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The Dow Jones Industrial Average traded higher in today’s market after escaping losses from the opening bell. Meanwhile, the S&P 500 also closed higher after hitting intraday lows. The Nasdaq composite turned positive later in the day and fell behind the major indices in terms of gains. All three indices hit a new intraday or closing high.
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Stock exchange today
At the close, the Nasdaq maintained a gain of 0.2% and hit a new high of 14,761.08. Meanwhile, the S&P 500 traded 0.3% higher and also hit a new high of 4385.57. Dow Jones Industrials rose 0.4%, leading the indexes to the upside. The Russell 2000 Small Cap Index fell behind, trading less than 0.1% higher on Monday. Volume was up on the Nasdaq and down on the NYSE from Friday’s close, early data showed.
Early Monday, stocks sold but rebounded quickly as major indices surged higher, with some indices reaching new highs. Investors are gearing up for the earnings season to kick off this week, with major companies releasing second quarter results starting Tuesday. JP Morgan (JPM) and Goldman Sachs (GS) both report their profits before the Tuesday opening.
Analysts expect JPMorgan to post a 129% year-over-year EPS increase, but sales down 11%. Meanwhile, Goldman Sachs is expected to post a 219% year-over-year increase in earnings, even as revenues fall 9%.
Elsewhere, oil prices fell after a volatile week of trading last week. The shares were initially sold but rallied last week due to a breakdown in communication between OPEC + members. Intermediate West Texas oil prices fell 0.5% to $ 74.18 per barrel near Monday’s close.
Growth stocks traded higher, with the Innovator IBD 50 ETF (FFTY) closing 0.7% higher, leading indexes higher. Stocks still remain below support at the 50 day line, but gained support at the 200 day line earlier this week. Upward actions included In Mode (INMD) and Global-E online (GLBE).
InMode entered the profit zone from an earlier point of purchase for the handle mug of 87.10. Stocks burst into the buy zone the week of June 11. InMode shares rose more than 12% on Monday after the company’s preliminary second-quarter report significantly exceeded Wall Street expectations.
Dow Jones today
Stocks outperformed the Dow Jones on Monday inclusive Disney (DIS), which rose more than 3% in significant volume and above its 50-day moving average. Stocks may finally recover after a failed break from a flat base earlier this year.
Goldman Sachs traded up 2.4% ahead of its results on Tuesday. The stock has now formed a five-week flat base with a buy point of 393.36, according to chart analysis from IBD MarketSmith. The shares are about 3% of the entry.
Meanwhile, JPMorgan stock rose more than 1.4%. UnitedHealth (UNH) and American Express (AXP) increased by around 1% each.
On the decline, Apple (AAPL) fell 0.4% but remains extended from the buy zone of a cup base with a buy point of 137.17, according to MarketSmith chart analysis. The action initially erupted on June 30, but fell several times below the buy zone. The shares are now trading above the upper edge of the buy zone, which peaked at 144.02.
In recent weeks, Apple stock has recovered its 50-day line, a bullish sign. The RS line of the stock has also increased.
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