The stock market tried to bounce back after a three-day sell-off, but sharp gains at the open faded. Indexes were mixed at midday.
XThe Nasdaq recovered more than 2% early on, but pared its gain to 0.1% at midday. The S&P 500 reversed lower 0.3%. The Dow Jones Industrial Average rose 0.4% after rising more than 1%. Small caps took a bigger hit as the Russell 2000 came down 1.1%.
The Nasdaq's 4.3% loss Monday marked a three-day losing streak of more than 10%. It was the largest three-day decline since March 2020.
Today's volume rose on the NYSE and Nasdaq compared with the same time on Monday.
Crude oil prices fell 1.8% to $101.26 a barrel. The yield on the 10-year Treasury note fell 12 basis points to 2.95%, dropping below 3% for the first time since Thursday.
Tobacco Stocks Tumble
Tobacco stocks, normally a haven during weak stock markets, sold off. Altria Group (MO) plunged nearly 8% and slid below the 50-day line in heavy trading. Q1 earnings beat views, although sales dipped 2% from a year ago.
Phillip Morris (PM) fell 1.3%. It confirmed talks to acquire Swedish Match in a deal that could be worth $15 billion. Vector Group (VGR) tumbled 12% as it also slid below its 50-day line after earnings were announced.
Tesla (TSLA) bounced 3.5% early but reversed lower at midday. The stock slid more than 9% Monday. The company's Shanghai plant shut down again Monday after a supplier had to stop shipments due to a Covid infection in one employee, Reuters reported. Other reports said the factory wasn't entirely halted.
Other EV stocks were mixed.
Li Auto (LI) beat first-quarter earnings estimates, but gave weak Q2 delivery and revenue guidance. Shares reversed modestly lower. Xpeng (XPEV) reversed lower 2%, Nio (NIO) ffell 3.2% and Byd (BYDDF) pared gains to 0.4%.
Pfizer To Buy Drugmaker
Pfizer (PFE) rose 0.7% but continued to test resistance at the 200-day moving average. The pharmaceutical giant announced it is acquiring Biohaven Pharmaceutical (BHVN) in a deal valued at $11.6 billion. Biohaven makes the migraine medication Nurtec ODT. Biohaven stock vaulted 70% to the highest since November.
In the current stock market correction, it wouldn't be a normal day without a catastrophic stock sell-off. On Tuesday, Upstart (UPST) took the title, with a 60% hammering in huge volume. The cloud-based consumer lending platform cut its full-year revenue forecast. Higher interest rates and prices threaten a recession this year, the company said.
Rada Electronic Industries (RADA) plummeted 13% in heavy volume after the maker of military systems and sensors posted a first-quarter loss. Israel-based Rada said a delay in the U.S. budget hurt its financial results. The stock, which broke below the 50-day moving average Monday, gapped down today.
Peloton Woes Grow
Peloton Interactive (PTON) reduced its loss to 12.5%, hitting a record low. The exercise bike company missed expectations for its March-ended quarter and its current-quarter guidance also was below estimates.
Once a winner in the pandemic economy, Peloton is now trading well below its IPO price of 29 per share. With Covid restrictions largely lifted, gyms are recovering. Planet Fitness (PLTN) rose 2.6% on better-than-expected results. The company also backed its 2022 outlook. Planet Fitness shares are still trading near nine-month lows.
Innovator IBD 50 ETF (FFTY) fell 0.9%.
YOU MIGHT ALSO LIKE:
Get Free IBD Newsletters: Market Prep | Tech Report | How To Invest
What Is CAN SLIM? If You Want To Find Winning Stocks, Better Know It
IBD Live: Learn And Analyze Growth Stocks With The Pros
MarketSmith's Tools Can Help The Individual Investor
Looking For The Next Big Stock Market Winners? Start With These 3 Steps
"stock" - Google News
May 10, 2022 at 11:04PM
https://ift.tt/GpERv9W
Stock Market Fades, Mixed At Midday; A Defensive Group Sells Off - Investor's Business Daily
"stock" - Google News
https://ift.tt/wE8W9dV
https://ift.tt/6HakiAv
Bagikan Berita Ini
0 Response to "Stock Market Fades, Mixed At Midday; A Defensive Group Sells Off - Investor's Business Daily"
Post a Comment