Stock Market Up A Bit As Yields, Oil Rise

The stock market rose early, fell and then rose again at midday Monday as Wall Street got more earnings reports. Oil stocks gained after President Joe Biden opened federal lands to oil drilling.


The Nasdaq edged up less than 0.2%, and the S&P 500 rose 0.3%. The Dow Jones Industrial Average was up 0.24%. The small-cap Russell 2000 index was the laggard, down 0.3%.

Volume fell on the NYSE and Nasdaq compared with the same time on Thursday.

US Stock Market Today Overview

Index Symbol Price gain/loss %Change
dow jones (0DJIA) 34413.12 -38.11 -0.11
S&P 500 (0S&P5) 4384.51 -8.08 -0.18
nasdaq (0NDQC ) 13278.18 -72.90 -0.55
Russell 2000 (IWM) 197.91 -1.05 -0.53
IBD 50 (FFTY) 36.53 -0.01 -0.03
Last Update: 1:20 PM ET 4/18/2022

The yield on the 10-year Treasury note rose 3 basis points to 2.86%.

Oil Up As Energy Sector Leads Stock Market

The price of US crude oil rose 2% to $109 a barrel. The energy sector led the stock market. Energy Select Sector SPDR (XLE) rose 1.9%, outperforming all other S&P sector ETFs.

Murphy Oil (MUR) rose above the 43.30 buy point of an ascending base. Volume was heavy and the relative strength line is also at new highs—two bullish signs for the breakout. The company is in the top-ranked international oil and gas exploration and production industry.

Oil-stocks Western Petroleum (OXY), Comstock Resources (CRK) and ConocoPhillips (COP) led the IBD 50. Comstock jumped more than 9% Monday.

Halliburton (hal) also shot up 1.9% in advance of earnings, which are due out tomorrow. FactSet analysts expect Halliburton to earn 34 cents a share in Q1. That’s 80% above the year-ago period. Sales are seen coming in at around $4.2 billion, about 22% higher than the same quarter last year.

President Biden announced on Friday that he would resume selling leases to drill for oil and gas on federal lands starting today, reversing an earlier campaign pledge.

Commodity And Mining Stocks Advance

Gold mining stocks also jumped Monday as the price of gold shot up. The S&P Gold Shares ETF (GLD) gained 0.8%. Barrick Gold (gold) gained 1.6% and was approaching its 26.17 buy point of a flat base.

Commodity stocks continued to gain as the war between Russia and Ukraine cut off supply chains from both countries. The S&P Materials ETF (XLB) gained 0.3%. Corn futures hit their highest level in nearly a decade.

Marriott International (SEA) jumped 1% after the stock joined the IBD 50. The stock is in a buy range after breaking through its 179.40 buy point of a cup-with-handle pattern.

dow jones leader caterpillar (cat) gained 1.6% Monday afternoon and broke past its 227.15 buy point from a cup with handle. The stock is well above its 50-day and 200-day moving averages.

The Innovator IBD 50 ETF (FFTY) fell 0.4% by early afternoon. Health care stocks were the biggest drag on the IBD 50.

Financials Mixed As Earnings Reports Come In

Bank of America (bac) rose 4% after the company’s first-quarter earnings and revenue topped analysts’ consensus estimates. The bank reported EPS of 80 cents and revenue of $23.2 billion. Ahead of the report, BofA stock had sunk to the lowest level since last July.

Bank of New York Mellon (BK) fell more than 3% after earnings also exceeded estimates.

After the close, J.B. Hunt (JBHT) will report first-quarter results. The trucking company dipped 1.1% Monday.

more than 150 companies are reporting quarterly results this weekincluding Tesla (TSLA), Lockheed Martin (LMT) and more financial institutions.

Tesla gained 10.7% as it forms a cup-with-handle base with a 1,152.97 buy point. Tesla — which reports earnings Wednesday after the close — plans to reopen its Shanghai plant today, reports said. The plant had been idled since March 28 due to a Covid lockdown. It’s not clear when production will resume.

Follow Michael Molinski on Twitter @IMmolinski


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