The major stock market indexes had given back all the morning’s gains and then some at the noon hour on Wednesday, but are trading above the lows of the day. The market cannot seem to hold onto any gains today.
The Nasdaq composite lost 1.1%, while the S&P 500 dropped 0.8%. The Dow Jones Industrial Average shed 0.4%. Small caps held up slightly better, with the Russell 2000 index losing 0.3%.
Stock Market Squeezes Small Gains; Gas Sees Strength
NYSE volume was up and Nasdaq volume was down compared to the same time Wednesday.
The Nasdaq 100-tracking Invesco QQQ Trust (QQQ) trimmed 1.5%.
Crude oil sank 3.7%, trading at $85.20 per barrel. The SPDR Select Energy ETF (XLE) lost 2.2%.
Natural gas retreated 9.6%, after news of above-average storage data and a labor agreement that prevented a railroad strike.
Bitcoin futures lost another 1.3% to $19,675. The yield on the 10-year U.S. Treasury note rose to 3.56%.
U.S. Stock Market Today Overview
Last Update: 12:10 PM ET 9/15/2022
Traders project a 80% chance the Fed will raise interest rates by 75 basis points at this month’s meeting. And 20% of traders expect a 100-basis-point hike, according to CME Group’s FedWatch.
In Europe, the German DAX stock index lost 0.6%, the London FTSE 100 inched up 0.1% and the Paris CAC 40 sank 1% to close out the trading day.
Initial jobless claims declined by 5,000 to 213,000 for the week ended Sept. 10, vs. the consensus estimate of 228,000. The decreasing trend suggests an improving job market.
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Stock Market Gainers And Losers
Store Capital (STOR) soared 20% on news of being acquired by Singapore-based investment company GIS and Chicago-based Oak Street Capital Management in an approximate $14 billion all-cash deal. Store Capital is a single-tenant operational real estate (STORE) management company.
Store Capital has shown consistent quarterly EPS growth, ranging from 16% to 27% in the last three quarters. It has also shown similar sales growth of 17% to 22% in the same time period.
Humana (HUM) rallied 6.8% after raising its full-year 2022 adjusted EPS guidance.
Railroad holding company Norfolk Southern (NSC) rose 1.1% after rail companies and their union came to a tentative agreement, averting a railroad strike. A strike was feared to affect the already strained supply chains, adding to inflationary pressures. Union Pacific (UNP) was up 2% on the news.
Footwear and EV Stocks Shine
Footwear and apparel maker Deckers (DECK) gained 2% after Wedbush upgraded the stock to outperform from neutral, and raised its price target to 410 from 320.
EV charging company ChargePoint (CHPT) rose 7% on news that President Joe Biden plans to fund construction of EV chargers in 35 states.
Adobe (ADBE) plunged 17% on heavy volume after giving better-than-expected Q3 earnings, but lower-than-expected fiscal Q4 revenue guidance. The company also announced it entered an agreement to acquire web-design platform company Figma for about $20 billion cash and stock.
Stock Market Today: IBD 50 Stocks On The Move
The Innovator IBD 50 ETF (FFTY) dropped 2%, more than the major indexes.
Cross Country Healthcare (CCRN) jumped 3% after Benchmark raised its price target to 42 from 37 and maintains its buy rating on the stock. The stock is extended from a cup-with-handle 27.87 buy point.
Cross Country is ranked No. 1 in the staffing services group, which is ranked No. 172 out of the 197 industry groups IBD tracks. It holds a highest possible 99 EPS Rating and a 97 Composite Rating.
Agilon Health (AGL) gained 3.3% after RBC Capital initiated coverage with an outperform rating and a price target of 33 on the stock. Agilon is forming a cup base.
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