The Dow Jones Industrial Average rose as stocks largely gained. Twitter (TWTR) won after You’re here (TSLA) CEO Elon Musk has lost a legal bid. netflix (NFLX) jumped ahead of earnings. Apple (AAPL) and Goldman Sachs (GS) were among the top-notch winners.
A trio of stocks managed to break above buy points amid the bullish action. marten transport (MRTN), International Digi (DGII) and Games and leisure properties (GLPI) all escape attempts.
X
The volume has been split. It rose on the Nasdaq but was flat on the New York Stock Exchange from the same time on Monday.
The yield on the benchmark 10-year Treasury note rose six basis points to 3.02%. West Texas Intermediate crude oil rose nearly 2% to trade at just over $104 a barrel.
Overview of the US stock market today |
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|---|---|---|---|---|
| Index | Symbol | Price | loss of profit | % To change |
| Dow Jones | (0DJIA) | 31733.43 | +660.82 | +2.13 |
| S&P500 | (0S&P5) | 3926.41 | +95.56 | +2.49 |
| Nasdaq | (0NDQC ) | 11681.09 | +321.04 | +2.83 |
| Russell 2000 | (IWM) | 178.34 | +5.74 | +3.33 |
| INN 50 | (FFTY) | 27.23 | +0.38 | +1.42 |
Last Updated: 3:06 PM ET 07/19/2022 |
||||
Nasdaq soars as small caps shine
The Nasdaq held gains, up nearly 3%. Match (MTCH) was one of the best performers here, as it rose almost 8%.
The S&P 500 also impressed with a 2.5% gain. Play at the casino Entertainment Caesars (CZR) stood out here with a gain of more than 8%.
The S&P 500 sectors were all positive. Consumer discretionary, industrials and financials were the brightest. Consumer staples lagged but still rose.
Small caps gave the bears the biggest black eye, with the Russell 2000 gaining 3.3%.
Growth stocks also fought back. The Innovator IBD 50 ETF (FFTY), a benchmark for growth stocks, rose 1.4%.
Dow Jones Today: Apple Stock, Goldman Sachs Pop
The Dow Jones Industrial Average lagged other major indexes, but still gained more than 2%.
Apple stock was among the beneficiaries of the market rally, rising around 2.5%. It has moved away from its 50-day moving average, according to MarketSmith analysis.
Goldman Sachs shone the brightest as it continued to gain on Monday’s strong earnings report.
It resumed its 50-day line as it jumped more than 5%. It remains down almost 20% so far this year, however.
Goldman Sachs beat expectations and reported earnings of $7.73 per share on revenue of $11.86 billion. Wall Street predicted earnings would fall more than 56% to $6.56 a share from $15.02 a year ago.
Twitter shares gain amid Elon Musk loss
Twitter shares were soaring after the company won a legal victory after a Delaware court on Tuesday ruled in favor of a five-day expedited trial. The Twitter lawsuit is now set to go to trial in October. Musk’s legal team failed to convince the arbitrator that the deadline was too aggressive.
Court is considering Twitter’s request to force Musk into a $44 billion buyout deal struck in April.
The eccentric eccentric is unhappy with the number of spam accounts on the platform. TWTR rose nearly 3% and was trading near session highs. It managed to climb back above its 50-day moving average, an encouraging sign.
Tesla stock hit highs for the day as it rose more than 2%. It remains down around 39% since the start of 2022. Earnings are due tomorrow, which could give the stock a boost.
The former charting stock remains stuck well below its 50-day moving average. It is near the lows of a consolidation pattern with an entry at 1,208.10.
Netflix earnings due as stocks rally
Netflix stock was up as it prepared to post profits after the close. It jumped more than 5%.
Analysts expect the company to earn $2.96 per share, flat from the year-ago period, on sales of about $8.03 billion. Revenue is expected to grow 9% year over year.
One approach highlighted by Investor’s Business Daily is to use options as a strategy to reduce risk around profits.
Netflix has had a torrid year so far in 2022, slipping over 66%.
It fell nearly 30% after the Q1 report warned it would lose 2 million subscribers in Q2. It also reported the first quarterly loss of subscribers in a decade.
The company was bolstered somewhat by plans to offer subscribers a level of advertising at a lower cost.
Outside of Dow Jones: These 3 Stocks Pass Buy Points
A trio of stocks managed to clear buy points amid the broad rally.
Marten Transport exploded more than 18% in profits by staging a powerful breakout. EPS jumped 50% to 39 cents.
It is currently in its buy zone above a 20.04 consolidation pattern buy point. The relative force line has increased.
Big money has gripped the food transportation giant, with its accumulation-distribution rating at B.
Digi International has authorized high volume handleless cup entry. The buy point here is 25.73.
It is in the top 3% of stocks by price performance over the past 12 months. It also has an excellent EPS rating of 94 out of 99.
Gambling and leisure properties are in a buy zone after passing a consolidation entry of 50.34.
The REIT is a spin-off company of Penn National Gaming (PENN). It owns 55 casino properties. Earnings performance is lackluster at the moment, with its EPS rating at 56.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more growth stock analysis.
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