The major stock indexes remain in the green in midday trading, as the market awaits comments from Fed Chairman Jerome Powell this afternoon. Powell will discuss the much anticipated rate hike, which now many think could be 75 basis points.
The Nasdaq composite is the leader, up 1.7%, while the S&P 500 is up 1%. The Dow Jones Industrial Average is up 0.6%. The Russell 2000 is up 1.2%.
Stock Indexes Volume Down Today
NYSE volume is down 15.8% and Nasdaq volume is down 10.8% from the same time Tuesday. The major stock indexes are trading sideways holding the day’s gain from this morning.
Keep in mind that it’s too risky to buy stocks while the stock market is in a correction. The CAN SLIM method will not work effectively in a bear market.
Steelmaker, Live Event Company Up
U.S. Stock Market Today Overview
|Last Update: 1:22 PM ET 6/15/2022|
Nucor (NUE) is up 2.3% after management said it expects record quarterly earnings of $8.75 to $8.85 earnings per diluted share in the upcoming July-ending quarter. The steel producer has an Earnings Per Share Rating of 98 out of 99, and ranks No. 1 in EPS in its industry group. Nucor has a 55% return on equity and has a 1.7% dividend yield. Mutual fund ownership has been increasing, with 1,860 funds holding the stock in March, up from 1,785 in December, and 1,716 in September 2021.
Nucor is meeting resistance at the 200-day moving average on the chart.
World Wrestling Entertainment (WWE) is up 6.7% today on news that Morgan Stanley raised its price target to 75 from 60, and maintained its equal-weight rating on the stock. WWR is showing several strong CAN SLIM indicators, including an EPS Rating of 98, a Composite Rating of 96, and a Relative Strength Rating of 95.
World Wrestling pushed above the 21-day exponential moving average. The stock is above the previous 63.81 buy point, and shows a new buy point of 68.82 in a cup-with-handle base. The relative strength line is showing a new high, as shown with a blue dot on the weekly chart of MarketSmith.
FedEx Stock Up
Shares of FedEx (FDX) are up 1% today after increasing 14.4% yesterday, on news of a change in their board and a dividend increase. FedEx will be adding two new board members. CEO Fred Smith is retiring but is staying on as executive chairman. The company will be increasing its quarterly dividend 53% to $1.15 per share, payable July 11 to shareholders as of June 27. FedEx is scheduled to release Q4 earnings on June 23.
The increase in FedEx share price pushed the stock through the 200-day moving average on the MarketSmith chart.
Bitcoin is down another 6.5% today to $20,690, hitting a low of $20,025 this morning.
The Innovator IBD 50 ETF (FFTY) is up 0.6%.
YOU MAY ALSO LIKE:
Get Free IBD Newsletters: Market Prep | Tech Report | How To Invest
What Is CAN SLIM? If You Want To Find Winning Stocks, Better Know It
IBD Live: Learn And Analyze Growth Stocks With The Pros
MarketSmith’s Tools Can Help The Individual Investor
The post Stock Market Remains Positive In Anticipation Of Fed Move; Nasdaq Up 1.7% appeared first on Investor’s Business Daily.