The stock market was mixed Friday morning as techs lagged. The major indexes were on pace for second straight week of gains. Cannabis stocks were some of the session’s best performing.
X
The Nasdaq fell 0.4% after some software and chip stocks eased. The S&P 500 climbed 0.1%. The Nasdaq is on track for 1.8% gain for the week and the S&P 500 for a 1.3% increase.
The Dow Jones Industrial Average added 0.2% but the small-cap Russell 2000 lost 0.2%. Volume rose on the Nasdaq and fell on the NYSE compared with the same time on Thursday.
Semiconductor stocks, which have been rebounding, fell Friday. IShares Expanded Tech Software (IGV) dropped 0.7%.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 34789.78 | +81.84 | +0.24 |
| S&P 500 | (0S&P5) | 4522.57 | +2.41 | +0.05 |
| Nasdaq | (0NDQC ) | 14132.33 | -59.51 | -0.42 |
| Russell 2000 | (IWM) | 205.44 | -0.40 | -0.19 |
| IBD 50 | (FFTY) | 39.31 | -0.37 | -0.93 |
| Last Update: 10:06 AM ET 3/25/2022 | ||||
The price of U.S. crude oil — a focal point for the stock market — fell again. It was down 1.5% to $110.68 a barrel.
Apple Nears Buy Point
Major stocks are making incremental improvements. Microsoft (MSFT) edged down 0.2% and is slightly above its 200-day moving average. Apple (AAPL) is aiming for a ninth straight gain and is closing in on a double bottom entry.
Nvidia (NVDA) is on track for a second straight week of hearty gains. Alphabet (GOOGL) regained its 200-day line this week. Tesla (TSLA) has climbed for eight sessions in a row, but was nearly flat this morning.
Bed Bath & Beyond (BBBY) pared gains to 3% after the retailer reached an agreement with activist investor Ryan Cohen, who has been pushing for the company to explore a sale and other strategic alternatives. Cohen owns a 9.8% stake in Bed Bath & Beyond.
Under the pact, the company will add three board directors designated by Cohen. The retailer’s stock soared March 7 after Cohen disclosed his stake in the company. Shares have seen several spikes as they try to recover from a decline of more than a year.
Cannabis Among Stock Market Winners
Cannabis stocks are trying to rebound from a yearlong slump that took some of those under 10 a share. The U.S. House of Representatives next week will consider a bill to decriminalize marijuana.
ETFMG Prime Alternative Harvest (MJ), an ETF that tracks cannabis stocks, rose 4.5% and is up 13.7% this week. Tilray Brands (TLRY) jumped 14% today. Canopy Growth (CGC) added 6.5%.
WillScot Mobile Mini (WSC) broke out of a double bottom base with a 39.74 buy point. Volume was heavy. Earlier this week, the provider of portable storage products said it acquired a portfolio of blast-resistant modules from Satellite Structures.
In Europe, the London FTSE 100 rose 0.2% in afternoon trading. The Paris CAC 40 was up 0.8% and the German DAX climbed 0.9%. The Russian stock exchange, which reopened Thursday after a monthlong closure, closed 3.7% lower Friday.
Asian stocks were mainly lower. The Tokyo Nikkei 225 edged up 0.1%. The Shanghai composite fell 1.2%. The Hong Kong Hang Seng slid 2.5%.
Chinese stocks were broadly lower. Nio (NIO) slid 7% after the EV company’s results for the fourth quarter were mixed.
Later this morning, the University of Michigan’s consumer sentiment survey comes out. The gauge has been falling as inflation takes a rising toll on households. Also today, pending home sales data for February comes out. Economists expect an increase of 0.9% after a 5.7% decline the previous month.
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The post Stock Market Mixed As Techs Fall; Cannabis Stocks Suddenly Light Up appeared first on Investor’s Business Daily.
