The Dow Jones Industrial Average traded moderately lower in today's market as investors digested the Fed's decision to raise interest rates sooner than expected. Meanwhile, the Nasdaq composite traded higher and continued to diverge from the other indexes. Blue chips led the downside on Thursday with the Dow down over 200 points.
XDow Jones In The Stock Market Today
At the close, the Nasdaq held a gain of 0.9%. The S&P 500 declined less than 0.1%, while the Dow Jones industrials fell about 0.6%. Meanwhile, the small-cap Russell 2000 index fell 1.2%. Volume was running higher on the NYSE and lower on the Nasdaq vs. the close on Wednesday, according to early data.
Stocks were rocked Wednesday after the Federal Reserve said it sees interest rates rising sooner than previously expected. Fed officials now plan to lift the benchmark rate from near zero to 0.6% by the end of 2023.
The S&P sectors were led by technology and health care, while industrials and financials were the biggest laggards. The Technology Select SPDR (XLK) exchange traded fund held a gain of roughly 1.2% in afternoon trading.
Technology giants also led the upside in Dow Jones stocks on Thursday. Shares of Apple (AAPL) and Microsoft (MSFT) were up 1.3% and 1.4%, respectively. Microsoft, a Leaderboard stock, is currently trying to reach a new buy point of 263.29. Meanwhile, shares of Apple remain 4% away from a 137.17 buy point. The stock also just reclaimed its 50-day line, a bullish sign.
Stocks In The News
As for growth stocks, the Innovator IBD 50 ETF (FFTY) held a small gain of 0.3% as shares remain below the 50-day line of support. Stocks leading the upside in the index included Enphase Energy (ENPH), China-based 360 DigiTech (QFIN) and Square (SQ).
Shares of 360 DigiTech recently scored a breakout from a new cup base with a 35.25 buy point. The stock is now inside the 20%-25% profit zone, indicating it's safe to take profits.
Elsewhere, IBD 50 stock Generac (GNRC) continued to outperform this week with a gain of over 2% on Thursday. Earlier this week, shares broke out from a 364.10 consolidation buy point and are still inside the 5% buy zone.
The stock maintains superior IBD Ratings with a best-possible 99 Composite Rating and a 93 Relative Strength Rating. But investors should note that the current base is a stage-four base, which indicates a lower probability of success than with an earlier-stage base.
On Thursday, a few stocks from the MarketSmith Growth 250 list broke out and traded inside buy zones.
Recent IPO stock Figs (FIGS) at one point gained over 10% and broke out from an IPO base with a 36.19 buy point. Shares traded near the upper edge of the buy range, which tops out at 37.99. The stock, which IPO'd on May 27, has an 88 Composite Rating but a less-than-ideal 63 RS Rating. Shares closed 6.5% higher on Thursday.
Meanwhile, regional bank stock Wintrust Financial (WTFC) pared an early gain of nearly 2% after shares briefly traded inside the key buy zone. The company initially broke out from a cup with handle with an 82.25 buy point but fell back below the entry in afternoon trading. Shares closed down 5.9%.
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