Some notable stocks have made bullish moves. Pharmaceutical products catalysts (CPRX) and Steel and aluminum reliance (RS) organized breakouts.
Volume was mixed, up on the Nasdaq but down on the New York Stock Exchange, according to early data.
The yield on the benchmark 10-year Treasury note fell six basis points to 3.77%. West Texas Intermediate crude oil is up more than 1% to trade at just over $81 a barrel.
Stocks rose amid rising Fed hopes
Stocks received a boost as comments from a key Fed official fueled hopes that interest rate hikes may ease.
The president of the Federal Reserve Bank of Cleveland, Loretta Mester, said she was open to the idea of the FOMC reducing the size of the interest rate hikes from 75 basis points in December.
The senior market analyst at Oanda said a moderation in rate hike expectations was one of the two main reasons stocks were moving higher.
“US equities are recovering as Wall Street continues to expect the Fed to ease the pace of tightening next month and optimistic that the risk of a train strike fueling inflation is low,” he said in a statement. note to customers.
Nasdaq gains, IBD 50 leads
The Nasdaq closed near its highs for the day, gaining 1.4%. Analog Devices (ADI) was outstanding, up 5.8%.
The S&P 500 also posted a 1.4% gain. Agilent technologies (A) was strong here, up 8.1%.
The S&P 500 sectors were all positive, with energy, materials and technology posting the best gains.
Small-caps rallied well into the close, with the Russell 2000 finishing up 1.2%.
The Innovator IBD 50 ETF (FFTY), a benchmark for growth stocks, benefited from a rich exposure to energy and posted a gain of 3.4%.
S&P 500 tops 4,000 with 5 flash buy stock signals
Dow Jones today: Home Depot shines
The Dow Jones Industrial Average enjoyed another strong session, climbing just under 400 points or 1.2%.
intel (INTC) posted the strongest gain today on the Dow Jones, which is up 3%. It has moved further away from its 50-day moving average, analysis from MarketSmith shows.
Salesforce (CRM), Walgreens Alliance Boots (WBA) and Dow Inc. (DOW) followed closely.
Walt Disney (DIS) was hungover after strong gains on Monday, down 1.4%.
Donald Trump SPAC increases key vote
Donald Trump’s takeover SPAC Digital World jumped after a key shareholder’s vote swung in a favorable direction.
The fate of Digital World Acquisition, a blank-check special-purpose acquisition firm, had remained in limbo after a vote on whether to postpone the merger deadline was delayed multiple times.
Executives at Digital World, led by Patrick Orlando, have until Sept. 8 next year to complete the deal after shareholders approve the postponement.
However, it still faces hurdles, including investigations by the SEC and federal prosecutors.
Trump Media and Technology Group’s main product at the moment is the conservative social media site Truth Social, a right-wing alternative to Twitter.
DWAC stock rallied on the close, jumping 5.7%. However, it closed the day’s highs. It’s down about 56% for the year, but below its 12-month lows.
The stock is in the bottom 9% of shares in terms of stock market performance over the past 12 months.
Retail shares blow up amid bullish Best Buy earnings report
Retail shares greatly benefited after a bullish earnings report from Best Buy.
The consumer electronics chain has beaten Wall Street’s views both high and low. Comparable sales also fell less than the company had feared.
But it was optimism about the holiday shopping season that was the biggest impetus. The company raised its forecast for the full year and reaffirmed its outlook for the holiday quarter.
Best Buy stock ended the day up 12.7%, closing just below its 200-day moving average.
Among other retail stocks, Sporting Goods by Dick (DKS) beat opinions and raised its guidance for the remainder of the year. Dollar tree (DLTR) topped views but gave mixed indications.
Shares of DK rose 10.1%, moving away from its 50-day line. Dollar tree (DLTR) fell 7.8% but found support at the 50-day moving average.
The SPDR S&P Retail ETF (XRT) was up 2.7% and closed as high.
Outside the Dow Jones: Warren Buffett stock in the buy zone
Chevron stock is trading bullish in a buy zone above a 182.50 entry. The relative strength line is getting higher after a decline.
This is a pattern of first stage consolidation after breaking through the previous second stage flat base lows. Still, the gains so far in 2022 are impressive, coming in at nearly 56%.
Warren Buffett stock has now been added to the prestigious IBD Leaderboard list.
Catalyst Pharma is trading near the top of a buy zone after clearing a cup entry handle at 16.76. The RS line has reached new heights.
Biotechnology develops and markets therapies for people with rare chronic debilitating neuromuscular and neurological diseases. He is a member of IBD Sector Leaders, our most stringent proprietary screen.
Reliance Steel is trading in a buy zone after breaking through a 211.76 consolidation pattern entry, analysis from MarketSmith shows.
All-round performance is good. It is also in the top 7% of stocks in terms of price performance over the past 12 months.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more analysis of growth stocks.
YOU MAY ALSO LIKE:
The stock market forecast for the next six months holds big risks for the Dow Jones, but also hope
MarketSmith: Research, charts, data and coaching all in one place
These are the top 5 stocks to buy and watch now
This is Warren Buffett’s latest stock, but should you buy it?
This is Donald Trump’s latest action: is DWAC a buy?