Small caps led a mixed performance for the stock market in Tuesday afternoon trading. Chevron (CVX) and Caterpillar (CAT) outperformed in the Dow Jones Industrial Average.
A strong earnings report from Palo Alto Networks (PANW) lifted several security software names in the Nasdaq 100, including Zscaler (ZS) and CrowdStrike (CRWD), but both stocks are still in pronounced downtrends.
Palo Alto Networks gapped above its 200-day moving average after the security software giant reported a 49% jump in quarterly profit. Revenue increased 27% to $1.55 billion. The company also declared a 3-for-1 stock split.
At the New York Mercantile Exchange, WTI crude oil futures were up more than 3% to $93.37 per barrel, on rising hopes for an output cut at OPEC’s next meeting in early September.
Several oil and gas stocks made noteworthy moves in the MarketSmith Growth 250, including Ranger Oil (ROCC), SM Energy (SM), Occidental Petroleum (OXY) and Civitas Resources (CIVI).
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ROCC soared past its recent high of 38.80 but is still trading well below the 42.76 buy point. That means overhead supply could still be an issue for the stock. Meanwhile, OXY stock hit an all-time high after giving a buy signal last week, when it jumped past a 66.26 handle entry.
Stock Market Today
The Dow Jones Industrial Average slipped 0.4%, weighed down by weakness in Home Depot (HD).
HD stock rallied close to its 200-day moving average last week after reporting earnings. But the stock has been under selling pressure since that time.
Dow Jones stocks UnitedHealth Group (UNH) and Procter & Gamble (PG) also lagged on a bad day overall for health care stocks.
The S&P 500 edged lower by 0.1%, buoyed by strong performances for Halliburton (HAL), Apa Corp. (APA) and Schlumberger (SLB).
The Russell 2000 small-cap index and the Nasdaq composite inched up 0.1%.
Volume was lower on the NYSE and Nasdaq, compared to the same time Monday.
The 10-year Treasury yield rose to 3.04%.
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Tesla (TSLA) rose 2.5%. The stock will split 3-for-1 after Wednesday’s closing bell.
Nvidia (NVDA) and Splunk (SPLK) also outperformed in Tuesday’s stock market. Both report earnings Wednesday after the close, along with Snowflake (SNOW) and Salesforce (CRM).
All Eyes On The Fed
Federal Reserve Chairman Jerome Powell is speaking Friday at the annual Jackson Hole Economic Policy Symposium.
The speech could move markets, but he’s been very transparent about the Fed’s plan to bring down inflation. For now, Fed funds futures traders think there’s a 52.5% chance for a 50 basis-point hike at the September meeting.
July new-home sales fell more than expected while the Richmond Fed Manufacturing index contracted more than expected, lowering odds for a 75 basis-point hike.
Inside the IBD 50, Celsius (CELH) soared past a 109.84 buy point after a solid test of its 21-day exponential moving average. Shares jumped around 10%.
Sentiment has been positive around Celsius since the company inked a big distribution deal with PepsiCo (PEP). PepsiCo has also invested $550 million in the beverage manufacturer.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
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The post Stock Market Holds Firm After Monday Sell-Off; Chevron, CAT Lead Dow Jones; Tesla Gains Ahead Of Stock Split appeared first on Investor’s Business Daily.