The Dow Jones Industrial Average reversed higher in afternoon trading on Tuesday. Meanwhile, the Nasdaq composite led the upside. However, the market remained volatile and stocks began to pull back on reports that Russia’s President Vladimir Putin has signed a decree that bans the exports of key products and raw materials until Dec. 31.
Certainly, geopolitical uncertainty and inflation continue to push the prices of commodities like gold and oil higher.
The S&P sectors were mostly higher on Tuesday after Monday’s losses. Health care and consumer staples were the only two sectors that fell. Consumer discretionary and technology were the best performers, with gains of around 3% each.
Dow Jones In Stock Market Today
At around 1:45 p.m. ET in today’s stock market, the Dow Jones industrials were up 0.6%. The Nasdaq rose more than 0.9% while the S&P 500 increased 0.3%. The Russell 2000 traded as much as 2.2% higher before easing some.
Volume was running higher on the Nasdaq and on the NYSE vs. the same time on Monday. This could be a positive sign for the market as investors want to see stocks rising in higher volume and falling in lower volume.
U.S. Stock Market Today Overview
Last Update: 1:38 PM ET 3/8/2022
Elsewhere, the yield on the 10-year Treasury note rose to 1.84% after falling to around 1.72% on Monday.
U.S. crude oil futures continued to push higher, as prices moved above $123 a barrel on Tuesday, rising over 2.2%. The Energy Select Sector SPDR (XLE) jumped 4.5% to a new high before fading gains. The ETF rose over 9% last week and is already up 3% so far this week. Additionally, the average price of gasoline on Monday topped $4 a gallon, a record high.
Meanwhile, Gold also climbed over 3% to as high as $2,067.20 an ounce. SPDR Gold Shares (GLD), an ETF that tracks the price of bullion, rose 3.6% and closed in on its record highs from 2020. The ETF climbed 4% last week and is up 3.5% so far this week.
President Joe Biden announced the U.S. is banning imports of Russian oil. The ban would potentially be the most significant set of sanctions imposed against Russia yet, since its invasion of Ukraine. Unfortunately, this may lead to further inflation.
Steel Producers Sink While Oil Stocks Rise
Over in the IBD 50, steel producer Cleveland-Cliffs (CLF) weighed heavily as shares fell over 9%. The stock erased prior gains above a 24.77 double-bottom entry. That counts as a round-trip sell signal and a signal to get out of the stock. Another steelmaker, Commercial Metals (CMC), also has slipped below its latest entry.
Meanwhile, shares of biotech leader Harmony Biosciences (HRMY) came within pennies of a breakout from a stage-one 45.99 cup base. The RS line reached a new high ahead of the breakout, a bullish sign. Meanwhile, the stock is up over 11% so far this week.
The stock reclaimed it 50-day moving average in strong volume last week. The stock market correction makes any stock purchase ultra risky, although energy plays have behaved better.
Meanwhile, Callon added 6.2% and briefly moved above the 65.55 buy point of a cup without handle in heavy trading. The relative strength line also is making new highs.
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