The major stock market indexes are mixed and are trading near or at the lows of the day, with the Nasdaq composite and S&P 500 down from the last hour. Investors are looking for a follow-through day, but are not finding it so far.
The Nasdaq composite is up 0.3% while the S&P 500 is down 0.3%. The Dow Jones Industrial Average is the laggard, down 0.6% and the Russell 2000 is down 0.4%.
NYSE volume is up 5.5% and Nasdaq volume is down 2.3% compared with the same time on Wednesday.
Health Care, Biotech Stocks In Buy Zones
Harmony Biosciences (HRMY) is up 4.8% and now extended from the 47.21 buy point of a cup-with-handle base. Its relative strength line hit a new high on the weekly chart in MarketSmith.
U.S. Stock Market Today Overview
|Last Update: 1:20 PM ET 6/23/2022|
Harmony Biosciences shows growing year-over-year quarterly earnings per share, with an increase of 89% in the March-ended quarter, and 152% and 143% in the prior two quarters. It has a 96 out of 99 Composite Rating and a return on equity of 82%.
Vertex Pharmaceuticals (VRTX) is up 2.9%. It is back above the 276.10 entry of cup-with-handle base. It is now topping an alternate buy point at 279.23. The company has a 97 for both Composite Rating and EPS Rating.
Vertex’s quarterly EPS growth slowed in the first quarter to 18%, from 34% and 35% in the prior quarters. Sales growth slowed to 22% in Q1, from 27% and 29% in previous quarters.
UnitedHealth Group (UNH) is up 1.1% and is trying to move back above the 50-day moving average. The relative strength line is at new highs.
Leaders Step Down
Arch Resources (ARCH), a coal miner and producer, is down 9.1% after a 6.4% drop yesterday. The stock price is below the 50-day moving average, a possible sell signal.
The coal industry group has been the leader, ranking No. 1 out of 197 industries Investor’s Business Daily tracks. But the group’s leaders have been breaking down. Consol Energy (CEIX) slid below the 50-day line today.
Mosaic (MOS), a fertilizer company, is down 8.4% and broke below the 200-day moving average. The agricultural chemicals group is ranked 25th out of 197, dropping from No. 6 just three months ago.
Food Stocks Heating Up
Pilgrim’s Pride (PPC), a leading chicken producer in the U.S., Mexico and Puerto Rico, is up 0.5% on lighter volume. It’s been holding above its 29.80 buy point from a consolidation, and from a handle entry at 29.60.
Pilgrim’s Pride stock price is above the 50-day moving average and approaching the 21-day exponential moving average. It has a best-possible Composite Rating of 99 and a Relative Strength Rating of 96.
Campbell Soup (CPB) shares are up 0.6%, trading in a flat base, as they try to reclaim the 50-day moving average. Its relative strength line is near a new high. Campbell’s had its first positive quarterly earnings-per-share growth number in the April-quarter after four consecutive down quarters.
Bitcoin is up 0.9% today to $20,290, and has been trending in the $20,000 range since Friday.
The Innovator IBD 50 ETF (FFTY), a gauge of growth stocks, is down 3.1%.
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The post Major Stock Indexes are Mixed; Health Care Stocks Lead, But These Leaders Break Down appeared first on Investor’s Business Daily.