Friday, September 30, 2022

Dow Jones extended gains as Nasdaq outperformed; These Chip Stocks Have Earnings on Deck

The Dow Jones Industrial Average moved higher on Monday after opening negative. Meanwhile, the Nasdaq Composite outperformed major indices with gains of more than 2% as the technology sector gained momentum.


stock market today

In today’s market, major indices extended gains from Friday as investors await another week of corporate earnings reports. The Dow Jones Industrials was up 0.6%. The Nasdaq Composite advanced 2.4% and the S&P 500 1.3% and is now above its 200-day moving average.

In afternoon trade, the Nasdaq cleared resistance near the 14,000 level, which is a bullish signal for the tech-heavy index. Technology and consumer discretionary stocks rebounded on Monday, as both sectors led the rally. Both were among last week’s laggards. Health care and consumer staples stocks fell on Monday but were still trading higher.

US Stock Market Today Overview

index symbol Price profit loss % Change
Dow Jones (0DJIA) 34950.23 +224.76 +0.65
S&P 500 (0S&P5) 4487.30 +55.45 +1.25
Nasdaq (0NDQC) 14102.55 +331.98 +2.41
Russell 2000 (IWM) 199.46 +4.21 +2.16
IBD 50 (FFTY) 37.68 +0.45 +1.21
Last Updated: 1:42 PM ET 1/31/2022

Despite encouraging action on Friday and Monday, the S&P 500 is on track for its worst month since March 2020. It is currently up over 6% on the last trading day of January. According to Dow Jones market data, this could be the worst January since 2009. Historically, when the S&P falls more than 5% in January, it ends the rest of the year more than 70% of the time with an average gain of 2.6 percent.

The Russell 2000 gained 2.2% as smallcaps outperformed as well. Volume was trending lower on Friday versus the Nasdaq and NYSE at the same time, according to IBD data. The Innovator IBD 50 ETF (FFTY) was trading up 1.3%.

IBD’s market outlook remains “market in correction”, urging investors to raise cash and maintain minimal risk in the equities at this time.

Earnings on Deck: Google, Amazon, AMD

Several companies are set to announce earnings this week, including paypal (PYPL), UPS (UPS) and Advanced Micro Devices (AMD) on Tuesday. electronic Arts (EA) and google-guardian Alphabet (GOOGL) is also expected to report on Tuesday.

For AMD, analysts expect earnings growth of 46% for the quarter and 105% for the full year, according to data from IBD. Earnings-per-share estimates for the full year were recently revised upwards.

The chip designer has had a tough time lately, as shares have fallen more than 20% over the past two weeks. After breaking the 200-day line last week, today the stock is showing bullishness again in this area. Shares were up 6% on Monday afternoon.

NXP Semiconductors (NXPI), a partner chip company, is expected to report earnings after the close today. The stock climbed close to 6% in afternoon trading. After lowering the 200-day line in January, the stock is moving back towards this level.

Facebook Parent on Wednesday meta platform (fb) and Spotify (SPOT) ready to report after the closing bell.

Amazon.Com (AMZN) will report on Thursday. The stock was up 2.7% on Monday, but it has also declined significantly in recent weeks. Shares are trading below their 50-day and 200-day lines.

Dow Jones Today

For Dow Jones Shares, Components Boeing (BA) outperformed with a gain of 4%. Disney (DIS) and (CRM) also grew over 2%.

shares of Apple (AAPL) Company’s earnings and revenues rose 1.5% in afternoon trading on Monday after recently surpassing previous expectations for the December-ended quarter.

Shares are trading above the 50-day moving average and extended from the most recent buy zone. Apple is rebounding after retreating from the 20% profit target of the cup-with-handle breakout. The stock escaped a round-trip sell signal last week at 153.26 buy point.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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