The major stock market indexes are all down and have wavered in the last hour, but are holding above the lows of the day. The Nasdaq and small-cap Russell 2000 lag the other indexes.
Investors are showing concern this morning about potential reduced profits from inflation that will affect the upcoming earnings season. New Chinese restrictions from increased Covid-19 cases are adding to investors' nervousness.
At midday, the Nasdaq is down 1.9%, while the S&P 500 dropped 1%. The Dow Jones Industrial Average is down 0.4%, and the Russell 2000 is down 1.9%. NYSE volume is up 3.9% and Nasdaq volume is down 4.7% vs. the same time on Friday.
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Medical Stocks Holding Up Stock Market
Pliant Therapeutics is up 113.8% on very heavy volume triggering a circuit breaker temporarily halting trading earlier this morning. The company announced positive data from a phase 2a clinical trial for its experimental idiopathic pulmonary fibrosis treatment. RBC Capital Markets raised its price target to 54 from 35.
Cross Country Healthcare, a health care staffing service, is up 4.9% on heavy volume. The company was added to the IBD 50 last Friday. Cross Country Healthcare had strong quarterly earnings-per-share growth of 193% in March, 637% in December and 194% in September. Quarterly sales have also been impressive, with a 140% gain in March, a 197% increase in December and a 93% rise in September. CCRN has some solid fundamentals including a 98 EPS Rating and a 97 Composite Rating.
Cross Country Healthcare stock broke above the 200-day moving average on Friday on the MarketSmith chart.
Merck is up 1.6% as the health care group remains strong. The stock rose above the 5% buy zone on the MarketSmith chart.
Murphy USA, a gas station and mini-market company, is seeing another strong day, up 3%, trying to break out past the 262.68 buy point, coming out of a sideways base.
Chinese Stocks Feeling Effects of Restrictions
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 31218.18 | -119.97 | -0.38 |
| S&P 500 | (0S&P5) | 3858.73 | -40.65 | -1.04 |
| Nasdaq | (0NDQC ) | 11410.15 | -225.16 | -1.94 |
| Russell 2000 | 172.24 | -3.35 | -1.91 | |
| IBD 50 | 26.91 | -0.32 | -1.18 | |
Last Update: 12:16 PM ET 7/11/2022 |
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Alibaba is down 8.4% as China's Covid-19 cases surge, and is now below the 21-day exponential moving average. Electric vehicle maker NIO lost 7.8% and Li Auto is off 3%.
The iShares Trust China Large-Cap ETF is seeing weakness, down 4.1%.
Broadcom, a microchip giant, is down 3.2% on news of its president Thomas Krause, leaving the company for another job on July 15.
Major Index Below Moving Average
Invesco QQQ Trust, an ETF corresponding to the Nasdaq 100 Index, is down 2% and dropped below the 21-day exponential moving average.
Crude oil futures are down 0.9%, with crude oil at $103.87 per barrel. The SPDR S&P Energy ETF is down 1.4%.
Bitcoin futures are down 6.4% today to $20,370 and trading near the lows of the day.
The Innovator IBD 50 ETF, a gauge of growth stocks, is down 1.2%, in line with major indexes.
