Stock Market: Dow Jones retraces slight gains, AI stock jumps

Major stock indexes were unable to hold on to gains in the final hour of trading on Wednesday, ending the day’s highs. The three major indices slipped back into negative territory.




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The Nasdaq Composite Index fell 0.3% while the S&P 500 lost 0.2%. The Dow Jones Industrial Average was down 0.1%. The Russell 2000 index of small businesses was down 0.6%.

Stock market and economic news: high oil prices and lower mortgages

Trading volumes on the New York Stock Exchange and Nasdaq were lower against the same time on Tuesday.

The Nasdaq Invesco QQ Trust 100 Tracking Index trimmed 0.1%.

OPEC + agreed to a Cut 2 million barrels per day In production, the biggest drop since April 2020. Crude oil rose 1.3% to $87.72 a barrel on the news. SPDR Select Energy ETF (XLE) also rose 2.1%.

The yield on the 10-year Treasury rose to 3.75%. Bitcoin lost 0.5% to $20185.

The MBA Composite Mortgage Applications Index for the week ending September 30th is down 14.2% while the Buying Index is down 12.6%. The refinancing index is down 17.8%, down 86% from a year ago.

According to bankrate.com, the national average for a 30-year fixed-rate mortgage is over 6.8%.

Stock Market Gains: WING Stock Takeoff

IBD Growth 250 shares wing stop (wing) is up 6.9% trading above its price 21-day exponential moving average and 50 day lines.

Potato Products Company Lamb Weston (LW) rose 4.2% on heavy the sound After meeting financial sales estimates for the first quarter of 2023 and exceeding earnings expectations. The company noted a 12% drop in sales volumes, which it attributed to slowing demand from restaurants, hotels and sports venues.

LW shares broke from A flat base and hit 83.39 buy point on the MarketSmith chart. LW stock is trading above it 50 day moving average while the line relative force Just reached a new high, as evidenced by blue dot on the weekly chart.

murphy oil (mor) by 3.8% and graduated from A cup base with handle, Down to 41.60 buy points. The company announced a quarterly cash dividend of $0.25 to shareholders of record on November 14, payable on December 1.

RPM International (round per minute) increased 3.3% after reporting a first-quarter fiscal 2023 EPS and sales win. Management gave a higher-than-expected sales forecast for the second quarter, which added a boost to the stock.

Stocks are at the base of a cup with a handle at 98.07 buying points while the RSI reached a new high.

The company specializes in sealants, coatings and building products. Leading consumer brands include Rust-Oleum, Roto-Rooter and Kwik Seal.

Energy Enphase (ENPH) is down 9.3% due to heavy volumes, following its previous largest one-day drop of 14.1%, in April 2021. Shares are trading below the 50-day line and the 21-day exponential moving average.

Enphase shares rose on July 27 after a better-than-expected Q2 earnings report. The stock held its gains until late September, tumbling after the Federal Reserve raised interest rates. However, the stock is up 37.3% since the beginning of the year.

IBD 50: AI Pops Company, Recruitment Cabinets

The Innovator IBD 50 ETF (fifty) sold 1%, down more than the main stock market indexes.

Artificial intelligence digital manufacturing company Xometry (XMTR) rose 4.3% in light volumes, and found support at the 21-day line. The company has a height of 98 Rated relative strength.

Matador Resources (MTDR) gained 4.6% while in 5% buying area For a mug with a handle, the point of purchase is 58.68.

world wrestling entertainment (WWE) fell 0.5% after earlier gains, exiting a cup base Up to 75.33 purchase points. Stocks have been lately Build the right side of the base. The RSI line reached a new high today.

APA (APA) rose 3.5% after Raymond James cut his price target to 70 but maintained a strong buy rating. The move comes above the 5% upside gap yesterday.

The company has shown strong quarterly earnings growth recently. Analysts now expect annual EPS growth of 137% in 2022 and 15% in 2023.

Investment funds bought the stock with 1,270 owned shares in June, up from 1,014 in March and 932 in December.

healthcare recruitment company Cross Country Healthcare (CCRN) down 6% after Trust Securities cut the stock’s rating to hold, with a price target of 36.

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