The Dow Jones Industrial Average rose 0.2% midday Tuesday despite renewed talk of interest rate hikes from the Federal Reserve. The closely watched index was headed for its seventh straight session of gains and the second-longest winning streak so far this year.
On Monday, Minneapolis Fed President Neel Kashkari indicated that the rate-hiking cycle may not be over. Kashkari told the Wall Street Journal that he would favor excessively tightening monetary policy to bring inflation down to 2%. On November 1, the Fed left rates unchanged between 5.25% and 5.5%. Other Fed officials will speak on Tuesday, followed by Fed Chairman Jerome Powell on Wednesday and Thursday.
The S&P 500 rose 0.3% in the stock market today while the Nasdaq climbed even higher, up 0.9%. All three major indices are holding above the 50-day moving average.
Meanwhile, if the Dow’s gains hold, its winning streak would break a six-day rally in June. Dow Jones stocks fell 13 sessions in July. The index is up 3.3% so far this month and is on track to have its five best trading days in a month since December 2021.
Volume on the New York Stock Exchange and Nasdaq was higher than at the same time Monday. Declines beat advancers on the NYSE while the opposite was true on the Nasdaq.
The small-cap Russell 2000 index underperformed and fell 0.2%. The Innovator IBD 50 ETF (FFTY) rose 0.3% on the hour.
Meanwhile, West Texas midstream crude added to signs of economic weakening and fell more than 2% to $78.57 a barrel. And the yield on the benchmark 10-year Treasury note fell 7 basis points to 4.58%.
Dow Jones Stocks
Intel (INTC) rose after reports that the benchmark chipmaker could be the leading contender for a multibillion-dollar deal with a U.S. defense facility.
Also on the Dow Jones, Disney (DIS) plans to release its fourth-quarter and full-year financial results Wednesday after the market close. Stocks are holding above their 50-day moving average as earnings approach.
Stocks are moving today
Uber (UBER) reversed early losses and broke out midday Tuesday after reporting its third-quarter results before the bell. Earnings of 10 cents per share beat views, but sales of $9.29 billion fell short of estimates. Uber’s stock has nearly doubled this year.
Energy drink manufacturer Celsius (CELH) fell nearly 5%, even though the company said its third-quarter sales more than doubled to $385 million from $185 million in the year-ago quarter. Additionally, the profit of 89 cents per share marks a setback from last year’s losses. Shares fell below the 50-day line.
Travel advisors (TRIP) widened and sought to reclaim its 200-day moving average after reporting results. Sales and profits increased in the third quarter. TRIP shares jumped nearly 10% in recent action.
Other income factors included Vertex Pharmaceuticals (VRTX), which reported a 6% increase in third-quarter sales and raised its full-year revenue forecast to $9.9 billion. Earnings of $4.08 per share were 7 cents higher than a year earlier. The stock fell and returned to a buy zone.
In oil services, Tidal waters (TDW) posted a decline despite sales growth of 56% and profit growth of 133%. Stocks triggered a sell signal and fell below the 50-day line. Oil carrier International sea lanes (INSW) fell after earnings, but pared some of those losses and rose above a suitable buy point of 48.40.
Additionally, home builder Dr. Horton (DHI) rose into a cup base with a buy point of 132.30 after the results.
Outside Dow Jones: Netflix increases its prices
Netflix (NFLX) rose slightly as it worked to extend its winning streak to seven straight days on Tuesday. The streaming giant is increasing its prices as the holiday season approaches.
Akamai (AKAM) and Axon (AXON) report as of market close. Akamai entered a buy zone on Tuesday while Axon slipped just below one.
AMC (AMC), The righteous Isaac (FICO) and Duolingo (DUOL) reports Wednesday, with Warren Buffett holding Western oil (OXY). Exchange Office (TTD), Hotels in Wynn (WYNN) and Li Auto (LI) will release its quarterly results on Thursday.
Sterling infrastructure (STRL) fell below its 50-day line and undercut its base after third-quarter results. Air products and chemicals (APD) also collapsed below a converged 50-day and 200-day moving average and exited a consolidation. Sales declined for the second consecutive quarter.
In medical systems, Medical shockwave (SWAV) dipped below its 50-day line as earnings remained flat from the prior year.
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