The Dow Jones Industrial Average turned slightly higher when the S&P 500 came out of the official beer market territory. Tesla (TSLA) CEO Elon Musk dives into allegations of sexual misconduct. Apples (AAPL) during assembly Boeing (BA) fell hard.
It is always important to look for stocks that show strength for one’s watchlist during market battles. In this case, the power was again a relatively bright spot, including the oil driller Noble (NE) and the natural gas game Western Midstream (WES) builds bullish bases.
Both the Nasdaq and the New York Stock Exchange were lower in volume than the same period on Thursday. This was a piece of the best comfort.
Meanwhile, the benchmark 10-year Treasury note yield fell 7 basis points to 2.79%. West Texas Intermediate crude rose 0.5% to about 3 113 a barrel.
The S&P 500 has moved out of the official beer market
The S&P 500 officially headlined the bear market dive – a fall of more than 20% from its previous high. But after finishing the day flat it is able to close above this level. Ross Store (ROST) fell more than 22%, making it the worst performer on the index.
Technology-heavy Nasdaq also fought, but still dropped 0.3%. Dollar tree (DLTR) was one of the losers here, falling 5.7% as pressure on retail stocks continued.
US Stock Market Today Overview
|Indicator||Symbol||Price||Profit loss||% Change|
|S&P 500||(0S & P5)||3901.37||+0.56||+0.01|
Last updated: 4:12 PM ET 5/20/2022
The S&P sector was mixed. Consumer prudence, industry and materials have been the worst. Health and real estate, defensive areas, have benefited the best.
Russell 2000 ended the day in negative territory with small caps sliding 0.1%.
But it was the growth stock that did the worst damage from the bears. Innovator IBD 50 ETF (FFTY), a bellweather for growth stocks, 0.7% skidded.
Dow Jones Today: Opposite as Apple Boeing Dive
The Dow Jones Industrial Average closed flat after the rally in the slightly positive zone. The profit of the fraction was a relief for the investors though after the previous losses.
Apple was one of the losers in the index but managed to reverse higher. It closed up 0.2%. The stock is down 6.5% for the week, according to Marketsmith.
But Boeing was the biggest loser at Dow Jones today. It ended the session down 5.1% as it lost more ground on its moving average.
Cisco system (CSCO) ended the day as the top performer on the Dow Jones, rising 2.9%.
Tesla stock has collapsed in the Elon Musk report
It was feared to be occupied before Friday Twitter (TWTR) Weighing on Tesla stock could confuse Elon Musk.
But that changed after Business Insider paid a অ 250,000 divorce to its space exploration firm SpaceX after a flight attendant claimed sexual misconduct against Mask.
The bizarre executive later said on Twitter that the “wild allegations” against him were untrue. He joked that people could now “use elongate as the name of the scandal.”
Although it was not a laughing stock for Tesla owners. It was one of the worst performing stocks of the day, falling 6.4% despite a late rally.
Its market cap has dropped to just under $ 690 billion. It has lost about a quarter of its value so far in May.
Meanwhile, Donald Trump SPAC Acquisition of Digital World (DWAC), which is set to launch the former president’s social media network Truth Social, rose 2.2%. It was a relative outperformance.
Palo Alto Network stock offers bright spots
Cybersecurity stock Palo Alto Networks was a standout as it increased revenue. It has beaten the Wall Street scene on both the top and bottom lines. Billing came in at $ 1.8 billion, up 40% from a year earlier, compared to the 1.6 billion estimate.
Significantly, it also boosted its outlook for the current quarter. Palo Alto expects earnings per share between 2.26 and $ 2.29. That’s over 1.54 billion in revenue.
The stock remained below its 200-day moving average despite a 9.7% rally.
Among other stocks in the cybersecurity industry group, Fortinet (FTNT) popped 3.7%, Crowdstrike (CRWD) jumped 4.3% and Zscaler (ZS) gained 3.5%.
Outside the Dow Jones: Two strength stocks form a bullish base
Noble is forming a base-on-base pattern. The ideal buying point here would be 36.89, according to Marketsmith’s analysis.
Nevertheless, the stock is falling further below the 50-day moving average, which is not ideal. It is among the top 4% stocks in terms of price performance over the last 12 months.
One reason for the enthusiasm of the Swiss provider of offshore contract drilling services is the performance of energy stocks so far in 2022. The Vanguard Energy Index Fund ETF (VDE) has grown by almost 40% in 2020.
Western Midstream is another stock that needs to keep tabs because it forms a choppy merger. The standard entry here is 27.39. It can also be interpreted as a base-on-base structure.
The stock is holding above its 50-day line while the relative strength line is at a new high, which is a bullish sign. Earnings are a force. It boasts an EPS rating of 83 out of 99 and is expected to grow revenue by 38% in 2022.
Please follow Michael Larkin on Twitter IBD_MLarkin More for growth stocks and analysis
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