[ad_1]
The stock market gave back most of its early gains and traded near session lows in afternoon trading. Amazon.com (AMZN) rose in the first day of its stock split.
X
The Nasdaq composite, which was up as much as 1.9%, reduced its gain to 1%. The S&P 500 trimmed its gain to 0.8% also, and the Dow Jones Industrial Average held to a 0.4% gain.
Stock Market Indexes Holding Above Key Line
All three indexes are still holding above their 21-day exponential moving averages. Amazon.com, a component of the Nasdaq and S&P 500, was up more than 2% after its 20-for-1 stock split went into effect with today’s trading. Amazon, which closed Friday at 2,447, was quoted at about 125.
Small caps lagged as the Russell 2000 erased all gains for a time, though it rebounded and was up 0.6%. Volume was tracking about 16% higher on the Nasdaq and NYSE compared with the same time on Friday.
Solar Stocks Lead Market
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 32919.17 | +19.47 | +0.06 |
| S&P 500 | (0S&P5) | 4121.70 | +13.16 | +0.32 |
| Nasdaq | (0NDQC ) | 12045.92 | +33.19 | +0.28 |
| Russell 2000 | (IWM) | 187.54 | +0.48 | +0.26 |
| IBD 50 | (FFTY) | 33.13 | +0.10 | +0.30 |
Last Update: 1:30 PM ET 6/6/2022 |
||||
Solar energy stocks got hot after the White House said it plans to waive some tariffs on solar imports. The move is designed to bolster supplies while invoking the Defense Production Act to boost domestic manufacturing of solar parts.
IBD’s solar energy industry group jumped 6.6% and was the best performing out of 197 industry groups.
JinkoSolar (JKS) broke out of a deep cup base, and traded near the 66.47 buy point. Volume was heavy and the relative strength line is at new highs.
Pharmaceuticals were noticeably weaker, part of a decline in much of the health care sector. Hospitals, generic drugs and biotechs were among the 10 worst performing industry groups.
Regeneron (REGN) slid nearly 5%, sinking below its 200-day moving average. A Jefferies analyst initiated coverage of Regeneron with an underperform rating Monday. Regeneron, the analyst believes, will have a hard time outperforming, Barron’s reported.
Eli Lilly (LLY) pared gains after trying to reclaim its 314.10 buy point. Intercept Pharmaceuticals (ICPT) slid more than 8%.
Twitter Deal In Doubt
Twitter (TWTR) gapped down but trimmed its loss to about 2% in afternoon trading. Tesla CEO Elon Musk threatened Monday to end his $44 billion planned acquisition of Twitter. Musk accused the social media company of failing to comply with his request for data on the number of users and fake accounts on the social media platform.
The Innovator IBD 50 ETF (FFTY) was up 0.3% after it also pared gains.
Matson (MATX) climbed above its 50-day moving average in stock market trading, although the stock still has a long hill to climb to regain prior highs. Matson is part of the shipping group, which has been rebounding. Genco Shipping & Trading (GNK), which is also in the IBD 50, climbed to an October 2015 high.
Linde (LIN), an industrial gases supplier, is holding above the 332.41 buy point of a flat base. New Fortress Energy (NFE) also is holding above its buy point and is in a buy zone to 51.87.
But Excelerate Energy (EE) reversed sharply lower, and the new issue is 4% below the 29.20 buy point.
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
[ad_2]
Source link
