The Dow Jones Industrial Average fluctuated between losses and gains in the market on Thursday, but eventually closed lower. The composite Nasdaq led lower and traded much lower, while the S&P 500 traded slightly lower. The main indices stabilized after an unstable trading week, but remain below key moving averages.
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Additional comments from central banking authorities on Thursday continued to affect markets. Cleveland Fed President Loretta Mester said the war in Ukraine has pushed inflation even higher and has heightened the need to raise interest rates. This came after Jerome Powell cited support for a quarter-rate increase in interest rates this month in testimony released Wednesday.
Dow Jones on the stock market today
In today’s market, most major indexes traded lower in late afternoon trading, after being mixed earlier in the session. The indices also remained below important moving averages and diverged to key areas of resistance on Thursday.
At the close, the Dow Jones index fell 0.3%. The Nasdaq fell more than 1.6% and is now negative for the week, while the S&P 5oo lost 0.5%. Russell 2000 traded 1.3% less.
Overview of the US stock market today | ||||
|---|---|---|---|---|
| Index | symbol | Price | Profit / Loss | % change |
| Dow Jones | (0DJIA) | 33794.96 | -96.39 | -0.28 |
| S&P 500 | (0S & P5) | 4363.54 | -23.00 hours | -0.52 |
| Nasdaq | (0NDQC) | 13537.94 | -214.08 | -1.56 |
| Russell 2000 | (IWM) | 201.85 | -2.39 | -1.17 |
| IBD 50 | (FFTY) | 38.23 | -0.03 | -0.08 |
Last updated: 16:16 ET 3/3/2022 | ||||
Early data showed that the volume of the Nasdaq and the NYSE decreased compared to the same period on Wednesday. Meanwhile, the indices are selling more in recent sessions, indicating institutional sales rather than institutional accumulation.
Yields on 10-year government securities fell slightly to 1.84% after rising from 1.72% on Tuesday.
Meanwhile, the price of US crude oil futures finally fell below $ 109 a barrel after moving above $ 111 a barrel on Wednesday, an 11-year high.
In economic news, weekly unemployment claims for the last week fell to 215,000 from 233,000 the previous week. The PMI index in the IHS Markit services sector jumped to 56.5 in February from 51.2 in January and fell slightly from an initial estimate of 56.7. The output index of PMI rose to 55.9 from January 51.1.
Shares of IBD 50 are rising
IBD’s market outlook remains an “adjustment” and shows that the market is not currently on an upward trend or reflects optimal buying conditions. But investors may still want to watch stocks trade near buying points because the indices are trying to rally.
Innovator IBD 50 ETF (FFTY) lost 0.1% on Thursday after successfully regaining its 21-day exponential moving average on Wednesday.
Profits in shipping stocks, steelmakers and chemical companies are on the rise.
Cleveland Cliffs (CLF) rose more than 7.5% and exploded from 24.77 to double bottom. The breakout of the shares happened along the RS line, which marked new peaks, a bullish sign.
Cleveland-Cliffs is part of the steel group, which currently ranks 27th out of 197 groups of IBD measures.
This miner surpasses early entry
Southern honey (SCCO), another biggest winner in the IBD 50, rose more than 3% as shares approached a first-stage buy point of 83.39. The extraction of metal ores is still 10% of the entrance.
The trend line drawn from the high level near 80 during the SCCO week, which ended on May 21, 2021, really offers an early buying point close to 69.50.
Shares of a warehousing company Public storage (PSA) rose 2.1% as shares approached 377.46 on an equal footing. The RS stock line also marked a new peak on its weekly chart.
In the meantime, stock up at the grocery store Kroger (KR) rose and rose more than 11% and left the cup base after gains exceeded forecasts and the company gave a positive outlook.
Shares of Kroger have moved above 50.25 buying points and are now expanded from the buying zone by 5%. The line of relative strength was at new highs even before the breakthrough, a bullish sign. Retail and other food chains received some coverage on IBD Live on Thursday.