The Dow Jones Industrial Average led the upside in today’s stock market, while the Nasdaq composite reversed higher after trading in the negative. The major indexes tried to recover Wednesday from this week’s sharp sell-off.
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Dow Jones In The Stock Market Today
At 3 p.m. ET, the Nasdaq composite gained 0.3%, lagging the other indexes. The Dow Jones traded up around 0.7%, while the S&P 500 rose nearly 0.6%. The Russell 2000 also lagged the indexes with a 0.2% rise. Data showed lower volume on the NYSE and the Nasdaq vs. the same time on Tuesday.
The yield on the 10-year Treasury note also reversed higher after falling 2 basis points earlier in the day. On Wednesday, the yield traded around 1.54% after a week of sharp gains. A sudden rise in yields can hinder growth stocks and sectors like technology in particular. It has been one of the main causes for this week’s sell-off.
Technology Select Sector SPDR (XLK) moved higher in afternoon trading, after paring its gain to nearly breakeven The Utility Select Sector SPDR (XLU) rose 1.75% and is on track to end a 14-day losing streak. Utilities are also particularly sensitive to interest rates.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 34535.73 | +235.74 | +0.69 |
| S&P 500 | (0S&P5) | 4378.78 | +26.15 | +0.60 |
| Nasdaq | (0NDQC ) | 14597.05 | +50.37 | +0.35 |
| Russell 2000 | (IWM) | 221.50 | +0.21 | +0.09 |
| IBD 50 | (FFTY) | 47.91 | +0.23 | +0.48 |
Last Update: 3:12 PM ET 9/29/2021 |
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Leading tech stocks Microsoft (MSFT) and Alphabet (GOOGL) broke below their 50-day moving averages earlier this week and remain below that key level of support. But shares of Microsoft recovered on Wednesday, with a small gain of less than 1%. Meanwhile, shares of Alphabet were forced lower with a 0.7% decline.
U.S. crude prices came under pressure, dropping 0.5% to below $75 a barrel. Earlier Wednesday, the Energy Information Agency reported a surprising rise in oil inventories of 4.6 million barrels to 418.5 million barrels. IBD’s U.S. oil & gas exploration and production industry group fell as much as 1%. The group has been one of the strongest performers in recent weeks, with a slew of oil and gas growth stocks scoring breakouts.
On Wednesday, Matador Resources (MTDR), a member of the MarketSmith Growth 250 list, broke out from a cup base with 38.15 entry. Volume rose alongside the breakout, a positive sign. Shares gained over 3% despite the drop in oil prices.
Growth Stocks To Watch
Growth stocks sharply pulled back on Tuesday, continuing this week’s declines. The Innovator IBD 50 ETF (FFTY) gained 0.5% after a few days of sharp declines. Shares have fallen back below the buy zone of a 50.06 buy point in a long consolidation pattern. The ETF has gained support at its 10-week line.
Stocks outperforming in the IBD 50 Wednesday included InMode (INMD) and Dynavax (DVAX) which rose over 8% and 7%, respectively. InMode rebounded after losing nearly 13% on Tuesday. Shares found support at…
Read More: Dow Jones Leads Market Rebound, Techs Reverse Higher Midday After