The Dow Jones Industrial Average added to the morning’s 0.2% gain in the afternoon session. The index was up 0.4% about 1:30 p.m. ET. The Nasdaq composite reversed from a loss of 0.2% to notch a 0.2% gain.
X
The S&P 500, which fell slightly earlier, also rose by 0.2%. The small-cap Russell 2000 pared losses after it led declines by nearly 1% in the morning session. It was down less than 0.5% in the afternoon.
The yield on the benchmark 10-year Treasury note was unchanged at 3.93%. Crude oil fell more than 2% to $87.13 a barrel.
Outside Dow Jones: Stocks Moving Today
Solar stocks are falling sharply in today’s market. Enphase (ENPH) has fallen nearly 3%. Canadian Solar (CSIQ) has plunged nearly 4% while First Solar (FSLR) is down over 3%. First Solar is testing its 50-day moving average.
SunPower (SPWR) has gapped down 10% and fallen below its 200-day moving average. Closely associated lithium play Albemarle (ALB) has gapped down 9% and fallen below its 50-day line. The stock was added to the IBD Leaderboard watchlist this week.
EV stocks are moving in today’s market, with Chinese plays leading.
Nio (NIO) fell nearly 1%. Nio will start deliveries of three new models in Europe this weekend through a leasing plan. Elsewhere, Xpeng‘s (XPEV) EV cars are scheduled for a European launch in 2023. XPEV is up but less than 1%.
Li Auto (LI) rose more than 3%. BYD (BYDDF) fell 1%. EV leader Tesla[tickersymb=TSLA] added to losses. The stock is down over 13% in the past six trading sessions. It is its longest losing streak since March 2020, according to Dow Jones Market Data.
In health care, Moderna (MRNA) has gapped up 10% on strong volume after news that Dow Jones component Merck (MRK) will help it make a personalized cancer treatment vaccine based on its messenger RNA technology. Merck is slightly lower after spiking on Tuesday on news of a successful study for its drug for a rare blood pressure condition. Merck is also in a flat base approaching a buy point of 95.82.
Lithium and fertilizer leader Sociedad Quimica y Minera (SQM) has gapped down 7% and it testing its 50-day line.
September’s Economic Data
Wholesale prices rose more than expected in September. The 0.4% increase exceeded Econoday estimates of 0.2% and followed a decline in August of 0.2%. Yearly increase hit 8.5%, down from August’s 8.7%. Wholesale prices minus food and energy rose 5.6% over the period, unchanged from the previous month.
Microsoft (MSFT) continues its battle to get approval to acquire Activision Blizzard (ATVI). Last month, the U.K. Competition and Markets Authority sent the proposal to its second phase of probe due in January 2023. In the latest follow up, the software and gaming giant feels that the U.K. watchdog did not show the “appropriate level of critical review.”
The all-cash deal — valued at $69 billion — received approval from Brazil last week. New Zealand’s decision is due in November. Earlier, Saudi Arabia was the first country to OK the deal. Shares of both stocks are in corrections.
Earnings Deck
PepsiCo (PEP) beat views with a solid revenue growth of 8.9% to $21.9 billion in the third quarter from $20.1 billion in the third quarter of 2021. Earnings per share of $1.95 grew 21% from $1.60 over the same period. Shares have risen 4% today as they rebound from an 11% decline since mid-August.
Dow Jones stock Walgreens (WBA) is on deck with earnings Thursday, along with Delta Air Lines (DAL) and Taiwan Semiconductor (TSM).
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