Stock market struggles near lows; A natural gas refiner bursts | Investor’s Business Daily

Major stock indexes remain under pressure at midday on Monday, after breaking above morning lows. The Dow Jones Industrial Average rebounded but is still trading nearly 500 points lower.


The Nasdaq composite lost 2.1%. The S&P 500 is down 1.7% while the Dow Jones is down 1.5%.

The small cap ETF Russell 2000 (IWM) is 1.7% lower, slightly better than the tracking Nasdaq 100 ETF Invesco QQQ Trust (QQQ). The big tech benchmark is trading down 2.1% after falling below the 21-day exponential moving average.

NYSE volume is down 5.3% and Nasdaq volume is down 13.4%, from the same time Friday.

The SPDR Select Energy ETF (XLE) gained 0.1%. Crude oil recovered from heavy losses, trading at $90 a barrel after the Saudi oil minister threatened to cut supplies. Natural gas is showing strength, up 3.9%.

Bitcoin futures are relatively flat, gaining 0.1% to $21,245.

The yield on the 10-year Treasury note is up 5 basis points to 3.02%.

Markets now see a 47.5% chance of the Fed raising rates by 50 basis points in September and a higher 52.5% chance of a 75 basis point hike.

A natural gas refiner bursts

Norway-based oil and gas refiner Equine (EQNR) gained 3.2% and broke off an indefinite base, reaching the buy point of 39.25 on heavy volume.

Equinor is the No. 1 stock in the Oil and Gas Integrated group, as well as a member of the IBD 50 and Leaderboard Leaders watch lists.

Phoenix-based natural food grocery store Cabbage growers market (SFM) is up 0.5%, breaking out of a cup-with-handle base and reaching the buy point of 31.59 on the MarketSmith chart.

The Wall Street Journal’s Heard on the Street stock picking competition recently featured the grocer.

Vip shop (VIPS), a Chinese online discount retailer, is up 8.2% on strong volume. Credit Suisse just upgraded the stock to “Outperform” with a price target of 12. Citigroup also upgraded its rating on VIPS from “Sell” to “Neutral.”

Stock Market Today: Buffett Challenges OXY Takeover Rumors

western oil (OXY) reversed course after Friday’s 9.9% gain, falling 2.8% on heavy volume.

The Wall Street Journal reported that “Mr. Buffett has not informed Occidental of any plans to acquire a majority stake in the company and he is unlikely to do so in the near term.” Buffett’s Berkshire Hathaway had received approval to buy up to 50% of the driller’s shares, leading investors to speculate about a possible takeover.

Meme stocks continue to fall

AMC Entertainment (AMC) plunged 35.8% after newly issued preferred shares began trading under the ticker symbol (APE).

GameStop (GME) fell another 4.0%, continuing its downward spiral. Bed bath and beyond (BBBY) also continued to lose ground and is down 9.9% at this time.

Stock market today: IBD 50 stocks on the move

The IBD 50 ETF (FFTY), a measure of growth stocks, was down 0.3%, holding up better than major indexes.

fitness drink company Celsius (CELH) is the IBD leader, up 5.2% with an impressive relative strength rating of 98 on the chart.

Comstock Resources (CRK) is having another good day, up 4.8% after Goldman Sachs raised its price target to 13.50.

ON Semiconductor (ON) lost 3.5%, with a heavy chip sector weighing on stocks.


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