The stock market rose Tuesday morning after a three-day U.S. holiday, breathing life back into the market after last week’s drubbing. Technology and energy stocks led gains.
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The Nasdaq composite jumped 3.2% and the S&P 500 gained 2.6%. The Dow Jones Industrial Average rose 1.9%. The small-cap Russell 2000 gained 2.4%.
Stocks are rebounding from more than a week of heavy selling, which saw the major indexes drop between 4.8% and 5.8%.
Volume was lower on both the Nasdaq and the NYSE compared with the same time on Friday.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 30446.88 | +558.10 | +1.87 |
| S&P 500 | (0S&P5) | 3769.32 | +94.48 | +2.57 |
| Nasdaq | (0NDQC ) | 11140.31 | +341.96 | +3.17 |
| Russell 2000 | (IWM) | 169.18 | +4.00 | +2.42 |
| IBD 50 | (FFTY) | 28.49 | +0.97 | +3.52 |
| Last Update: 10:28 AM ET 6/21/2022 | ||||
Apple (AAPL) shot up more than 3%. Microsoft (MSFT) rose 2.5%.
Tech Stocks Jump As Stock Market Rebounds
Amazon.com (AMZN) also gained more than 3%, leading the consumer discretionary sector. The Consumer Discretionary Select Sector SPDR ETF (XLY) gained 3.4%. In spite of Tuesday’s gain, Amazon is just starting to rebound from lows going back to April 2020 and is still well below its 50-day moving average.
Asian stocks rebounded sharply Tuesday. Japan’s Nikkei 225 index was gained 1.8%, while the Hong Kong Hang Seng Index was up 1.9%. European stocks eased up, with the London FTSE 100 up 0.4%, the German DAX index up 0.2%, and France’s CAC 40 up 0.7%.
The 10-year U.S. Treasury note’s yield climbed 4 basis points to 3.27% Tuesday. Meanwhile, crude oil prices rose 1.7% to $111.42 per barrel.
Kellogg (K) said early Tuesday that it will split into three independent companies, focusing on global snacks, U.S. cereals and plant-based products, respectively.
Kellogg stock fell back to a more than 2% rise, erasing earlier gains of more than 6% which would have taken the stock above the 50-day moving average and breaking a downward-sloping trendline. Kellogg stock has a 75.66 buy point in a flat base that formed just above a double-bottom base.
Tesla, Lennar Gain On Company News
Tesla (TSLA) shares jumped more than 8% after CEO Elon Musk said in Doha Tuesday that Tesla will cut 10% of salaried staff over three months, projecting a near-term recession as more likely than not. But hourly production workers should increase he said. Job cuts have already been underway over the past week or so.
Homebuilder Lennar (LEN) gained 3% after reporting better-than-expected earnings and revenue during the second quarter. Per-share earnings leapt 59% with revenue up 30%. That comes as soaring mortgage rates appear to be chilling housing demand.
The Innovator IBD 50 ETF (FFTY), a bellwether for growth stocks, rose 2.9%, led by oil and coal stocks.
Fertilizer stocks also jumped, with CF Industries (CF) and Nutrien (NTR) gaining more than 4%.
Follow Michael Molinski on Twitter @IMmolinski
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