Stock markets end the week on a downer despite solid employment reports.5 energy stocks with bullish charts

The stock market’s early rally softened on Friday ahead of the three-day weekend. Salesforce (CRM) and chevron (CVX) outperformed in the Dow Jones today, lululemon athletica (lulu) and broadcom (AVGO) leads the Nasdaq 100, boosted by a strong earnings call.


Salesforce bucked the trend with a modest gain after Guggenheim upgraded the enterprise software firm from sale to neutral did.

LULU’s share price fell after a strong start, but was still up nearly 7% after the company reported strong growth in several metrics and raised its earnings outlook. Total revenue increased 29% to $1.87 billion, with same-store sales up 23%. Store traffic has increased by over 30% and e-commerce has increased by 40%.

stock market today

The Nasdaq Composite closed 1.3% lower today after gaining 1.4%. The S&P 500 and Dow Jones Industrial Average each fell 1.1%. Preliminary data showed lower trading volumes on the NYSE and Nasdaq ahead of Labor Day weekend.

An Overview of the US Stock Market Today

index symbol price profit/loss % Change
Dow Jones (0 DJIA) 31318.84 -337.58 -1.07
S&P 500 (0S&P5) 3924.41 -42.44 -1.07
Nasdaq (0NDQC) 11630.87 -154.26 -1.31
Russell 2000 (IWM) 180.12 -1.38 -0.76
IBD50 (FFTY) 27.68 +0.28 +1.02
Last updated: Sep 2, 2022 4:08 PM ET

Distribution days for the Nasdaq and S&P 500 have increased in recent weeks. The S&P 500 shows four big drops since his August 19th. The Nasdaq has shown four losses since August 17th.

Increasing signs of institutional sell-off in indices have created a challenging environment for investors to make money in the stock market. Don’t forget the last two months he said September was a tough month for the stock market. Last year, the Nasdaq fell 5.3% to his September. In 2020, the index fell 5.1% for him.

The stock market welcomed the pre-opening August jobs report, which showed a strong rise in the labor force participation rate. Nonfarm payrolls increased by 315,000 in August, slightly above the consensus forecast of 293,000. The unemployment rate he rose to 3.7% and the labor force participation rate he rose to 62.4% from 62.1%.

Jobs data has lowered the chances of a 75 basis point rate hike at the Federal Reserve on Sept. 21-22. However, Fed futures traders still believe there is a 58% chance that the Fed will raise by 75 basis points. This is down from Thursday where he is over 70%.

On the New York Mercantile Exchange, US crude futures settled at $86.87 a barrel, up 0.3%. Natural gas futures fell 4.2% just before 4pm ET.

Russia’s Gazprom said its main gas pipeline to Europe will not reopen on Saturday as originally planned due to an oil leak. News of the pipeline comes after G7 countries backed a price cap on Russia’s oil.

Oil and gas stocks dominated the upside in the MarketSmith Growth 250. Talos Energy (TALO) rose 6.6%. It still forms the right side of the V-shaped base. Strong earnings and sales growth over the last three quarters help boost TALO’s overall rating of 98.

energy stocks in action

After testing the 21-day exponential moving average on Thursday, small caps Montauk Renewable Energy (MNTK) rose nearly 6%. The company’s specialty is capturing methane and turning it into renewable natural gas.

Obintif (OVV) increased by 3.4%. It is above the short-term support level as it forms the right side of the base.

How to know when it’s time to sell your favorite stocks

Among oil refiners, CVR energy (CVI) was closing five trades on Thursday after approaching the 50-day moving average. The stock rose 6.5% as it formed a cup base with handles at the 37.73 bye peer HF Sinclair (DINO) rose nearly 5% above the 21-day line.

Solar stocks are volatile again. Invesco Solar ETF (TAN) Enphase (ENPH) and first solar (FSLR) were the top two stocks, down 2.4%. TAN is approaching the test of the 50-day moving average near the last buy point of 78.92.

Among Chinese stocks, Pindudu (PDD) holds profit well after gapping earnings on Monday. The company operates an e-commerce platform in China. Revenue growth accelerated nicely from the previous quarter, up 31% to $4.69 billion.

Follow Ken Shreve on Twitter @IBD_KShreve For more stock market analysis and insights.

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