The stock market continued its winning ways Monday ahead of a key inflation report Tuesday. Apple (AAPL) stock was one of the top gainers in the Dow Jones Industrial Average, while Gilead Sciences (GILD) outperformed in the Nasdaq 100, up more than 4%, after the company settled a patent case related to three HIV therapies.
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Apple showed compelling technical action in the stock market today with a nice jump above its 200-day moving average. Shares jumped nearly 4% after Wedbush’s Dan Ives said that demand for the new iPhone 14 is tracking ahead of expectations with longer wait times. Last week, Apple introduced new versions of the iPhone, Apple Watch and Airpods.
Tesla (TSLA), meanwhile, extended gains after retaking its 200-day line Friday. TSLA stock crossed the 300 price level Monday, rising 1.5%.
Stock Market Today
At the close, the Nasdaq composite rose 1.3% and the S&P 500 gained 1.1%. The Russell 2000 small-cap index lifted 1.2% and the Dow Jones industrials lagged with a gain of 0.7%. Volume was mixed compared to the same Friday — slightly lower on the Nasdaq and slightly higher on the NYSE.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 32383.18 | +231.47 | +0.72 |
| S&P 500 | (0S&P5) | 4110.69 | +43.33 | +1.07 |
| Nasdaq | (0NDQC ) | 12266.41 | +154.10 | +1.27 |
| Russell 2000 | (IWM) | 189.73 | +2.33 | +1.24 |
| IBD 50 | (FFTY) | 28.52 | +0.13 | +0.46 |
Last Update: 4:30 PM ET 9/12/2022 |
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After rising above its 50-day line Friday, Oracle (ORCL) extended gains ahead of its earnings report after the close today. ORCL rallied 1.5% during the regular session and added another 0.6% in extended trading after revenue topped expectations.
Oracle stock soared in June, when the company reported earnings and made bullish comments about its cloud business.
Oil and gas stocks helped lift the S&P 500. Leaderboard stock Devon Energy (DVN) moved nicely above its 21-day exponential moving average as it forms a cup-with-handle base with a 75.37 entry.
Plenty of other oil and gas producers look similar to DVN stock as they get into position for breakout attempts. Chord Energy (CHRD), Pioneer Natural Resources (PXD), EOG Resources (EOG) and Antero Resources (AR) are also forming cup-with-handle bases.
At the New York Mercantile Exchange, West Texas Intermediate crude oil futures settled at $87.78 a barrel, up 1.1%.
Bristol Myers Squibb (BMY) was another top gainer in the S&P 500, up 3%, after the Food and Drug Administration gave the nod to Sotyktu, the company’s treatment for moderate-to-severe plaque psoriasis.
Inflation Data
In economic news, the latest reading on consumer inflation is due Tuesday at 8:30 a.m. ET. Prices are expected to fall 0.1% in August compared to July. On a year-over-year basis, prices are expected to be up 8%, down from July’s reading of 8.5%.
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The data will likely be a market mover as stock market indexes make a case for a bottom. The 10-year Treasury yield was up 4 basis points to 3.36%. Federal funds futures traders put the chances of another 75-basis-point hike at the Federal Reserve’s next meeting on Sept. 21 at 92%.
Oil and gas stocks dominated the upside in the MarketSmith Growth 250, but some stocks outside of the energy sector scored bullish gains. After soaring out of a cup base in June around 12, Rhythm Pharmaceuticals (RYTM) jumped 13%. The stock soared more than 100% after its latest breakout, giving its weekly chart the appearance of a high, tight flag.
Academy Sports & Outdoor (ASO) rallied for the fourth straight session after the stock gapped up last week on earnings. Shares rallied another 2% after soaring 16% last week.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
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