Stock Market Today With IBD

It was a relatively quiet day, with the Nasdaq holding key support and the S&P 500 trading below key levels. The Dow Jones and Russell 2000 had inside days. Megacaps retreated, with Microsoft low slightly below a buy point. Shift4Payments, after holding key levels, is nearing a possible entry. Manufactured homemaker Skyline Champion is flashing a buy signal. Learn more about your ad choices. Visit megaphone.fm/adchoices

Money flowed out of bonds, sending the 10-year Treasury yield higher by 15 points to 3.52%. Financial stocks rallied, lifting the Russell 2000 small-cap index to a day of outperformance. JPMorgan, Goldman Sachs, and American Express led the Dow Jones. Tenable and Ulta Beauty are forming new bases, while Smartsheet is pulling back in light volume. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Nasdaq led the major indexes higher for the week, but there were big highs and lows. The Russell 2000 hit 2023 lows as bank stocks kept tumbling, though they steadied somewhat Friday. PagerDuty, MercadoLibre and Meritage Homes are setting up. But this is still a divided, volatile market rally attempt. Bec cautious. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Nasdaq composite surged 2.5% intraday but closed near lows after rallying close to the 12,000 level again. The S&P 500 also pared gains and took out Wednesday’s low after another attempt to reclaim the 4000 level. KB Home jumped after reporting earnings, Flywire fell in light volume for the second straight session while MarketAxess halted a three-session slide. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Federal Reserve, as expected raised its key lending rate by another quarter point to a range of 4.75% to 5%. It sees the terminal rate at 5.1% by the end of the year, which implies one more rate hike. The Nasdaq composite and S&P 500 ran into key resistance levels before turning lower, but Microsoft, Lam Research and Meritage Homes held up relatively well. Learn more about your ad choices. Visit megaphone.fm/adchoices

The major indexes rebounded as Treasury Secretary Janet Yellen said the U.S. would do more to protect bank deposits if needed. But volume was light heading into the Fed rate hike decision. On Holding blasted out of base on strong results and guidance. Aehr Test Systems surged as many chip plays backed off early gains. Google flashed a possible early entry as it released its AI chatbot Bard for testing. Learn more about your ad choices. Visit megaphone.fm/adchoices

Financials and energy saw brutal losses last week but tried to make a stand on Monday. Meanwhile, tech lagged a bit after outperforming recently. Cyber security firm Palo Alto Networks is holding near a recent buy point and Booking.com and First Solar are potentially actionable with bounces from moving average lines. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Nasdaq rose strongly last week, reclaiming all the moving averages. But the other indexes are below those key levels amid the ongoing bank crisis. Chip stocks remain strong, with Aehr Test Systems forging a new base. Lennar rebounded from key levels. Chinese e-commerce giant PDD is setting up with earnings on tap.   Learn more about your ad choices. Visit megaphone.fm/adchoices

Stock indexes reversed sharply higher after the Wall Street Journal reported that JPMorgan and other big banks were in talks with First Republic Bank about a capital infusion. The dollar amount of $30 billion was confirmed late in the session. Winners beat losers on the Nasdaq by more than 2-to-1. Learn more about your ad choices. Visit megaphone.fm/adchoices

Stock indexes fell but closed off lows Wednesday as investors flocked to bonds again. Sentiment turned positive in the afternoon after Switzerland said it would provide liquidity to Credit Suisse if needed. A lower interest-rate environment fueled more buying in large-cap technology stocks. Learn more about your ad choices. Visit megaphone.fm/adchoices