Dow Jones Fades As Fed Official Gives This Warning; Coinbase Dives As Bitcoin Rallies

The Dow Jones Industrial Average saw gains in gains as the index lost momentum. A senior Federal Reserve official warned of inflation. coinbase ,coin) Just as bitcoin rebounded, so did the fall Riot Blockchain ,riot) Emerging. Walt Disney ,district) was the top blue chip on earnings.

There were three influential stocks among the breakouts. sector leader Matador Resources ,mtdr, Western Midstream Partners ,wes) And clean port ,clh) All tested purchase points.


According to preliminary data, volume was up on the Nasdaq but lower on the New York Stock Exchange.

The yield on the benchmark 10-year Treasury note jumped 11 basis points to 2.89%. West Texas Intermediate crude rose nearly 2.5% to more than $94 a barrel.

Fed official warns amid encouraging inflation data

Shares rose on Thursday amid more encouraging inflation data.

New producer price index data showed wholesale prices fell 0.5% in June, better than the 0.3% expected by analysts. Basic prices rose 0.2% versus June’s consensus of 0.4%.

Year to date, prices were up 9.8%, down from the 10.3% consensus. Core rate up 7.6% under consensus of 7.8%

But the president of the San Francisco Fed warned that it was still too early to “declare victory” in the fight against inflation. he told the Financial Times She isn’t ruling out a 0.75% increase for the third time in a row at the Federal Reserve Open Market Committee meeting in September. However, she said the increase of half a percentage point in September is her “baseline”.

While Daly welcomed the latest inflation reports, she would like to see more evidence that the central bank is “on track to significantly reduce inflation and achieve our price stability targets.”

Reversed as Nasdaq Small Caps Shine

The Nasdaq saw gains in gains, down 0.6%. DocuSign ,Document) was one of the worst laggards as it fell 4%.

The S&P 500 also saw progress stall and closed down 0.1%. Devon Energy ,dvn) was a top performer here with a growth of 7.3%.

US Stock Market Today Overview

index sign, symbol worth profit loss % Change
Dow Jones ,0djia, 33337.13 +27.62 +0.08
S&P 500 ,0S&P5, 4207.34 -2.90 -0.07
Nasdaq ,0NDQC , 12779.91 -74.90 -0.58
Russell 2000 ,IWM, 196.53 +0.91 +0.47
IBD 50 ,ffty, 29.57 -0.02 -0.07
Last Updated: 4:24PM ET 8/11/2022

A slim majority of S&P 500 sectors were negative. Energy, finance and industry performed the best. Consumer discretionary and health left the most ground.

Smallcaps managed to outperform the major indices, with the Russell 2000 Index up 0.5%.

Innovator IBD 50 ETF (ffty), a bellwether for growth stocks, reversed of late as it closed down 0.1%.

Dow Jones Today: Disney stock soars on earnings

The Dow Jones saw early gains fade but ended with a slim 0.1% gain.

Walt Disney stock was the top performer on the Dow Jones today. It closed up 4.7 per cent on strong earnings reports. The firm surpassed Wall Street targets for fiscal third-quarter earnings, revenue and customers.

Disney also announced plans for a 38% price increase for the ad-supported Disney+ and ad-free versions.

Disney stock is climbing to a mid-July low and is now turning away from its 50-day moving average, according to marketsmith analysis, But it is down more than 41% from the March 2021 high of 203.02.

beam ,CVX) also performed well as it rose 2.4%. In the below direction, johnson and johnson ,jnj) brought it to the rear as it fell 2.1%.

Coinbase Stock Falls Despite Bitcoin Rally

Coinbase stock fell sharply on Thursday as its poor quarterly report finally caught on. Cryptocurrency exchange stocks fell even as bitcoin rose again.

A broader rally and a surge in bitcoin helped propel COIN higher, despite widely missed earnings views and the firm lowering its full-year forecast for transacting users. Coinbase now expects a range of 5 million to 15 million users, versus 7 million to 9 million monthly trading users three months ago.

But Coinbase stock fell 10.8% in higher-than-average volume on Thursday. It declined towards its short-term moving average and the key 50-day line.

Bitcoin was trading above $24,000 after gaining nearly 2% in the last 24 hours, according to CoinDesk,

Other cryptocurrency plays had better luck. Grayscale Bitcoin Trust (GBTC) rose 1.5% while bitcoin mining play Riot Blockchain vaulted 4.5%. The latter stock is now up over 15% for the week.

Outside the Dow Jones: Energy stocks amid breakouts

Matador Resources made a bullish move above the cup-with-handle buy point of 58.68, Marketsmith analysis reveals, Oil & Gas Explorer has the best possible EPS rating of 99. It is also in the top 3% of stocks in terms of price performance over the past 12 months.

What is Matador a member of? field leader, IBD’s toughest and most powerful screen. All leaders in the IBD sector show excellent earnings and sales growth in recent quarters and are strong in a number of other fundamental and price-performance metrics.

Western Midstream Partners currently sits in a buyout zone after exiting its own cup-with-handle base. Here the entry point is 27.80. The natural gas transportation game has seen its relative power line move higher. Excellent all-around performance is reflected in the IBD Composite rating of 99.

Clean Harbors saw its relative strength line reach new highs as it settled above the double-bottom-basis buy point of 115.10. It closed just below this entry. Profits are rising in the pollution control game EPS up 81 per cent on average in the last three quarters.

Please follow Michael Larkin on Twitter @IBD_MLarkin For more analysis of growth stocks.

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