The stock market returned from a three-day holiday with mixed results Monday as Treasury yields steadied, and Wall Street got more earnings reports.
The Nasdaq composite gave up early gains, dropping 0.1%. The Dow Jones Industrial Average was gained 0.2%.
Volume fell on the NYSE and Nasdaq compared with the same time on Thursday. (The stock market was closed for Good Friday.) Breadth was weaker than indexes would suggest. Decliners led advancers by 2-to-1 on the Nasdaq and by 7-to-5 on the NYSE.
The yield on the 10-year Treasury note was at 2.81% after slipping from 2.86% earlier today. Surging yields are one of the main worries for the stock market.
Oil Up 1% As Energy Sector Leads
The price of U.S. crude oil rose nearly 1% to $107.89 a barrel. With that, the energy sector led the stock market. Energy Select Sector SPDR (XLE) jumped 1.7% to a new high, outperforming all other S&P sector ETFs. The next closest was Financial Select Sector SPDR (XLF), which was up 0.4%.
Murphy Oil (MUR) rose above the 43.30 buy point of an ascending base. Volume was heavy and the relative strength line is also at new highs — two bullish signs for the breakout. The company is in the top-ranked international oil and gas exploration and production industry.
U.S. Stock Market Today Overview
|Last Update: 10:08 AM ET 4/18/2022|
Bank of America (BAC) rose 2.3% after the company’s first-quarter earnings and revenue topped analysts’ consensus estimates. The bank reported EPS of 80 cents and revenue of $23.2 billion. Ahead of the report, BofA stock had sunk to the lowest since last July and below the 10-week and 40-week moving averages.
Bank of New York Mellon (BK) fell nearly 3% after earnings also exceeded estimates. The bank took an $88 million hit to revenue from deferred costs related to Russia. In March, the company ceased new banking business in Russia and suspended investment management purchases of Russian securities, the Wall Street Journal reported.
After the close, J.B. Hunt (JBHT) will report first-quarter results. The trucking stock plummeted in late March and early April. Sinking shipping rates contributed to the sell-off.
Stock Market Getting More Earnings Reports
More than 150 companies are reporting quarterly results this week, including Tesla (TSLA), Lockheed Martin (LMT) and more financial institutions.
Innovator IBD 50 ETF (FFTY) fell 0.4% in morning trading. Health care stocks were the biggest drag on the IBD 50 as Pacira BioSciences (PCRX), Amphastar Pharmaceuticals (AMPH) and Shockwave Medical (SWAV) fell 1.5% to 4%.
Oil stocks Occidental Petroleum (OXY), Comstock Resources (CRK), ConocoPhillips (COP) and Callon Petroleum (CPE) led the IBD 50 with gains of more than 2%.
Tesla fell 1% as it forms a cup-with-handle base with a 1,152.97 buy point. Tesla — which reports earnings Wednesday after the close — plans to reopen its Shanghai plant today, reports said. The plant had been been idled since March 28 due to a Covid lockdown. It’s not clear when production will resume. Piper Sandler cut its price target on Tesla stock to 1,260 from 1,350.
The Tokyo Nikkei 225 fell 1.1%, while the Shanghai composite lost 0.5%. The Hong Kong Hang Seng was closed.
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