The Dow Jones Industrial Average fell late with growth stocks taking a beating. American bank (BAC) crossed the buy point with the boom of financial stocks. Bitcoin has been diving again, hitting Queen Piece (coin) and Grayscale Bitcoin Box (GBTC). Discovery Featured (DISCA) on the upgrade but The New York Times (The New York Times) fell.
The stock market struggled after the disappointing jobs report. The Labor Department reported that US employers added 199,000 jobs in December. That was about half of what economists had predicted in an Econoday survey. It was also a significant drop from 249,000 jobs created in November.
The unemployment rate fell to 3.9% from 4.2% the previous month. Economists had expected 4.1%.
Nasdaq plunges, growth stocks slump
The tech-heavy Nasdaq was the worst hit in the headline average, down 1%. Chinese e-commerce play Bindudu (PDD) It was working fine again, closing over 7%. Payment stock free market (MELI) lagged, declining 6.2%.
The S&P 500 also fell again, closing down 0.4%. housing play Dr. Horton (DHI) was the slowest, down 6.2%. Homebuilding stocks generally struggled. The SPDR S&P Homebuilders ETF (XHB) surrendered 3.4%.
US stock market overview today
|index||Code||the price||win/loss||% changes|
|Dow Jones||(0 DJIA)||36231.66||-4.81||-0.01|
|Standard & Poor’s 500||(0S&P5)||4677.02||-19.03||-0.41|
|defect 50||(fifty fifty)||41.92||-1.14||-2.65|
Last update: 4:16 PM ET 7/1/2022
Most of the S&P 500 sectors closed lower. Energy and finance performed better while technology and consumer appreciation lag worse.
The little hats were being attacked by the bears. Russell 2000 fell 1.2%.
But it was growth stocks that suffered the worst losses. The Innovator IBD 50 ETF (FFTY), the leader in developing stocks, fell 2.7%.
Dow Jones today: Boeing shares take off
The Dow Jones Industrial Average appeared to be preparing to close positively before reversing late. She ended the session essentially unchanged, conceding nearly five points.
Boeing (BA) was among the best performers, up 2%. It is still stuck below the 200-day moving average.
Walgreens Boots Alliance (WBA) The stock was the top on Dow Jones today. It closed up 2.7%. Home Depot (HD) was the most delayed, declining over 2%.
Bank of America passes the point of purchase as Bank shares flex muscle
Financial stocks continue to rise on hopes that the Federal Reserve will raise interest rates faster than previously expected.
Banking giant Bank of America managed to surpass a key buy point for the cup without handle at 48.79. It ended the day above this entry after gaining 2.2%.
It has formed an orderly pattern despite the choppy market, as evidenced by MarketSmith analysis. The relative strength line of BAC stock has reached a new high, which is a bullish indicator.
While its scale is not ideal, the fact that it has risen amid a broader downward movement is impressive.
Another stock worth watching is the regional banking play Western Alliance Bancorp (Wall). It is currently building a new teacup base with 124.98 purchase points.
The size has gone up significantly as it forms the right side of the base, which is a good sign. It retraced up its 50-day moving average on Tuesday.
The Western Alliance operates in areas including Arizona, Nevada and Southern California.
Confirming the strength of the financial sector, the Invesco KBW Bank ETF (KBWB) Index is up 1.6%.
Bitcoin plunges again, hitting these stocks
Bitcoin-related stocks fell as the cryptocurrency continued to slide. Bitcoin is trading at less than $42,000 after dropping about 3% in the past 24 hours, according to CoinDesk.
One comfort gesture was the fact that it was low for the day.
The digital currency has now shed nearly 40% of the levels it reached in early November.
Bitcoin plays like Coinbase Global, Grayscale Bitcoin Trust, Blockchain riot (Riot) All were hit.
Cryptocurrency exchange COIN closed lower, shedding 0.7%. GBTC fared worse, dropping by about 4%.
Bitcoin miner RIOT also finished the day lower, shedding 0.6%.
Media Stock: Discovery Soars, New York Times Dives
There has been some interesting movement in the media space amid the news of the upgrade and acquisition.
Discovery is up 16.9% after Bank of America upgraded the stock to buy due to its merger with WarnerMedia.
Analysts believe that the new company can create a strong competitor to the media forces Netflix (NFLX) and Walt Disney (DIS) in the broadcast space.
Meanwhile, New York Times shares tumbled after news of its plans to buy sports news website Athletic for $550 million. The transaction is expected to close in the first quarter of this year.
The New York Times stock ended the day near its lows, losing 10.7%. It is now near its lowest level in 12 months.
Please follow Michael Larkin on Twitter at Tweet embed Learn more about growth stocks and analysis.
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