Dow Jones Industrial Average has rallied around President Joe Biden’s remarks Apples (AAPL) One of the top performers. JP Morgan Chase (JPM) led bank stocks after giving firm guidance to the firm on Monday. Airbnb (ABNB) was fighting to stay positive amid reports that it was dropping its China business.
Meanwhile, leaderboard stocks Eli Lily (LLY) This is worth watching when it starts to build a bullish base after receiving a bullish analyst note. Electronic Arts (EA) has recovered a key benchmark in takeover rumors.
According to preliminary data, both the Nasdaq and the New York Stock Exchange had lower volumes. It’s frustrating in an up day.
Meanwhile, the benchmark 10-year Treasury note yield rose 8 basis points to 2.87%. West Texas Intermediate crude oil rose slightly to just 110 110 a barrel.
Biden weighs in on China’s tariffs, boosting the stock market
The stocks were encouraged by President Biden’s plans to reduce tariffs on Chinese goods.
“I am considering it. We have not imposed any of these tariffs,” he told a news conference with Japanese Prime Minister Fumio Kishida. “These were imposed by the last administration and are under consideration.”
Onda senior market analyst Edward Moya said the matching words were music to the ears of the market.
“US stocks are rallying on the hope that President Biden can stand for a major de-escalation in the US-China trade war and sell off fatigue,” he said in a note addressed to clients. “After eight weeks of selling pressure for the Dow and a seven-week losing streak for both the S&P 500 and Nasdaq, a comeback has been relatively long.”
Nasdaq gains but increases stock excel
The Nasdaq lagged behind other major indicators but still rose 1.6%. Palo Alto Networks (PANW) was a winner here as it increased by 4.5%.
The S&P 500 performed even better with a 1.9% increase. Ross Store (ROST), which was badly hit last week, was the top performer, jumping 9.6%.
US Stock Market Today Overview
|Indicator||Symbol||Price||Profit loss||% Change|
|S&P 500||(0S & P5)||3973.85||+72.49||+1.86|
Last Updated: 4:14 PM ET 5/23/2022
The S&P sector was all positive. Financial and energy have gained the most, while consumers are lagging behind.
The small caps also made some ground, with Russell 2000 growing 1.2%.
But it was the growth stock that was the best of all. The Innovator IBD 50 ETF (FFTY), a bellowser for growth stocks, jumped 2.1%.
Dow Jones Today: Apple stock among the best performers
The Dow Jones Industrial Average was the best major indicator. It has gained more than 600 points as it has increased by 2%.
Apple was one of the best performers in today’s Dow Jones. According to Marketsmith, it rose 4% after falling 6.5% last week.
Visa (V) There was another standout as it turned out to be a 4.2% profit.
JPMorgan Chase Bank leads the stock higher
But it was JPMorgan Chase that led the Dow Jones as the bank’s stock rose 6.2%. This has helped to raise the bank’s stock in general.
The firm exclaimed to investors that the firm’s goal of a return on 17% tangible common equity remains and that it could be achieved in 2022, ahead of the plan.
CEO Jamie Damon said there is a “very good chance” of meeting the target in 2022 and surpassing it in 2023 as long as the debt environment remains “gentle”.
That was a change from earlier this year, when CFO Jeremy Burnham said the firm would miss the target for the next one to two years because of Headwind. The firm has reiterated its forecast for 2022 to spend about $ 77 billion.
JPM stock is now close to reaching its 50-day moving average. Although for the year it has remained below 20%.
In other bank stocks, Bank of America (BAC) up 5.9%, Goldman Sachs (GS) rose 3.2%, Warren Buffett stock City Group (CITI) increased 6.1% and Wells Fargo (WFC) gained 5.2%.
Airbnb stock fell in China pullout report
Airbnb stocks have closed slightly higher despite reports of exits from China.
According to CNBC, the company will take down all Chinese mainland lists this summer. However, it will maintain an office in China that focuses on outbound travel.
The firm started its mainland China business in 2016 but has faced stiff competition from Chinese businesses. Despite being a huge market, China accounts for about 1% of Airbnb’s revenue.
ABNB stock day ended moderately positive, up 0.7%, after initially reading the news.
Outside the Dow Jones: EA has improved as a leader in stock pops
It is always a good idea to look for stocks that make bullish rice, even when the market is in the doldrums.
Leaderboard stock Eli Lily is a worthy addition to your watchlist as it creates a flat base after it has been moved higher. It is shooting for the entry of 314.10.
LLY rose on Monday after SVB Securities surpassed the stock at 341 target. It ended the session up 1.3%.
SVB believes that the market does not appreciate the potential rise of Lily’s recently approved obesity drug. The stock is trading above its moving average and the overall market weakness continues.
Meanwhile, the electronic arts stock is based on reports that it seeks to sell or consolidate. It closed up 2.3%.
Like it Walt Disney (DIS), Amazon.com (AMZN) and Apple have reportedly negotiated with the video game giant.
EA stocks have managed to break above their 200-day moving average, which is higher than the 50-day line. It can be used as an aggressive entry, but it is not reasonable because of the current volatility of the market.
The firm is known for game franchises such as the Battlefield, the Medal of Honor and the Madden NFL Series.
Please follow Michael Larkin on Twitter IBD_MLarkin More for growth stocks and analysis
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