Stock market reversed after opening strong, Dow closed; China shares plunge | Daily Business Investor

news7f10/24/2022

0 2 minutes read

Stock market reversed after opening strong, Dow closed; China shares plunge | Daily Business Investor

The main stock market indexes opened the new trading week positive but reversed in the first hour of trading on Monday. The Dow Jones Industrial Average led the pack, gaining more than 0.6%, adding to its best three-week stretch since 2020. Chinese stocks tumbled after the party congress asserted absolute leadership. by Xi Jinping.

The S&P 500 index reversed course after a strong opening but remained up 0.3%. The Nasdaq composite was the top loser, down 1.1%, worse than the Russell-2000 small-cap index, which is trading 0.2% lower.

The Invesco QQQ Trust ETF 100 tracks the tech-heavy Nasdaq (QQQ) decreased by 1%.

The NYSE traded in lower volume than it did at the same time on Friday while Nasdaq volume was higher.

Crude oil traded sideways near $85 per barrel while the SPDR Select Energy ETF (XLE) reached 0.4%.

Natural gas rebounded, adding 3.9% and back to above $5 per million British thermal units.

The yield on the 10-year Treasury note rose to 4.27%. Bitcoin added 0.3% to $19,255.

Take our anonymous survey and tell us what you like (and dislike) about your online broker
Ten participants will win a $50 Amazon gift card

European markets were all positive, with Germany’s DAX stock index up 2.2%, the Paris CAC 40 2.3% and the London FTSE 100 1% in afternoon trade.

The October Manufacturing PMI missed the consensus of 51.2 with a reading of 49.9, while the services index stood at 46.6 versus the 49.3 forecast.

World stock markets: Chinese stocks fell

Hong Kong’s Hang Seng Index fell sharply overnight after the Chinese government shook and the release of third-quarter economic data was delayed.

Tech-oriented Chinese stocks sold off the most.

Pinduoduo (PDD) sank nearly 30%, Alibaba (TORTOISE) 16.9%, Baidu (BIDU) 17.8% and Nio (NIO) 21.9%. Teacher New Oriental Education & Technology (EDU) decreased by 21.8%.

KraneShares China Internet EFT (KWEB) sales fell 17.6%.

Auto parts retailer breaks in

McKesson (MCK) rose 1.4% and broke out flat basereached 375.33 buy points above MarketSmith graph.

Vertex Pharmaceuticals (VRTX) added 2.6%, broke out of a flat base and crossed a buy point of 306.05.

O’Reilly Automotive (ORLY) up 2%, also breaking out of a sideways basis. It has reached 750.98 buy points.

Stock market: Big motivation when upgrading

Semiconductor chip manufacturer Wolfspeed (WOLF) spiked in early trading but fell back, falling 0.9% after JP Morgan upgraded the stock to overpriced with a price target of 160. The company will announce fiscal Q1 2023 earnings. on Wednesday. Keep in mind that stocks can fluctuate wildly around earnings releases.

Northern Petroleum (NOG) rose 0.6% after Raymond James raised his price target to 60 and maintained a strong buy rating.

ServiceNow (NOW) added 0.2% after Guggenheim upgraded software stock to buy. BMO Capital raises its price target to 430 and maintains its positive rating.

Vascyte (PCVX) spiked more than 70% thanks to positive results from the Phase 1/2 study of the VAX-24 vaccine.