The Dow Jones Industrial Average has struggled to stay positive even as the broader stock market has resisted. Apple (AAPL) which charges higher on excellent results but Visa (V) the top blue chip. Robinhood (HOOD) managed to rebound higher despite poor results and guidance.
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Some stocks tried to come out amid positive action. Danaos (DAC) at Global Ship Lease (GSL) both reviewed points of purchase.
Stocks are gaining despite the Fed’s preferred inflation gauge that is only in line with economist forecasts. The Personal Consumption Expenditures price index showed prices rising 5.8% in December. The core PCE price index rose 4.9%, slightly higher than the 4.8% consensus.
Nasdaq Increased As Growth Stocks Lag
The tech-heavy Nasdaq is making the best progress, rising more than 1%. Atlassian (TEAM) starred here, surging about 8%.
The S&P 500 also rallied from the red, gaining 0.7%. Mastercard (MA) is among the best performers here, up nearly 7%.
US Stock Market Overview Today |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 34346.54 | +185.76 | +0.54 |
| S&P 500 | (0S & P5) | 4371.82 | +45.31 | +1.05 |
| Nasdaq | (0NDQC) | 13541.85 | +189.07 | +1.42 |
| Russell 2000 | (IWM) | 191.09 | -0.43 | -0.22 |
| IBD 50 | (FFTY) | 36.45 | -0.17 | -0.46 |
Last Update: 3:00 PM ET 1/28/2022 |
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The S&P sectors are mixed. Technology and communication services make the best gains. Materials and energy are the worst lag.
Small caps are down again, with the Russell 2000 falling 0.2%.
Growth stocks are also struggling for momentum. The Innovator IBD 50 ETF (FFTY), a bellwether for growth stocks, fell 0.5%.
Dow Jones Up As Apple Stock Stuns
The Dow Jones Industrial Average managed to earn a gain of approximately 0.5% as the bulls battled the bears for supremacy.
Apple is one of the top performers here, up about 5% after the beating of analyst estimates.
This is the best company per quarter for revenue, with all categories excluding iPads entering the views above.
Apple did not provide guidance for the current quarter. The company has not provided specific quarterly guidance since the Covid-19 pandemic began.
Apple stock remains nearly 9% shy of an all -time high of 182.94, which reached Jan. 4. It was forced to return due to the stock market correction.
But Visa tops the index after it skyrocketed in revenue. The credit card giant also topped revenue estimates after revenue topped the $ 7 billion level for the first time.
Worm (CAT) the worst late. It fell 7% despite falling revenues amid shrinking margins.
Got Tech Stocks
The technology sector is performing well, with Visa and Apple performing the best here.
Along with other strong gainers Juniper Networks (JNPR), which rose nearly 5%, Fidelity National Information Services (FIS), which gained more than 6%, and Service Today (NOW), which increased by approximately 4%.
Among FANG stocks, Meta Platforms (FB) is less than 1%, Amazon (AMZN) rose just over 1%, Netflix (NFLX) dropped more than 2%, and Google parent Alphabet (GOOGL) rose more than 2%.
Stock on the leaderboard Microsoft (MSFT) is also moving higher, though its gain of approximately 1% is mild. It forms a flat base but the magnitude of its recent decline means that this pattern is no longer valid.
Microsoft stock previously bounced back above its 200-day moving average after a bullish earnings report.
Robinhood Stock Rebounds Despite Unhappy Earnings
Robinhood’s stock managed to bounce from a new all-time low to move nearly 6% higher.
The stock remains miles below its 50-day moving average, currently sitting at half a dollar below the 20 level.
Hood stock rebounded from the red despite posting dismal Q4 results late Thursday.
Robinhood lost 49 cents per share on sales of $ 362.7 million. It also provided sales guidance in the first quarter that was lower than Wall Street’s expectations.
One positive is the fact the company said it invests heavily in product development.
These Stock Tests Buy Points
Danaos shipping stocks managed to break through a cup base buy point of 89.51, even as it gave up some early gains. The volume grew more than 200% above average, an encouraging sign. The fact that the RS line is sitting at a new high is another bullish indicator.
Shipping stocks are in favor right now due to the supply chain crisis. Stock market performance gains caught on but analysts see strong growth ahead.
Global Ship Lease saw its relative strength line hit a new high as it traded above the cup-with-handle buy point of 25.59 on a weekly chart.
EPS is also lagging behind here, but big money has been buying the stock lately.
But remember, the stock market is still in the grip of a correction so buying any new stocks is super risky right now.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on stock growth and analysis.
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