BREAKING: Stocks Fall Sharply After Fed Meeting
Small caps led a mixed performance for the stock market in Tuesday afternoon trading. Chevron (CVX) and Caterpillar (CAT) outperformed in the Dow Jones Industrial Average.
A strong earnings report from Palo Alto Networks (PANW) lifted several security software names in the Nasdaq 100, including Zscaler (ZS) and CrowdStrike (CRWD), but both stocks are still in pronounced downtrends.
Palo Alto Networks gapped above its 200-day moving average after the security software giant reported a 49% jump in quarterly profit. Revenue increased 27% to $1.55 billion. The company also declared a 3-for-1 stock split.
At the New York Mercantile Exchange, WTI crude oil futures were up more than 3% to $93.37 per barrel, on rising hopes for an output cut at OPEC’s next meeting in early September.
Several oil and gas stocks made noteworthy moves in the MarketSmith Growth 250, including Ranger Oil (ROCC), SM Energy (SM), Occidental Petroleum (OXY) and Civitas Resources (CIVI).
How To Know It’s Time To Sell Your Favorite Stock
ROCC soared past its recent high of 38.80 but is still trading well below the 42.76 buy point. That means overhead supply could still be an issue for the stock. Meanwhile, OXY stock hit an all-time high after giving a buy signal last week, when it jumped past a 66.26 handle entry.
The Dow Jones Industrial Average slipped 0.4%, weighed down by weakness in Home Depot (HD).
HD stock rallied close to its 200-day moving average last week after reporting earnings. But the stock has been under selling pressure since that time.
Dow Jones stocks UnitedHealth Group (UNH) and Procter & Gamble (PG) also lagged on a bad day overall for health care stocks.
The S&P 500 edged lower by 0.1%, buoyed by strong performances for Halliburton (HAL), Apa Corp. (APA) and Schlumberger (SLB).
The Russell 2000 small-cap index and the Nasdaq composite inched up 0.1%.
Volume was lower on the NYSE and Nasdaq, compared to the same time Monday.
The 10-year Treasury yield rose to 3.04%.
Get Alerts To Stocks Near Buy Points With Leaderboard
Tesla (TSLA) rose 2.5%. The stock will split 3-for-1 after Wednesday’s closing bell.
Nvidia (NVDA) and Splunk (SPLK) also outperformed in Tuesday’s stock market. Both report earnings Wednesday after the close, along with Snowflake (SNOW) and Salesforce (CRM).
Federal Reserve Chairman Jerome Powell is speaking Friday at the annual Jackson Hole Economic Policy Symposium.
The speech could move markets, but he’s been very transparent about the Fed’s plan to bring down inflation. For now, Fed funds futures traders think there’s a 52.5% chance for a 50 basis-point hike at the September meeting.
July new-home sales fell more than expected while the Richmond Fed Manufacturing index contracted more than expected, lowering odds for a 75 basis-point hike.
Inside the IBD 50, Celsius (CELH) soared past a 109.84 buy point after a solid test of its 21-day exponential moving average. Shares jumped around 10%.
Sentiment has been positive around Celsius since the company inked a big distribution deal with PepsiCo (PEP). PepsiCo has also invested $550 million in the beverage manufacturer.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
YOU MAY ALSO LIKE:
Top Growth Stocks To Buy And Watch
Learn How To Time The Market With IBD’s ETF Market Strategy
Find The Best Long-Term Investments With IBD Long-Term Leaders
MarketSmith: Research, Charts, Data And Coaching All In One Place
How To Research Growth Stocks: Why This IBD Tool Simplifies The Search For Top Stocks
10:03 AM ET The stock market whipsawed lower as the Fed hiked rates by 75 basis points and forecast a new terminal rate…
10:03 AM ET The stock market whipsawed lower as the Fed hiked rates…
Get instant access to exclusive stock lists, expert market analysis and powerful tools with 2 months of IBD Digital for only $20!
Get market updates, educational videos, webinars, and stock analysis.
Learn how you can make more money with IBD’s investing tools, top-performing stock lists, and educational content.
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the stocks they discuss. The information and content are subject to change without notice.
*Real-time prices by Nasdaq Last Sale. Realtime quote and/or trade prices are not sourced from all markets.
Ownership data provided by Refinitiv and Estimates data provided by FactSet.
© 2000-2022 Investor’s Business Daily, LLC. All rights reserved
BREAKING: Stocks Fall Sharply After Fed Meeting