HomeFinance NewsStocks Decline as Mining Stock Experiences a Breakout

Stocks Decline as Mining Stock Experiences a Breakout

Published on

Despite positive August durable goods numbers, the stock market failed to make significant gains on Wednesday. The Nasdaq, Dow Jones Industrial Average, and S&P 500 all dipped into negative territory at midday, continuing Tuesday’s losses. The major indexes remain below their 50-day moving averages, with the Dow Jones violating its 200-day moving average. The small-cap Russell 2000 did rally 1.1%, but it still sits well below its 200-day line.

Notably, Arch Resources, a coal mining and processing stock, experienced a 5% rise and hit the 163.75 buy point of a cup-with-handle base. This stock is at the high end of the 5% buy zone, with shares hitting a 52-week high. Energy stocks also outperformed, with Tidewater, an offshore energy transport stock, soaring over 6% and nearing its 52-week high. Additionally, online learning stock Stride rose 1.2% and tapped the 45.48 buy point of a consolidation, while Costco Wholesale gained 1.5% following higher-than-expected quarterly earnings.

Other notable stock movements included Mattel, which popped over 4% after Morgan Stanley initiated coverage with an overweight rating and a 27 price target. XPO also increased 1.7% after Evercore ISI Group upgraded the transportation and logistics stock to outperform. On the other hand, Levi Strauss eased from larger gains, up 0.6%, after TD Cowen initiated coverage with an outperform rating. EV charging station operator ChargePoint Holdings rallied nearly 4% after UBS initiated coverage with a buy rating.

In summary, despite some positive economic data and individual stock gains, the overall market struggled to gain momentum on Wednesday. Most major indexes remained below key moving averages, indicating continued caution from investors.

Source link

Latest articles

Terraform Labs and Do Kwon settle SEC fraud case for $4.5 billion.

Terraform Labs and its former CEO Do Kwon have agreed to a historic $4.5...

Will iPhone users be charged for sending SMS messages through satellite?

In a groundbreaking move, Apple introduced satellite capabilities to the iPhone 14 models in...

White House Aide Declines to Comment on Biden Pardoning Hunter’s Sentence

President Biden's possible consideration of commuting his son Hunter Biden's sentence for federal felony...

Roaring Kitty potentially reduced GameStop options position, analysts speculate within 13 words

The recent surge in trading of short-dated GameStop options contracts has led some market...

More like this

Terraform Labs and Do Kwon settle SEC fraud case for $4.5 billion.

Terraform Labs and its former CEO Do Kwon have agreed to a historic $4.5...

Will iPhone users be charged for sending SMS messages through satellite?

In a groundbreaking move, Apple introduced satellite capabilities to the iPhone 14 models in...

White House Aide Declines to Comment on Biden Pardoning Hunter’s Sentence

President Biden's possible consideration of commuting his son Hunter Biden's sentence for federal felony...