The stock market weakened on Thursday morning after a mixed move at the opening bell. Bloomberg’s buyout rumor has sent IBD 50 stock above the buy point.
The Nasdaq Composite Index is down 0.1% despite the relative strength in software and biotech stocks. The S&P 500 lost 0.4% at the end of the first hour.
The Dow Jones Industrial Average fell 0.4% chevron (CVX) pulled back the index with a 2.4% loss. Walt Disney (DIS) plus technical stock apple (AAPL), Microsoft (MSFT) and sales force (CRM) was the best performer on the Dow, gaining 3% to 4%.
Volume on the New York Stock Exchange and Nasdaq increased compared to the same time on Wednesday.
In economic reports, weekly jobless claims rose to 260,000 from 254,000 the previous week, according to economists’ expectations. The Challenger job cut report found 25,810 layoffs in July, down from 32,517 in June.
Crude oil fell below the main level
Western Intermediate Crude Oil price has fallen below $90 a barrel and is testing the support level. Crude oil is down nearly 1% at $89.96 a barrel and is approaching its July 14 low of $88.23.
The SPDR (XLE) in the energy sector fell 1.7%, the worst performer among 11 S&P sector ETFs. The ETF encountered resistance at the 50-day moving average. Most other sectors also declined, while SPDR rose 0.5%.
US stock market overview today
|Dow Jones||(0 DJIA)||32767.60||-44.90||-0.14|
|Standard & Poor’s 500||(0S&P5)||4158.27||+3.10||+0.07|
|defect 50||(fifty fifty)||28.81||-0.02||-0.07|
Last update: 10:10 a.m. ET 8/4/2022
global blood treatments (GBT) is holding the tender under the Innovator IBD 50 ETF (FFTY) on Thursday morning. The stock rose 36% after Bloomberg reported that the company is attracting takeover bids. GBT exceeded the 36.82 buy point for a cup with the handle forming within greater consolidation.
AMN Healthcare Services AMN stock is down more than 5% in heavy trading ahead of its earnings report after today’s close. AMN seems to sympathize with her Cross Country Healthcare (CCRN), which sold 18% after reporting its earnings. Despite the drop, AMN continues to work on a cup with a handle with the 125.04 entry.
Stock market moves on profits
Earnings news continues to generate most of the big price moves in the stock market.
healthcare giant McKesson (MCK) beat estimates of its highest and last fiscal first-quarter earnings, posting $5.83 per share. It also raised EPS 2023 guidance above consensus.
The stock rose more than 6% after the news, and broke 338.93 buying points. The 5% buying zone extends to just over 355.
MCK is trading at an all-time high with a bullish composite rating of 97 and a rating of 91 EPS. Price action benefits from membership in a well performing pharmaceutical/medical supplies industry group.
wafer equipment maker Axelis Technologies (ACLS) is up 4.5%, and made its way up towards 83.83 cup base buying points. Late Wednesday, the company beat second-quarter estimates and raised guidance for both the current quarter and the full year.
A pair of LNG stocks were trading near the overbought points after the earnings reports. Both missed profit forecasts but beat revenue estimates.
Cheniere Energy (LNG) is up a bit and is approaching 146.45 entry for a double bottom base.
New Fortress Energy (NFE) posted a loss for the quarter, jumping more than 2%. New Fortress makes a teacup base with 52.47 buy points. The price of natural gas remains stable on demand from Europe and the United States
electric car maker Lucid (LCID) sold 11.5% after the company again cut its 2022 EV production guidance. The company also reported a loss of 33 cents per cent during the quarter.
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