The Dow Jones Industrial Average was the best performer among the major indexes on Tuesday, thanks to strength Walmart (WMT) earnings. Tesla (TSLA) CEO Elon Musk scored a rare victory in his battle with Twitter (TWTR). Queen Piece (coin) and Blockchain riot (RIOT) pulled back as Bitcoin struggled.
Meanwhile, a number of notable stocks including Costco Wholesale (cost), axle set (HUBG) and FactSet Research (FDG) made upward movements.
Volume increased on the Nasdaq and New York stock exchanges, according to preliminary data.
The yield on the benchmark 10-year Treasury rose 2 basis points to 2.81%. West Texas Intermediate crude is down about 3% to just over $86 a barrel.
Economic data was mixed on Tuesday. US industrial production rose 0.6% better than expected, higher than the flat reading for June. On the flip side, July housing starts slipped 9.6% to an annual rate of 1.446 million units, the lowest level since February 2021.
Nasdaq falls with the struggle of the little hats
The Nasdaq Composite underperformed the leading indicators but closed off the day’s lows, down 0.2%. Ross Stores (ROST) was among the leaders in the Nasdaq 100, rising 2.8%.
The S&P 500 managed to post gains after eliminating early weakness, rising 0.2%. Take-Two Interactive Program (TTWO) Impressed here as it gained 7.2%.
The S&P 500 sectors were mixed, with commodities and consumer appreciation performing better, while technology, energy and real estate underperformed.
Small companies struggled throughout the session, with the Russell 2000 index down 0.1%.
The Innovator IBD 50 ETF (FFTY), the leader in developing stocks, was the hardest hit, dropping 1.3%.
Dow Jones Today: Walmart Index to Boost Profits
The Dow Jones Industrial Average outperformed after two of the retail components reported strong earnings for the second quarter. It finished the day 0.7% higher.
Walmart stock was the best performer in the Dow, jumping 5.1% and erring by its 200-day moving average, according to MarketSmith analysis. The retail giant has attracted buying interest after outpacing earnings and sales views that have been cut twice in the past three months.
Additionally, he reaffirmed guidance for the second half of the year.
Management said the company canceled orders worth billions of dollars to help align inventory levels with expected demand.
Home Depot also boosted the Dow, topping second-quarter earnings viewings. He finished the session with a gain of 4.1%.
Investors were relieved after the company reaffirmed the guidance. More than half of online orders were fulfilled in person during the quarter, driving up traffic, while professional sales growth outpaced consumer sales growth.
Tesla Stock falls despite Elon Musk’s victory on Twitter
Tesla stock fell even after CEO Elon Musk scored a rare victory in his ongoing legal battle with Twitter.
Last week, his lawyers requested documents from 22 Twitter employees. The judge ruled that the social media company must collect, review and produce documents from only one – former General Manager Consumer Kavonne Bikbor.
Musk is seeking more information about the number of bot accounts on the platform. He is trying to walk away from the $44 billion takeover deal due to the number of bots and fake accounts on the site.
Tesla The stock finished the day 0.9% lower. He. She It forms a consolidation with 1,152.97 buying points, according to MarketSmith analysis.
TSLA’s stock is still a long way from its entry, making the company one to watch for now. It managed to hold above the main 200-day moving average.
Twitter stock fell late after spending most of the session in positive territory. 0.2% closing.
Coinbase Stock Hit as Bitcoin Falls
Coinbase stock took a chin as Bitcoin fell again, penalizing other cryptocurrencies.
COIN has been trying to hold its own after lowering its full-year forecast last week. But Coinbase stock fell nearly 2% on Tuesday in above-average trading volume.
It fell below the 10-day moving average but held above the 21-day exponential moving average. It’s still down 64% since the start of 2022.
Bitcoin pared losses today but remained stuck below the $24,000 mark, having fallen 0.4% in the past 24 hours, according to CoinDesk.
Other cryptocurrency plays have also been reversed. Grayscale Bitcoin Trust (GBTC) Index Drops Almost 1% During the Bitcoin Mining Run Blockchain riot (RIOT) is down 6.1%.
Meanwhile, troubled cryptocurrency lender Celsius Network is set to run out of business by October, according to a court filing. Celsius filed for Chapter 11 bankruptcy in mid-July and is trying to restructure its business.
S&P 500 paused with five stocks gaining highest buy points
Out of Dow Jones: Costco stock crossed buying point
Costco is in buying territory after it cleared its handle cup purchase point at 552.81. The RS line is trying to turn up.
This is the first stage pattern, which is likely to lead to solid profits.
The upward movement saw Costco stock win a place on the IBD Leaderboard’s prestigious list of top stocks on Tuesday.
Hub Group closed today on a high but doable after getting rid of the consolidation pattern. The entry point here is 86.55.
Earnings are pretty solid for a logistics stock, with a perfect 99 EPS rating. It is also among the top 10% of stocks in terms of price performance over the past 12 months.
FactSet Research closed just below its entry level after earlier liquidating a double bottom base. The buy point here is 448.69.
The overall performance is excellent, with a composite IBD rating of 98 out of 99. The stock was recently taken over by Big Money, with its accumulation/distribution rating at “B”.
Please follow Michael Larkin on Twitter at Tweet embed For further analysis of growth stocks.
You may also like:
The stock market outlook for the next six months carries significant risks for the Dow – but I hope too
MarketSmith: Research, charts, data, and training in one place
These are the 5 best stocks you can buy and watch right now
This is Warren Buffett’s ultimate stock, but should you buy it?
This Is Donald Trump’s Final Stock: Is DWAC a Buy?