A major stock market index abandoned its morning gains in Friday afternoon trading and fell to a low for the day. I received the news and exited.
Nasdaq has changed course and is now down 0.5%. The S&P 500 is down his 0.2% and the Dow Jones Industrial Average is down his 0.2%. The Russell 2000 Small Cap ETF (IWM) is trading down 0.2%.
The S&P 500 and small-cap Russell 2000 rose against 50-day moving average resistance. Big tech ETF Invesco QQQ Trust (QQQ), which tracks the Nasdaq 100, is on a downward pace, posting a 0.6% loss.
Trading volumes on the NYSE and Nasdaq fell by double-digit percentages compared to the same period on Thursday as investors prepare for the extended holiday weekend.
Crude oil has risen less than 1% and is currently trading at just under $87 a barrel. Despite the pipeline news, natural gas fell 4.8%, below the psychological $9 level. The SPDR Select Energy ETF (XLE) was up 1.4%.
Bitcoin futures are on the rise, up 1.1% to $19,910.
The German DAX stock index was up 3.3%, the FTSE 100 was up 1.9% and the CAC 40 was up 2.2%.
Yields on 10-year US Treasuries plummeted to 3.2%.
The market now projects a 58% chance that the Fed will raise interest rates by 75 basis points in September. 42% expect a 50 basis point increase.
more people entering the workforce
The US labor market participation rate showed strength at 62.4%, up from 62.1%.
Average hourly earnings rose 0.3% month-on-month, below expectations of a 0.4% increase. The 5.2% year-on-year change in hourly wages was also below consensus at 5.3%.
The unemployment rate climbed to 3.7%, above expectations of 3.5%, as more workers sought jobs.
315,000 non-farm jobs were added in August, above the consensus of 293,000, but less than July’s 528,000 bookings.
An additional 308,000 individual jobs were added, beating expectations of 280,000, while manufacturing employment increased by 22,000, up 19,000 from expectations.
Stock Market: Medical Play Breaks Out, Reaches Buying Point
medical diagnostic company Meridian Bioscience (VIVO) broke out of the base of the cup with handles and recorded a buy point of 33.27 on the MarketSmith chart. After the morning rally, the stock fell 0.9%.
Meridian boasts a Relative Strength Rating of 97, indicating to investors that it has outperformed 97% of stocks tracked by IBD over the last 12 months. The stock is also trading above its 21-day exponential moving average.
clean energy company AES Corporation (AES) reached the buy point at 26.46, breaking out of the handle cup base and trading within the 5% buy zone. The stock rose 0.9% to a 52-week high.
The relative strength line is also hitting new highs, as indicated by the blue dots on the chart.
winner and loser
lululemon athletica (LULU) surged 6.8% after Thursday’s close after beating top and bottom line estimates for the second quarter. Management also provided better-than-expected third-quarter and full-year 2022 revenue guidance.
broadcom (AVGO) is trading up 1.8% on EPS and sales.
offshore drilling company Valaris Limited (VAL) rose 7.1% as the energy sector gained strength on higher oil prices ahead of the upcoming OPEC+ meeting.
Stock Market Today: IBD 50 Stocks On The Move
The IBD 50 ETF (FFTY), a benchmark of growth stocks, rose 0.8% to outperform the major indices.
Talos Energy Oil and gas company (TALO) is 5.9% higher, with the energy sector leading the day. The company reported impressive quarterly growth on Aug. 4, with earnings showing acceleration. EPS rose from $0.45 per share in the December quarter to $0.77 in March and $1.20 in June.
Talos holds an excellent overall rating of 98 out of 99 and a relative strength rating of 96.
CVR energy (CVI) increased by 5.6% in light intensity. The stock is a cup base with handle and the buy point is 37.73. It features a perfect 99 relative strength rating and an overall rating of 94.
Dako New Energy (DQ) pulled back 4.1% in light intensity testing the 50-day moving average. Daqo is an industry leader with an overall rating of 99 and an EPS rating.
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