The major stock market indexes are all in the red in afternoon trading, bouncing back slightly from the last hour and holding above the lows of the day. The Dow Jones Industrial Average is nearly flat, while the small-cap Russell 2000 is getting hit the hardest.
The Nasdaq composite is down 0.5%, while the S&P 500 is down 0.4%. The Russell 2000 is down 1.7%. NYSE volume is down 4% and Nasdaq volume is up 10.3% compared with the same time on Tuesday.
Education and Food Stocks Reach Buy Points
Stride (LRN), an online education provider for K-12 students, is up 10.9% in heavy volume. The stock is back above the 41.30 buy point of a flat base and in the buy zone. The stock triggered a 7%-8% sell rule and dropped below the 50-day moving average in early June, but has since bounced back.
U.S. Stock Market Today Overview
|Last Update: 1:26 PM ET 6/29/2022|
Stride showed earnings per share growth of 79% in the March-ended quarter and 67% in the December quarter as results improved sharply from previous quarters. Analysts expect an annual EPS growth of 48% in fiscal 2022, tempering to 4% in 2023.
The company has a 96 Composite Rating, but had only modest single-digit quarterly sales growth in the last three quarters.
General Mills (GIS) is up 5.4% after reporting a beat on Q4 sales and earnings. The stock topped the 74.09 buy point of a cup-without-handle base on the MarketSmith chart. The stock hit a new high on the relative strength line.
IBD 50 Index Leader Hits Buy Point
AstraZeneca (AZN), the pharmaceutical leader, is up 1.8% and is trying to break out of a double-bottom base after hitting the 67.50 buy point earlier today. Volume is light. AstraZeneca has a 97 Composite Rating, a 93 Relative Strength Rating and hit a new high on the weekly relative strength line. AZN is in the IBD 50 Index.
Equinor (EQNR), a Norwegian producer of oil and gas, is down 1.2% after a pop to start the day, on news that it entered into a partnership with Fluxys to launch a decarbonization service in Northwestern Europe. The stock is forming a double-bottom base with a buy point of 38.80, but is meeting some resistance at the 50-day moving average.
Equinor has had robust quarterly sales growth of over 100% for the last four quarters, with stellar quarterly earnings per share growth. Analysts expect an 88% annual EPS growth in 2022, but then a decline of 18% in 2023.
Solar And Energy Groups Lose Ground
Solar stocks are pulling back after a recent run up, with Enphase Energy (ENPH) down another 4.9% after a drop of 7.5% yesterday. SolarEdge Technologies (SEDG) is down 6.6%, while the Invesco Solar ETF (TAN) is down 4.7%.
The SPDR S&P Energy ETF (XLE) is down 3.1% and remains in the sell zone of 7%-8% below the recent buy point at 80.32. Crude oil futures are down 0.2% to $111.52 per barrel.
Bitcoin is down 1.3% today to $19,905, below the $20,000 range it has been fluctuating in.
The Innovator IBD 50 ETF (FFTY), a gauge of growth stocks, is down 1.4%.
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