The Dow Jones Industrial Average edged 0.3% higher with less than an hour left in the regular session Friday as the stock market made an uncertain start to the new quarter. Visa (V) and Walmart (WMT) were top blue chip performers.
Meanwhile, Amazon (AMZN) was firm despite a groundbreaking unionization vote, though it lagged FANG rivals Meta Platforms (FB) and Alphabet (GOOGL).
A trio of noteworthy names are also eyeing buy points. Arch Capital (ACGL), Evoqua Water Technologies (AQUA) and Shockwave Medical (SWAV) are all worth watching closely. Mining stock Teck Resources (TECK) attempted a breakout.
Volume was mixed, rising on the New York Stock Exchange but slipping slightly on the Nasdaq.
Small caps led the upside, with the iShares Russell 2000 (IWM) ETF rising 1%.
Meanwhile, the yield on the benchmark 10-year Treasury note inched up five basis points to 2.38%. Oil slipped again amid moves to loosen reserves among Western nations. West Texas Intermediate crude fell nearly 1% to just under $100 per barrel.
Meanwhile, the U.S. economy added 431,000 jobs in March as unemployment fell to 3.6%. This was below analyst views for a gain of 490,000 jobs. On the plus side, job gains were revised upward for January and February.
Nasdaq Slips As Tech Stocks Lag
The Nasdaq rallied out of the red to post a slender gain of 0.1%. Baidu (BIDU) was a top performer as China stock fought back, rising more than 7%.
The S&P 500 also fought back into positive territory as it rose 0.2%. Edwards Lifesciences (EW) was one of the notable names here as it jumped nearly 5%.
U.S. Stock Market Today Overview
|Last Update: 2:44 PM ET 4/1/2022|
The S&P sectors were mixed. Real estate, materials and consumer staples were faring best. Technology and industrials were the worst laggards.
Small caps were outshining the major indexes, with the Russell 2000 up nearly 1%.
Growth stocks were lagging though. The Innovator IBD 50 ETF (FFTY), a bellwether for growth stocks, gave up 0.5%.
Dow Jones Gains As Visa Stock, Walmart Lead
The Dow Jones Industrial Average was faring best out of the major indexes. It was up more than 100 points, or 0.4%
Visa impressed most on the Dow Jones today, gaining more than 2%.
Walmart was also one of the better performers thanks to a gain of over 1%. Intel (INTC) was the worst laggard as chip stocks struggled. It fell more than 3%.
Amazon Stock Steady Despite Union Breakthrough
Amazon stock was off highs, but held in positive territory after it emerged some of its U.S. workers had voted to unionize for the first time.
In total, 2,654 voted in favor of joining the Amazon Labor Union while 2,131 voted against. Combined this was just over half the number of workers eligible to vote.
While there were some challenged ballots, it was not enough to swing the vote.
Organized labor has been trying for years to gain a foothold among Amazon warehouse and delivery workers. The affected JFK8 facility is Amazon’s the largest in New York state.
Amazon stock was up around 0.5%. It has failed to hold the key 200-day moving average after clearing that level on Monday.
Other FANG stocks were also making slight gains. Facebook parent Meta rose almost 1% while Google parent Alphabet inched 0.6% higher. Netflix (NFLX) fared worst as it made a slight gain.
Outside Dow Jones: These 3 Stocks Eye Entries
Insurance play Arch Capital has carved out a flat base with an ideal entry point of 49.25, according to MarketSmith analysis.
The relative strength line looks to be moving higher again following a recent pullback, and has been making general progress since the end of last year
The stock is currently trading above both its 21-day exponential moving average and its 50-day line, which is encouraging. All-around performance is strong here, with earnings holding a slight edge.
Rising interest rates should benefit insurance stocks. Analysts see earnings picking up by 26% in 2022 and by 14% in 2023.
Evoqua Water Technologies is currently trading close to its buy point of 49.48 after a period of consolidation. This is a second-stage pattern, which means it stands a better chance of netting big gains for investors than a later stage one would. The RS line is also at new highs.
Profits are seen ramping up at the provider of water and wastewater treatment solutions. EPS is expected to grow 32% this year and by a further 22% in 2023. Institutional ownership is high, with 65% of shares currently being held by funds.
Shockwave Medical is carving out the right side of a new cup base. The ideal buy point here is 249.83. The relative strength line is spiking as it charges toward the buy point, which is encouraging.
Shockwave develops products to help transform treatments for calcified cardiovascular disease. it managed to post a profit in the most recent quarter, and analysts believe it will report its first ever annual profit in 2022. Earnings are seen shooting up by 79% in 2023 for the stock, which is a big favorite among institutional investors.
TECK Stock Tests Buy Point
Meanwhile Teck Resources stock slipped back after breaking out from a rare ascending base. It is now trading just under its ideal entry of 42.48.
The Canadian mining play has a very strong Composite Rating of 98. Earnings are seen vaulting 33% to $7.55 a share in 2022 before retreating 33% the year after.
The relative strength line has dipped a bit after making a strong multi-month move.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.
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The post Dow Jones Up Despite Jobs Growth Miss; Amazon Stock Steady As Workers Unionize; 3 Stocks Eye Buy Points appeared first on Investor’s Business Daily.