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Home Stock Market

Stock Market Falls As Oil Prices Slide On Concerns Covid Lockdown In China Will Spread

Tom Hagler by Tom Hagler
25.04.2022
in Stock Market
Stock Market Falls As Oil Prices Slide On Concerns Covid Lockdown In China Will Spread
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The stock market remained near session lows at midday as the energy sector collapsed on fears that a Covid-19 lockdown in China will spread.

X

The S&P 500 fell 1.5%. The Nasdaq composite was down 0.8%. The Dow Jones Industrial Average fell 1.2%. The small-cap Russell 2000 lost 1.6%.

Volume rose sharply on the NYSE and Nasdaq compared with the same time on Friday.

The U.S. stock market losses paled in comparison with China.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 33392.91 -418.49 -1.24
S&P 500 (0S&P5) 4206.26 -65.52 -1.53
Nasdaq (0NDQC ) 12731.46 -107.83 -0.84
Russell 2000 (IWM) 189.54 -3.14 -1.63
IBD 50 (FFTY) 32.94 -1.29 -3.77
Last Update: 12:04 PM ET 4/25/2022

The Shanghai Composite plummeted 5.1% in the largest one-day drop for the index since Feb. 3, 2020. The mainland China index is now down nearly 52% from its record high in October, 2007, according to Dow Jones Market Data.

China’s Covid-19 Lockdown Spreads, Dragging Stock Market Down

Chinese shares came under more selling as authorities impose lockdowns in many cities, and residents of Beijing prepare for a possible lockdown.

The price of U.S. crude oil fell 6%, to $96.08 a barrel. The lockdown has sapped demand for oil in China. It’s the first time oil trades below $100 a barrel since April 13.

The Energy Select Sector SPDR ETF (XLE) slid 5.6%, gapping below its 50-day moving average. The ETF is also below the 80.32 buy point of a flat base it cleared last week.

Chevron (CVX) gapped below its 50-day line in active trading. Oil stocks Occidental Petroleum (OXY), Marathon Oil (MRO), Range Resources (RRC) and Callon Petroleum (CPE) all fell between 5% and 10%.

The Innovator IBD 50 ETF (FFTY) tumbled 3%. New member Silicon Motion (SIMO) soared 10% in huge volume after Bloomberg reported the memory-chip maker is exploring a sale. A deal could be valued at $2.7 billion. The stock is forming a cup base with a 96.99 buy point.

Just about every other IBD 50 stock was down.

Twitter Gains On Reports Sale Could Be Imminent

Twitter (TWTR) gained 3.4% in heavy trading. The social media company is in advanced talks on a sale to Tesla (TSLA) CEO Elon Musk, and a deal could be finalized Monday, The Wall Street Journal reported.

Network security stocks led the upside for the technology sector. Fortinet (FTNT) gained 3.8%. The stock is building a base with a buy point of 371.87 and found support at the 200-day line. Palo Alto Networks shot up 3.3% and remained in its buy zone from a 572.77 buy point off a consolidation. It found support at the 50-day line, too. Both stocks continue to gain from the war between Russia and Ukraine, which has increased worries of cyberattacks.

The S&P Technology Select Sector ETF (XLK) was the least affected, down 0.5%.

Coca-Cola (KO) erased early gains and was down 0.6% after the company beat first-quarter expectations. Coke maintained its full-year earnings guidance, which includes expectations that commodity-cost increases will be hit by headwinds as the global supply crunch continues.

A breakout for Dow component Verizon Communications (VZ) failed after shares fell 4%, below the 54.80 buy point.

Follow Michael Molinski on Twitter @IMmolinski

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The post Stock Market Falls As Oil Prices Slide On Concerns Covid Lockdown In China Will Spread appeared first on Investor’s Business Daily.

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