Finance Inquirer
No Result
View All Result
Friday, July 11, 2025
  • Login
  • Home
  • Business
  • Technology
  • Finance
  • Stock Market
Subscribe
Finance Inquirer
  • Home
  • Business
  • Technology
  • Finance
  • Stock Market
No Result
View All Result
Finance Inquirer
No Result
View All Result
Home Stock Market

Oil, Defense Hang Tough In Rough Stock Market Today; These Tech Stocks Soar

Tom Hagler by Tom Hagler
08.06.2022
in Stock Market
Oil, Defense Hang Tough In Rough Stock Market Today; These Tech Stocks Soar
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Large-cap techs took it hard on the chin in the stock market today, but a few smaller firms hung tough. Oil firms also held up well with roughly an hour to go in the regular session.

X

A solid May U.S. payrolls report evidently spooked investors. While job growth is good for the economy, it also indicates wage-based inflation will remain sharp for some time. So, Wall Street likely is not expecting the Federal Reserve to slow down its 2022 campaign to tame inflation via its monetary levers.

The yield on the U.S. Treasury benchmark 10-year bond jumped 4 basis points to 2.95%. According to Cboe data, it’s been as high as 3.16% so far this year.

As the Nasdaq composite dropped more than 2% and fought to keep its head above 12,000, it looked poised to fall nearly 1% for the week. This follows a massive 6.8% rebound the prior week, which also housed a follow-through day.

A follow-through never guarantees a successful tradable rally. But IBD research finds that every major stock market bottom featured this key event in the price-and-volume history of the stock market.

Stock Market Today: These Industries Fare Better

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 32976.75 -271.53 -0.82
S&P 500 (0S&P5) 4118.49 -58.33 -1.40
Nasdaq (0NDQC ) 12031.73 -285.17 -2.32
Russell 2000 (IWM) 187.11 -1.65 -0.87
IBD 50 (FFTY) 32.97 +0.22 +0.67
Last Update: 3:08 PM ET 6/3/2022

Meanwhile, outside tech, sellers hammered the S&P 500 down 1.5%; the large-cap benchmark was off as much as 1.9%. Smaller issues outperformed mildly. While the Russell 2000 slipped 0.8%, the Dow Jones Industrial Average fell nearly 1% and the S&P MidCap 400 1.1%.

Volume was running 6% lower vs. the same time on Thursday on the Nasdaq and significantly slower on the NYSE.

All of the FAANG companies dropped 2% or more. Meta Platforms (FB) swung 4% lower following news Wednesday that longtime COO Sheryl Sandberg is leaving the social media titan.

Meta has one of the worst Relative Strength scores within the large-cap tech space in general. A 23 RS Rating means FB is outperforming only 23% of IBD’s entire stock database in terms of 12-month price performance. According to MarketSmith data, the six-month Relative Strength Rating is equally wretched at 19.

However, tech plays Sierra Wireless (SWIR) and RCM Technologies (RCMT), an IT consultant, stand out as leaders within the bludgeoned tech sector. Sierra Wireless is close to gaining 20% since it cleared a long consolidation at 21.04. RCM is also sharply extended after vaulting out of a low-priced base at 9.06 back in late March.

Both top names in the stock market today gained ground in heavy volume; thus, they appeared in the Stocks On The Move table.

Elsewhere, oil and gas plays shined as light sweet crude oil continued its strong long-term advance. Oil futures jumped 1.9% to $119.10 a barrel, according to Oilprice.com. Natural gas futures edged up nearly 0.2% to $8.49 per million BTU. Military suppliers also advanced mildly, including Lockheed Martin (LMT) and General Dynamics (GD).

It’s Still About Energy

Leaderboard play Occidental Petroleum (OXY) of Los Angeles rallied 1.1% to 70.08. The large cap is extended past the buy zone after a critical test of the 10-week moving average.

OXY shares have gushed 88% higher since they broke out of a clean cup with handle at 37.10 back in late January.

Other oil stocks seeing some gains included Laredo Petroleum (LPI), Earthstone Energy (ESTE) and Callon Petroleum (CPE). The former two qualified for the up-in-price portion of IBD’s Stocks On The Move table. This table helps readers spot breakouts from good bases into new high ground.

Callon, up a smidgen, is still constructing a base that so far has the elements of a cup without handle.

Also in the stock market today, new issue Amylyx Pharmaceuticals (AMLX) turned heads as it gapped up and stormed 22% higher in massive turnover. Already 19 million shares have exchanged hands, a daily record since AMLX went public on the Nasdaq at $19 a share.

Please see this IBD tech story on news regarding the biotech’s work on an experimental treatment for the devastating disease ALS.

Please follow Chung on Twitter: @saitochung and @IBD_DChung

YOU MIGHT ALSO LIKE:

Stock Market Today: These Growth Stocks Are On The Move

Here Are The Current Long-Term Leaders

IBD 50 Stocks To Watch

This Is Still The Golden Rule Of Investing

The post Oil, Defense Hang Tough In Rough Stock Market Today; These Tech Stocks Soar appeared first on Investor’s Business Daily.

  • Trending
  • Comments
  • Latest
P2Pro: profitable changes are coming!

P2Pro: profitable changes are coming!

13.09.2022
Saving and investing the two keys to your future retirement

Saving and investing the two keys to your future retirement

21.06.2022
The Dow Jones slept through the whole trade despite positive data from the labor market. Nasdaq had its best streak of gains this year

The Dow Jones slept through the whole trade despite positive data from the labor market. Nasdaq had its best streak of gains this year

01.09.2022
The ranking of countries in terms of the coverage of children with preschool education has been compiled

The ranking of countries in terms of the coverage of children with preschool education has been compiled

03.11.2022
Take the best photos of your life with the new vivo Y76 5G now available

Take the best photos of your life with the new vivo Y76 5G now available

Complete your Christmas shopping with up to 75% off on devices at vivo’s Big Christmas Sale on Shopee

Complete your Christmas shopping with up to 75% off on devices at vivo’s Big Christmas Sale on Shopee

AirPods 3 vs AirPods 2 – What’s the Difference?

AirPods 3 vs AirPods 2 – What’s the Difference?

Want to be a content creator? Here are 5 valuable tips from today’s top Pinoy online celebrities

Want to be a content creator? Here are 5 valuable tips from today’s top Pinoy online celebrities

PuzzleFree Game Set to Launch in July 2025

PuzzleFree Game Set to Launch in July 2025

08.07.2025
The $14.6 Billion Question: What the Largest Healthcare Fraud Takedown in History Means for Medical Leaders and Investors

The $14.6 Billion Question: What the Largest Healthcare Fraud Takedown in History Means for Medical Leaders and Investors

08.07.2025
Instant Cargo Analysis 24/7: How XRF Analyzer Speeds Up Quality Control for Raw Materials

Instant Cargo Analysis 24/7: How XRF Analyzer Speeds Up Quality Control for Raw Materials

08.07.2025
HIT-NOT reduces forklift accidents and increases safety in logistics

HIT-NOT reduces forklift accidents and increases safety in logistics

07.07.2025

Recent News

PuzzleFree Game Set to Launch in July 2025

PuzzleFree Game Set to Launch in July 2025

08.07.2025
The $14.6 Billion Question: What the Largest Healthcare Fraud Takedown in History Means for Medical Leaders and Investors

The $14.6 Billion Question: What the Largest Healthcare Fraud Takedown in History Means for Medical Leaders and Investors

08.07.2025

Categories

  • Business
  • Finance
  • News
  • Stock Market
  • Technology
  • Без рубрики

Site Navigation

  • Home
  • Contact Us
Finance Inquirer

We offer multimedia features, easy channel navigation, strong social media presence and numerous engagement platforms that allow the readers to experience content anytime, anywhere, always.

No Result
View All Result
  • Home
  • Business
  • Technology
  • Finance
  • Stock Market

© 2021 financeinquirer.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In