The major stock market indexes are mixed at the noon hour on Thursday, with the Russell 2000 small-cap index holding up better than major benchmarks.
The Nasdaq composite is up 0.4%. The S&P 500 and Dow Jones Industrial Average are relatively unchanged after bouncing off early lows.
The Russell 2000 small-cap ETF (IWM) is up 0.3%, slightly better than the Nasdaq 100-tracking ETF Invesco QQQ Trust (QQQ), which is trading 0.2% higher.
NYSE and Nasdaq volume are lower, compared to the same time on Wednesday.
The SPDR Select Energy ETF (XLE) has gained 2.1%. Crude oil is trading higher by 2.2%, up to $89.63 per barrel, but natural gas is down 3.3%.
Bitcoin futures are quiet, rising 1% to $23,455.
The FTSE 100 Index is up 0.4%, the CAC 40 Index 0.5% and the DAX Index 0.5% in the European session.
The yield on the 10-year Treasury note is holding at 2.85%. Markets now see a 61.5% likelihood the Fed will boost rates by 50 basis points in September and a 38.5% chance of a 75 basis-point hike.
Chips Higher Ahead Of Applied Materials Report
The iShares semiconductor ETF (SOXX) is trading higher by 2.9% on light volume. Semi companies are seeing strength ahead of Applied Materials (AMAT) earnings after Thursday’s closing bell. AMAT stock is up 2.9% at this hour.
Microns (MU) and Lattice Semiconductor (LSCC) are both 2.4% higher, while KLA Corp. (KLAC) has gained 1.8%.
IBD 50 components ON Semiconductor (ON) has surged through the 71.35 buy point to an all-time high.
Jobless Claims Show Signs of Improvement
250,000 initial jobless claims were reported in the week ending Aug. 13, versus the consensus forecast for 265,000, a positive sign for the job market. Initial claims decreased by 2,000 compared to the previous week’s increase of 14,000.
The Philadelphia Fed Manufacturing Index surprised investors with a positive 6.2 reading, compared to a -5.0 consensus. This metric is used as an indicator of manufacturing sector trends.
Stock Market Today: Retailers Report Mixed Earnings
BJ’s Wholesale Club (BJ) rallied 7.8% on heavy volume in Thursday’s stock market trading, after reporting a Q2 earnings beat. The stock came out of a double-bottom base and is above the prior 71.10 buy point, in the 5% buy zone.
BJ’s holds impressive fundamentals, including a 96 out of 99 Composite Rating, a 95 EPS Rating and increased mutual fund ownership.
Kohl’s (KSS) plummeted 5.4% on a Q2 earnings-per-share miss and a beat on sales, even though comparable sales fell 7.7%. The stock is now below its 50-day moving average.
Management revised its full-year sales guidance to a decline of 5% to 6%, compared to its forecast in May for flat to 1% year-over-year growth.
Cisco Systems (CSCO) popped 6.3% after reporting a beat on both fiscal Q4 2022 sales and EPS. Management gave positive guidance for the upcoming quarter.
Meme Stock Changes Course, Solar Company Breaks Out
Bed Bath and Beyond (BBBY) plunged 23% after GameStop (GME) Chairman Ryan Cohen disclosed his intention to sell his full position of 9.45 million BBBY shares. The stock had a huge run-up as meme stock traders triggered several trading halts.
Canadian Solar (CSIQ) is up 19.4%, breaking out of a choppy base and hitting a buy point of 43.24 on the MarketSmith chart. The company reported better-than-expected Q2 EPS and sales numbers while raising Q3 and full-year 2022 sales guidance above expectations.
Stock Market Today: IBD 50 Stocks On The Move
The IBD 50 ETF (FFTY), a measure of growth stocks, is up 1.4%, outperforming the major indexes.
CVR Energy (CVI) leads the IBD 50 list, popping 2.8% and holding above its 50-day moving average.
Synopsis (SNPS) stock pulled back 1.6% after a gain earlier in the session. The company reported better than expected fiscal Q3 earnings and sales Wednesday evening. The share price is above the 377.70 buy point and in the 5% buy zone on MarketSmith.
Synopsis holds an impressive 98 Composite Rating and a 95 EPS Rating.
Chilean lithium and chemical company Sociedad Quimica y Minera (SQM) is down 8.8% after reporting a miss on earnings-per-share for the six months ended June 30, but a beat on sales.
SQM is in a deep cup base with a buy point of 115.86 on the chart. The company has a perfect 99 Composite Rating.
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