Stock Market Indexes Ending the Week With Gains But Energy Stocks Drop

Stock Market Indexes Ending the Week With Gains But Energy Stocks Drop

The major stock market indexes are all in the green on this last trading day before a long holiday weekend. Indexes are near the day’s highs in the last hour of trading.


The Nasdaq composite leads the day, up 1.9% from strength in big tech stocks. The S&P 500 is up 0.9% and the Dow Jones Industrial Average is up 0.6% The Russell 2000 is up 1.7%.

NYSE volume is up 53.4% ​​and Nasdaq volume is down 1.3% compared with the same time Thursday.

The Nasdaq is on pace for a 4.2% loss for the week while the S&P 500 is off 5.2%. The Dow’s weekly loss is now 4.2%. The Russell 2000 is down 6.8% for the week so far.

Energy’s Big Losers

Dow Jones Industrial Average loser Chevron (CVX) is down 4.3% on heavy volume, as the energy group continues to fall out of favor.

Pioneer Natural Resources (PXD) is down 6.8%. Shares have been dropping since June 8, and erased all gains from the 196.74 buy point. That marks a round-trip sell signal. The stock now tries to hold above the 200-day moving average.

US Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 30059.61 +132.54 +0.44
S&P 500 (0S&P5) 3693.00 +26.23 +0.72
Nasdaq (0NDQC ) 10836.69 +190.59 +1.79
Russell 2000 (IWM) 165.93 +2.03 +1.24
IBD 50 (FFTY) 27.66 -0.30 -1.07
Last Update: 3:04 PM ET 6/17/2022

Ranger Oil (ROCC) is down 7.4%, erasing its gains from the 40.94 buy point of a double bottom. That also is a round-trip sell signal. The stock is now trying to hold around the 50-day moving average.

Northern Oil & Gas (NOG) is down 11.5% which triggered the 7% sell rule. Like Ranger, this stock is now below the 50-day moving average.

Crude oil futures have fallen nearly 7% today, to $109 per barrel.

Nasdaq’s big mover is biotech company Seagen (SGEN), on rumors of a buyout by Merck (MRK). Shares of Seagen are up 15.6% on heavy volume, while Merck shares are down 0.4%.

ETFs Show Sign Of Life

The SPDR Select Communication Fund ETF (XLC) is up 2.1%. Strength in today’s move comes from companies including T-Mobile (TMUS), up 3%, and Meta Platforms (META), which added 2.3%.

The SPDR Select Technology Fund ETF (XLK) is up 1.6% as big tech names see a slight rebound after this week’s sharp sell-off.

Pharmaceutical Stock Above Moving Averages

Shares of Eli Lilly (LLY) are up 3% today on heavy volume. The pharmaceutical company got FDA approval in May for its molecule tirzepatide, used in weight-loss treatments.

The company shows a strong Composite Rating of 95 out of 99, and an EPS Rating of 93.

Quarterly EPS growth year over year is volatile, with the March quarter up 63%, Q4 up 8%, and Q3 of 2021 up 38%. Quarterly sales growth year over year is not impressive, with the most recent quarters rising 15% or less. That is often typical of mature companies like Lilly.

The stock climbed above both the 21-day exponential moving average and the 50-day moving average today, but has pulled back.

Bitcoin futures are down 1.6% today to $20,445 after vacillating throughout the day.

The Innovator IBD 50 ETF (FFTY), a gauge of growth stocks, is down 1.3%, lagging the stock market.


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