The main stock market indices failed to hold gains in the last hour of trading on wednesday, ending the day's highs. The three major indices fell back into negative territory.
The nasdaq composite lost 0.3%, while the s&p 500 lost 0.2. The dow jones fell 0.1 percent. The small-cap index russell 2000 fell by 0.6.
Stock market and economic news: oil rises and mortgages fall
The volume on the NYSE and the nasdaq was lower on tuesday than at the same time.
The invesco QQQ trust, which tracks the nasdaq 100, lost 0.1%.
The OPEC+ agreed to a 2 million barrels per day cut in production, the largest decline since april 2020. Crude oil gained 1.3% to $87.72 per barrel in the news. The SPDR select energy ETF (XL) was also up 2.1.
The yield on 10-year treasury notes rose to 3.75. Bitcoin lost 0.5% to 20.185 $.
The MBA mortgage applications composite index for the week ending 30. September fell by a hefty 14.2%, while the purchase index dropped by 12.6%. The refinance index plunged a whopping 17.8%, an 86% drop from the previous year.
The national average for a 30-year fixed-rate mortgage is, according to bankrate.Com now at over 6.8.
Stock market winner: WING share takes off
IBD growth 250-share wing stop (flugel) rose 6.9% trading above its exponential moving 21-day average and 50-day lines.
Potato products company lamb weston (LW) rose 4.2% on heavy volume after meeting first quarter 2023 sales estimates and exceeding earnings expectations. The company recorded a 12% decline in sales volumes, attributing this to a slowdown in demand from restaurants, hotels and sports venues.
LW shares broke out of an out flat basis and hit the 83.39 purchase point on the marketsmith chart. The LW stock is trading above its 50-day moving average while relative strength line has just reached a new high as indicated by blue dot on the weekly chart.
Murphy oil (MUR) rose 3.8% and broke out a from cup with handle, reaching the purchase point of 41.60. The company announced on 14. A quarterly cash dividend of $0.25 was declared to shareholders of record on november 1. December is payable. The oil explorer currently pays a 2.4% annual dividend yield.
RPM international (rev) rose 3.3% after topping earnings per share and revenue in the first quarter of 2023. Management gave a higher-than-expected revenue forecast for the second quarter, which boosted the stock.
Shares are on a cup-with-henkel basis with a buy point of 98.07, while the relative strength line has just reached a new high.
The company specializes in sealants, coatings and building products. Leading consumer brands include rust-oleum, roto-rooter and kwik seal.
Enphase energy (ENPH) plunged 9.3% on high volume and tracked its largest-ever one-day decline of 14.1% in april 2021. The shares are trading below the 50-day line and the 21-day exponential moving average.
Shares of enphase shot up on 27. July soars after a better-than-expected second-quarter earnings report. The stock held gains through the end of september and rolled over after the fed rate hike. Despite this, the share has gained 37.3 % year to date.
IBD 50: AI corporate pops, headcount tanks
The innovator IBD 50 ETF (FFTY) sold off 1%, plunging more than the major stock market indexes.
Digital AI manufacturing company xometrics (XMTR) rose 4.3% on light volume, finding support at its 21-day line. The company has a high 98 relative strength valuation.
Matador-resources (MTDR) gained 4.6% and is in the 5% buy zone of a cup-with-henkel-basis with a buy point of 58.68.
World wrestling entertainment (WWE) declined 0.5% after earlier gains and broke out a from cup bottom, reaching a buy point of 75.33. Stocks have recently been building the right side of the base. The relative strength line reached a new high today.
APA (APA) rose 3.5% after raymond james cut his price target to 70, but maintained his strong buy recommendation. The move is in addition to yesterday's 5% gap up.
The company has recently shown strong quarterly earnings growth. Analysts now forecast annual EPS growth of 137% in 2022 and 15% in 2023.
Investment funds have bought the stock, with 1.270 own shares in june, compared to 1.014 in march and 932 in december.
Healthcare staffing firm cross-country health (CCRN) fell 6% after truist securities downgraded the stock to hold with a price target of 36.