Nasdaq tops as stock market rises; PayPal, Robinhood, Ping among the two major movers

The stock market jumped early Wednesday as earnings and acquisition news fueled some big moves.


The Nasdaq Composite Index jumped 1.5% despite continuing to face sellers at the 12,500 level this week. The S&P 500 rose 0.8% and the Dow Jones Industrial Average rose 0.6%.

But the Innovator IBD 50 ETF (FFTY) lagged with a 0.2% drop. Energy Enphase (ENPH), Intermix (IMXI) and axles (AXNX) are all down more than 4%.

mosaic (MOS) led the IBD 50 index up nearly 5% after Citigroup upgraded the fertilizer company from neutral to long. Mosaic, which posted a second-quarter EPS gain of 211% last week, is now climbing above the 50-day moving average. CF . Industries (CF), another fertilizer product in IBD 50, was up 2.7%.

PMI falls again but beats expectations

Services PMI beat previous expectations of 47.3 in July despite the weak trend. Standard & Poor’s Global said it was the fourth consecutive decline in the seasonally adjusted index. But while inflationary pressures have remained historically high, input costs and output fees have risen at the slowest pace for five and 16 months, respectively.

Volume on the Nasdaq rose and fell on the New York Stock Exchange compared to the same time on Tuesday.

The price of US crude oil rose 2% to $96.35 a barrel after OPEC+ agreed to only a slight increase in oil production. The United States and other countries have lobbied for more production, but Russia and other producers prefer to keep prices higher. Brent crude rose about 1%.

US stock market overview today

index Code price profit/loss % change
Dow Jones (0 DJIA) 32595.02 +198.85 +0.61
Standard & Poor’s 500 (0S&P5) 4123.15 +31.96 +0.78
Nasdaq (0NDQC) 12527.39 +178.63 +1.45
Contact 2000 (IWM) 188.40 +1.40 +0.75
defect 50 (fifty fifty) 28.68 -0.09 -0.31
Last update: 10:08 a.m. ET 8/3/2022

The SPDR Sector Specific Energy Index (XLE) is up 0.6% and continues to test resistance at the 50-day line.

PayPal (PYPL) rose 12% after the electronic payments company said it was ready to work with activist investor Elliott Management. PayPal also added $15 billion to its stock buyback program and reported mixed results for the second quarter. The stock is trying to break out of a deep drop.

Robinhood (HOOD) jumped 6.7% in heavy trading after the online brokerage reported second-quarter results that included a 34% drop in average monthly users from a year ago. It also undertook a second round of layoffs, as part of a cost-cutting program. Robinhood stock has been in a prolonged slump.

PayPal and Ping Help Lift the Stock Market

Bing identity (PING) surged 59% on massive volume on news that the security software maker has agreed to buy $2.8 billion from investment firm Thoma Bravo. The company pays Ping $28.50 per share in cash, a premium of about 63% over Ping’s closing price on Tuesday.

advanced health (EVH) beat earnings estimates and raised its full-year guidance on Tuesday. Healthcare financial management software provider jumped 6.5% to a new level. The breakout from the 33.24 buy point failed but Evolent regained the entry. Investors may also see 35.17 as an alternative buying point.

lithium product Levent (LTHM) beat earnings expectations late Tuesday, raising full-year guidance. But the stock is down 5% in heavy volume, despite still forming a teacup base.

Atlas Aviation International (AAWW) climbed 11% and topped 97.23 buying points after The Wall Street Journal reported that investors led by Apollo Global Management (APO) is in talks to acquire the air cargo company.

Match group (MTCH) is down more than 20% in high volume, pulling back the lagging stock’s rebound attempt. The dating app company missed sales estimates and posted a loss for the quarter and said Tinder CEO Renate Nyborg would be leaving the company.

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