The major stock market indexes are up slightly in the last hour and near the highs of the day. The Russell 2000 is rebounding from yesterday’s drop and leading the market.
At midday, the Nasdaq is up 1.5%, while the S&P 500 is up 1.1%. The Dow Jones Industrial Average is up 0.9%, and the Russell 2000 is up 2.2%. NYSE volume is down 9.1% and Nasdaq volume is down 3.2% vs. the same time on Wednesday.
The initial jobless claims number came in at 235,000, while the consensus was looking for 230,000 for the week ended July 2, a slight weakening sign for the labor market.
Stocks Market Movers Today
Daqo New Energy (DQ), a Chinese solar company, is up 10.7%, the best gain in the IBD 50 today. The company announced Wednesday that its major operational subsidiary completed a private offering on the Shanghai Stock Exchange.
U.S. Stock Market Today Overview
|Last Update: 12:08 PM ET 7/7/2022|
Endeavor Group (EDR), a live events marketer and producer including sports and fashion events, is up 3.5% on an upgrade. Citi analyst Jason Bazinet upgraded the stock to buy from neutral. The stock had its IPO on April 29, 2021, on the Nasdaq.
Lamar Advertising (LAMR) — an outdoor advertiser using billboards, digital billboards, transit and airports — is up 2.9% after Bazinet upgraded shares to buy from neutral with an updated price target of 108, down from 112. The stock remains in a deep correction.
Merck (MRK) is down 0.2% while Seagen (SGEN) is up 2.2% on talks for a possible Merck acquisition of Seagen for about $40 billion, or $200 per share. The deal would expand Merck’s offerings of cancer drugs.
GameStop (GME) is up 9.8% on news of a 4-for-1 stock split scheduled for later this month.
Health Care Stocks Hitting Buy Points
Halozyme (HALO), a biotech that specializes in cancer treatments, is up 8.6% in heavy volume coming out of a flat base with a buy point of 48.68. The stock is in the 5% buy zone on the MarketSmith chart. Shares and the relative strength line are making new highs, a positive sign. Analysts are expecting annual earnings-per-share growth of 6% in 2022 and 37% in 2023.
Cigna (CI), a managed health care company, is up 2% and rose above a flat base as it topped a 273.67 buy point. Cigna earns high ratings of 95 on both the EPS Rating and Composite Ratings, and a 96 on the Relative Strength Rating.
Aspen Technology (AZPN) — an industrial software partner for engineering, manufacturing and supply-chain providers — is down 0.8% on a downgrade from Baird to neutral from outperform, with a lower price target of 162 from 170. But the stock is still finding support at the 10-week moving average and currently is in a buy zone from 188.81 to 207.69.
Biotechs, Oil Climb
The SPDR S&P Biotech ETF (XBI) is showing strength, up 3.4%, and iShares Nasdaq Biotech (IBB) is up 2.4%, as investors revisit this group.
Crude oil futures are up 5.8%, with crude oil holding above the $100 level at $104.19 per barrel. The SPDR S&P Energy ETF (XLE) is up 3.7% following the pop in oil.
Bitcoin futures are up 3.1% today to $20,905, and trading at the highs of the day.
The Innovator IBD 50 ETF (FFTY), a gauge of growth stocks, is up 1.2%, in line with the major indexes.
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The post Stock Market Indexes See More Green As Health Care Stocks Hit Buy Points appeared first on Investor’s Business Daily.