The Dow Jones Industrial Average rose slightly but lagged other major indexes. You’re here (TSLA) was gaining ahead of its last earnings report following a boast from Elon Musk. netflix (NFLX) was gaining momentum following better than expected subscriber numbers.
Apple (AAPL) and waltz disney (DIS) were among the top blue chips. Breakouts were hard to find, although the ranking stock Lanthee (LNTH) managed to clear a new buy point.
Volume was up on the Nasdaq and the New York Stock Exchange from the same time on Tuesday.
The yield on the benchmark 10-year Treasury note edged up a few basis points to 3.03%. West Texas Intermediate crude oil slid nearly 2% to trade at just under $103 a barrel.
Meanwhile, home sales fell 5.4% in June from May, according to a report from the National Association of Realtors. It came as the median price of an existing home sold in June hit a record high of $416,000. This is a 13.4% year-over-year increase.
Demand for mortgages also fell more than 6% last week to the lowest level since 2000, according to the Mortgage Bankers Association. The rise in rates, as well as the surge in prices, acted as a brake on demand.
Nasdaq rises as tech stocks falter
The Nasdaq shone brightest as tech stocks rallied. Although off the highs of the day, it remained up more than 1%. Atlassian (TEAM), a battered enterprise software company, was among the top performers as it jumped more than 12%.
The S&P 500 also rose about 0.4%. power play Generac (GNRC) stands out here with an increase of almost 7%.
S&P 500 sectors were mixed. Consumer discretionary and technology made the best gains. Health and public services were the worst areas.
Small caps were down before the close, with the Russell 2000 up more than 1%.
The Innovator IBD 50 (FFTY) ETF, a benchmark for growth stocks, saw its gains fade. It reversed lower to post a loss of 0.2%.
Dow Jones Today: Apple Stock, Disney Impress
The Dow Jones Industrial Average was struggling to find momentum but managed to post a nominal gain of around 0.1%.
Apple stock was among the best performers rising 1.5%. It is moving away from its 50-day line and approaching its 200-day moving average, according to MarketSmith analysis.
Walt Disney received a boost following better-than-expected revenue from Netflix, its streaming rival. It erased its 50-day moving average by rising more than 4%.
But it was Selling power (CRM) which was one of the top performers in the Dow Jones today. It is up more than 5% but has a lot of work to do to erase a loss of nearly 29% so far this year.
UnitedHealth Group (UNH) was the worst of the laggards. It fell about 3% and was among struggling healthcare stocks after the quarterly results of Elevation (ELV), the industry counterpart of UnitedHealth, formerly known as Anthem.
Tesla stock gains after Elon Musk troubles
Tesla stock has managed to break out of negative territory as the company prepares to post earnings after the close.
Wall Street expects the electric vehicle maker to post earnings of $1.81 per share. Shutdowns in Shanghai and the ramp-up of its new factories in Texas and Berlin are expected to dampen profits.
The company reported 255,000 deliveries in the second quarter. This was at the high end of estimates that had been lowered earlier due to Shanghai. Despite headwinds, June was the strongest production month in Tesla’s history.
Meanwhile, CEO Musk found time to brag after General Engines‘ (GM) recently announced that it will manufacture Chevy electric vehicles in Mexico.
Musk, who was kicked out of a White House electric vehicle summit last year, tweeted that “Teslas are the most manufactured vehicles in the United States.”
Tesla was off session highs but remained up more than 1%. However, it’s down about 38% so far in 2022.
The former Leaderboard stock is holding clear of its 50-day moving average. It is near the lows of a consolidation pattern with an entry at 1,208.10.
Netflix Stock jumps on subscriber numbers
Netflix stock gained strength as the session progressed and investors digested the streaming giant’s latest earnings report.
The company posted EPS of $3.20, beating analysts’ views for $2.96 per share. Revenue of $7.97 billion was below expectations of $8.03 billion.
The key to the upward move has been encouraging subscriber data. Netflix lost 970,000 subscribers in the second quarter after previously warning it could lose 2 million.
It also provided guidance for the third quarter, saying it expects to add around 1 million new subscribers.
NFLX stock rose almost 7%, deviating firmly from its 50-day moving average. Nonetheless, it remains around 48% below its 200-day line.
Netflix has had a torrid year so far in 2022, slipping around 64%.
The rally is gaining momentum, but it’s still missing that; Tesla tops earnings drivers
Outside of Dow Jones: Ranking stocks pass buy point
Given the overall encouraging action, now is the time to follow the breakouts.
Medical diagnostic play Lantheus is currently sitting in its buy zone after clearing a cut base entry of 73.88 earlier.
Lantheus has proven to be one of the strongest stocks in the market after emerging from a double-bottom base in February.
Two consecutive quarters of accelerating sales growth indicate strong demand for the company’s products. Incomes have also improved.
Its bullish behavior has earned it a spot on the prestigious IBD Leaderboard list of top stocks.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more growth stock analysis.
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