The Dow Jones Industrial Average briefly struggled into positive territory as stocks bounced back. Twitter (TSLA) jumped after Tesla (TSLA) CEO Elon Musk and Twitter founder Jack Dorsey attacked the Twitter board amid an ownership battle.
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Leaderboard Share LPL Finance (LPLA) slid behind Karl Schwab (BLK) missed result views. Goldman Sachs (GS) was the best blue chip.
Some stocks attempted a breakout despite challenging market action. Murphy Oil (MUR) and Laredo Petroleum (LPI) surpassed both buy points.
Volume was lower on both the New York Stock Exchange and Nasdaq compared to Thursday at the same time, the last trading day after Friday’s holiday.
Meanwhile, the yield on the benchmark 10-year Treasury rose about five basis points to 2.86%. Oil was also higher, with West Texas Intermediate Crude up more than 1% to more than $108 a barrel. Expectations of rising demand in China are driving prices higher.
Nasdaq rallies; Small Caps fight
The Nasdaq fought back from negative territory but fell 0.1% in late trade. chip stock Lam Research (LRCX) was among the top performers, up 3%.
The S&P 500 was also down 0.1% after briefly trading higher. synchronization finance (SYF) was the best-performing off-Twitter as it rose nearly 7% following the company’s earnings report.
Overview of today’s US stock market | ||||
|---|---|---|---|---|
| index | symbol | Price | loss of gain | % To change |
| Dow Jones | (0DJIA) | 34483.95 | +32.72 | +0.09 |
| S&P500 | (0S&P5) | 4397.67 | +5.08 | +0.12 |
| Nasdaq | (0NDQC) | 13358.34 | +7.26 | +0.05 |
| Russell 2000 | (IWM) | 197.98 | -0.98 | -0.49 |
| IBD 50 | (FFTY) | 36.48 | -0.06 | -0.16 |
Last updated: 3:04 PM ET 4/18/2022 | ||||
S&P sectors were mixed. Energy and financials shone the brightest, while health care and consumer staples were the worst performing areas.
However, small caps struggled to stave off the bear onslaught, with the Russell 2000 down 0.5%.
Growth stocks also struggled to gain a foothold. The innovator IBD 50 ETF (FFTY), a growth stock leader, fell 0.2%.
Dow Jones gains as Goldman Sachs stock leads
The Dow Jones Industrial Average fell 0.1% after a brief rise.
Goldman Sachs was the brightest in the Dow Jones today. It rose by about 3%. intel (INTC) also performed relatively well, up about 2.4%.
Walt Disney (DIS) was the worst performer, down about 2%. His closest rival for that spot, Johnson&Johnson (JNJ), declined 1%.
Twitter stocked up as Elon Musk, Dorsey Slam Board
Twitter shares rose after Elon Musk, who is trying to buy the company, and Twitter founder Jack Dorsey attacked the board.
Musk pointed out in a tweet that if Dorsey leaves the board this year, he “will own almost no stock together.”
“Objectively, their economic interests just don’t align with those of shareholders,” Musk said.
And in one separate Monday letter He said that the collective salary of the board will be “0 dollars if my offer is successful, so that’s it [around]$3 million/year is saved right there.”
Twitter founder Jack Dorsey, who will step down from the board at the end of his term following the upcoming shareholders’ meeting, said in a tweet that board plans have been “the company’s dysfunction throughout.”
Twitter stock was one of the best performers in the S&P 500 as it rose around 6%. It is now approaching the 200-day moving average, according to MarketSmith analysis.
Musk has offered 54.20 per share in cash to buy the rest he doesn’t own and given him 100% of the company, which he described as his “best and last” in a letter to Twitter chairman Bret Taylor offer”.
The board is trying to fend off Musk by introducing a so-called poison pill that will make it harder for the Tesla CEO to buy the company.
Leaderboard Stock Hit as Charles Schwab Stock Dips
Charles Schwab’s shares were pulverized after a deserved miss. It gaped down and was down nearly 9%. It signaled a sell-signal by breaking its 200-day moving average in a large scale.
The discount broker missed both the top and bottom lines. According to FactSet, earnings per share of 77 cents missed analyst opinions by 84 cents, while revenue of $4.67 billion was well below the $4.83 billion expected.
Expenditures were also higher than expected. As the retail boom slows as people return to work, the company faces challenges in maintaining its growth rate.
Leaderboard stock LPL Financial, which provides financial advisors with a platform for brokerage and investment advisory services, was hit following the report. The stock hit off-session lows but remained down about 1.5%. It is extended beyond a buy point of 191.08.
These stocks test entries
The energy sector has been the hottest sector so far in 2022, and a few other names in the space have stood out with bullish moves.
Murphy Oil is actionable after the stock broke out of a rare ascending base pattern, according to MarketSmith analysis. The buy point here is 43.30. The relative strength line has just made a new high, which is an encouraging sign.
Revenue will skyrocket by 233% in 2022, before increasing another 39% the following year. The stock has snapped up big bucks in recent weeks.
Laredo Petroleum slipped back below its 88.40 entry after breaking out of a cup-and-handle base. Since institutional interest is strong here too, it could be one of the watch lists.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.
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