The Dow Jones Industrial Average rose 250 points on Wednesday after Fed Chairman Jerome Powell’s prepared remarks indicated that the Federal Reserve is still ready to raise interest rates despite the Russian invasion of Ukraine. Treasury yields rebounded after two days of sharp losses. Energy stocks were actively trading as oil prices, driven by the Russian/Ukrainian conflict, briefly rose above $112 a barrel.
After closing on Tuesday, Dutch brothers (Bruce) And the sales force (CR) is among the companies that reported their quarterly results. BROS shares fell 3% early Wednesday, while Salesforce shares jumped about 4% in morning trading. Meanwhile, the opponent series dollar tree (DLTR) reported mixed results early Wednesday, with shares shedding 4% after the opening.
between the Dow Jones LeadersAnd the an Apple (AAPL) rose 0.7% and Microsoft (MSFT) up by 0.6% in Stock market today. United Health (United nations), a Dow Jones stock to watch, is approaching a new buying point.
electric car leader Tesla (TSLA) is up about 1% on Wednesday, looking to rebound from Tuesday’s 0.75% drop.
Amidst the news-driven market volatility, commercial metals (CMC), Northern Oil and Gas (wedge), Palo Alto Networks (bano) And the Ryan’s specialty (Ryan) is among the top stocks to watch on Wednesday. Keep in mind that current stock market conditions should keep investors on the sidelines and on the sidelines.
Dow Jones Today: Fed Chairman Powell, the Russian Invasion
After the market opened on Wednesday, the Dow Jones Industrial Average rose 0.8%, while the S&P 500 gained 0.9%. The Nasdaq is up 0.65% in morning trading. in between Exchange Traded FundsNasdaq 100 Invesco QQQ Trust Tracker (QQQ(Up 0.5%, the SPDR S&P 500 ETF)spy) is up 0.6% after Wednesday’s open.
The 10-year Treasury yield rose to 1.78% on Wednesday morning. On Tuesday, the 10-year Treasury yield closed at 1.71%, after diving for a second straight session. On February 15, the 10-year Treasury yield peaked above 2.06% – the highest level since August 2019. Meanwhile, US oil prices rose more than 7% on Wednesday, reacting to a reluctance between Global oil traders to buy Russian oil. West Texas Intermediate crude was briefly trading above $112 a barrel.
Federal Reserve Chairman Jerome Powell to testify before Congress on Wednesday and Thursday at 10 a.m. ET. With inflation already high and the Fed back off the curve, there is concern on Wall Street that policy makers may not feel much choice not only to proceed with rapid tightening, but potentially to double the pace of rate increases. Fed Chairman Powell may use his testimony to allay this concern.
In prepared comments, Powell said: “We will use our policy tools as appropriate to prevent rising inflation from becoming entrenched while promoting sustainable expansion and a robust labor market. We have phased out our net asset purchases. With inflation rising to over 2% and a strong labor market We anticipate that it will be appropriate to raise the target range for the federal funds rate at our meeting later this month.”
In Ukraine, Russian forces Keep hitting it hard The country’s second largest city, Kharkiv, in an attempt to demoralize the defenders in an apparent shift in military strategy.
Meanwhile, the ADP said companies added 475,000 jobs in February, better than Econoday’s estimate of 320,000 new jobs. The ADP Employment Report is calculated monthly as an introduction to non-farm jobs from the Department of Labor. This report is due to be released on Friday.
stock market correction
The stock market posted a weak move on Tuesday, as major stock indices sold out with heavy losses. Despite the weakness, Wednesday will be the fifth day of an ongoing rally attempt, which means a Follow-up day Signaling the start of a new uptrend – possible anytime now. Amid the current volatility, it’s an important time to read and follow IBD The Big Picture vertical.
Tuesday the big picture He commented, “With stocks continuing to fall more than rise, being a successful stock picker in the stock market today will likely mean that you’re laser-focusing on a few sectors that are actually rising amid the broad pullback.”
If you are new to IBD, consider taking a look at stock trading system And the CAN SLIM Basics. Distinguish chart patterns It is one of the key investment guidelines. IBD offers a wide range of Stock Growth ListsSuch as leaderboard And the SwingTrader.
Dow Jones earnings: Salesforce
Salesforce stock rose about 4% early Wednesday after Wall Street won Quarterly earnings and sales estimates. The enterprise software maker’s revenue guidance came in above expectations, but its earnings forecast was a loser.
CRM shares closed on Tuesday more than 30% from their 52-week high. The stock is well below the 50 and 200 day moving averages.
Dow Jones stocks to watch: UnitedHealth
UnitedHealth is building a double bottom base offering 501.03 points of purchase. Stocks on Tuesday finished just below the 50-day moving average after rising 0.1%. UN stock traded 0.5% higher on Wednesday.
bullish, stock line relative force At new heights, indicating a significant outperformance in the stock market.
Stocks to watch: Metals Trading, Northern Oil, Palo Alto, Ryan’s Specialty
Texas-based Commercial Metals – a manufacturer of metal products for the construction industry – is trying to surpass 38.82 buy point in unification. Shares are down about 3% from the entry level, as the stock broke out briefly on Tuesday. Buy zone rises 5% to 40.76. CMC stock 98 out of 99 shows perfect IBD compound classification, for every IBD stock check. CMC shares are up 2.5% Wednesday morning.
Palo Alto Networks, the cybersecurity leader, is holding above the 572.77 buy point consolidation after Tuesday’s drop of nearly 3%. Buy zone rises 5% to 601.41. The RS line hit a new high on the breakout day. Last week, the company Reported strong earnings and sales. Palo Alto share prices were flat early Wednesday morning.
underwriting leader Ryan Specialty tries to hack 40.65 points of purchase in double bottom With a handle, but it reversed sharply on Tuesday. Last week, the underwriting stock found strong support around the 50-day line. RYAN shares are up 1% Wednesday morning.
Tesla stock It rose about 1% on Wednesday morning, looking to recover from Tuesday’s losses. Stocks decisively retraced the longer-term 200-day streak during Monday’s rally. Now look for the arrow to keep moving up on the right side of the new base. The next major test for the stock may be the 50-day line, which is 10% above its current price. Restoring this line would be bullish for the base-building process for the stock, while heavy resistance might indicate a long-term consolidation period.
The stock traded as high as 1,243.49 on November 4, but on Tuesday finished about 31% from an all-time high.
Dow Jones Leaders: Apple and Microsoft
in between Dow Jones stockApple is building a file double bottom base with 176.75 buy pointaccording to IBD Market Smith Graph analysis. The shares are about 7% away from the new buy point. AAPL stock found support at the long-term 200-day line last week, but remained below the 50-day moving average. Apple shares rose 0.7% Wednesday.
The way Dow Jones deals with the potential resistance at the 50-day line will be key to the potential for a breakout. If the stock finds strong resistance, the consolidation period is likely to be longer. However, if the stock decisively regains this level, a breakout may be on the near horizon. Right now Apple’s stock is down about 5% from the 50-day streak, so there’s some time before a potential test.
stock line relative force Still near recent highs in the face of stock market weakness, which indicates institutions are reluctant to sell their Apple shares.
Shares of software leader Microsoft Inc fell 1.3 percent on Tuesday after three consecutive days of gains. Dow Jones Software Leader is just below the long-term 200-day streak, as it continues to build a base. MSFT stock rose 0.6% on Wednesday.
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