The major stock market indexes were strong at the close after a seesaw session Thursday, ending near the high of the day. Investors seemed to brush off Fed Chairman Jerome Powell’s reaffirming commitment to stamp out inflation.
The Nasdaq climbed 0.6% and managed to stay in the green. The S&P 500 gained 0.7%. The Dow Jones Industrial Average added 0.6%. Small caps held up slightly better than the other indexes, with the Russell 2000 index rising 0.8%.
NYSE volume was up 4.1% and Nasdaq volume rose 0.4%, according to early data.
Crude oil was up 0.9%, trading at $82.66 per barrel. Natural gas held its gain, up 1.5%. The SPDR Select Energy ETF (XLE) added 0.4%.
Bitcoin futures rose 2% to $19,310. The yield on the 10-year U.S. Treasury note ticked up to 3.31%.
Markets now project an 86% chance the Fed will raise interest rates by 75 basis points at this month’s meeting. Only 14% of market watchers expect a 50-basis-point hike.
Initial jobless claims declined by 6,000 to 222,000 for the week ended Sept. 3, vs. the consensus estimate of 240,000. The decreasing trend suggests an improving job market.
Stock Market Winners And Losers
Regeneron Pharmaceuticals (REGN) popped 18.9% on news of two successful clinical trials of its eye drug Eylea. Its share price is on pace for the largest percentage increase since April 2011. Shares closed the highest since May 27.
Snap (SNAP) surged 9.3% in heavy volume on news of an internal memo from CEO Evan Spiegel announcing the company plans to grow to 450 million users by the end of the year. Snap, the parent of Snapchat, also has a goal of revenue reaching $6 billion in 2023.
Moderna (MRNA) stock rose 4.7% after Deutsche Bank upgraded the medical stock to a buy from a hold, and raised its price target to 165 from 155.
Copper and gold miner Freeport-McMoRan (FCX) shares rallied 7.9% as copper futures prices gained 3.6%.
Stocks Near A Buy Point
Driven Brands (DRVN) rallied 1% hit the 33.38 buy point. The stock of the auto services provider is at a new high on the relative strength line, as indicated by a blue dot on the weekly chart in MarketSmith.
Stocks Moving On Earnings
DocuSign (DOCU) soared almost 17% in extended trading after the document preparation software maker reported better-than-expected fiscal Q2 2023 earnings per share and sales.
U.S. Stock Market Today Overview
Last Update: 4:30 PM ET 9/8/2022
Upscale home furnishings retailer RH (RH) was down 3.4% in extended trading after reporting a miss on Q2 earnings, but a beat on sales.
Asana (ASAN), a collaboration software company, soared 24.8% after reporting better-than-expected Q2 numbers Wednesday after the market close. Results included a smaller-than-projected loss and a beat on sales. Management gave Q3 and full-year 2023 sales guidance higher than analysts estimates. The stock gapped up in huge volume and is trading above the 21-day exponential moving average and the 50-day moving average.
AeroVironment (AVAV) jumped 14.9% after reporting better-than-expected fiscal Q1 2023 sales numbers and a smaller-than-anticipated quarterly loss. The company’s products include drones and missile systems.
Stock Market Today: IBD 50 Stocks On The Move
The IBD 50 ETF (FFTY), a measure of growth stocks, gained 1.5%, outperforming the major indexes.
Comstock Resources (CRK) rose 4.7% and is above the 21-day exponential moving average in light volume. Cross Country Healthcare (CCRN) was up 5.5% and is within 1% of the 27.80 buy point on a cup-with-handle base.
Axonics Modulation Technologies (AXNX) jumped 5% and is extended above the 20% to 25% profit zone of a cup-with-handle base. Axonics also cleared a three-weeks-tight pattern with a 74.27 buy point. The stock soared on news of its first four patients implanted with its bladder and bowel dysfunction system in Canada.
Daqo New Energy (DQ) shed 7.5% and is trading below the 21-day exponential moving average and the 50-day moving average.
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