy zone after passing a flat-base buy point of 377.46, MarketSmith analysis shows. The stock’s RS line also notched a new high on its weekly chart.
Meanwhile, Union Pacific (UNP) jumped into the buy range from a flat base with 256.21 buy point. The railroad company’s shares closed up 3.6%.
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 Trade Lower Despite Strong Jobs Report; Oil Closes Above $115 A Barrel appeared first on Investor’s Business Daily.
