The stock market digs out of the morning hole, the potato stock explodes

Major stock market indices regained strength after morning losses on Wednesday, after two days of big gainss, It is trading near today’s highs. The Dow Jones Industrial Average is approaching positive territory.




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The Nasdaq Composite Index is down 0.5% while the S&P 500 is down 0.2%. The Dow Jones Industrial Average was down just 0.1%. The Russell 2000 Index of Small Business was the worst performer, down 0.9%.

Stock market and economic news: high oil prices and lower mortgages

Trading volumes on the New York Stock Exchange and Nasdaq were lower against the same time on Tuesday.

The 100-tracking Nasdaq Invesco QTrust Index was down 0.2%.

European markets slipped, with Germany’s DAX down 1.2%, the Paris CAC 40 down 0.9% and the London FTSE 100 down 0.5%, to close out the trading session.

OPEC + agreed to a Cut two million barrels per day In production, the biggest drop since April 2020. Crude oil rose 1.3% to $87.72 a barrel on the news. The SPDR Select Energy ETF (XLE) was also up 2.1%.

The yield on the 10-year Treasury rose to 3.77%. Bitcoin price rose 0.2% to $20,325.

The MBA Composite Mortgage Applications Index for the week ending September 30th is down 14.2% while the Buying Index is down 12.6%. The refinancing index is down 17.8%, down 86% from a year ago.

According to bankrate.com, the national average for a 30-year fixed-rate mortgage is over 6.8%.

The September ADP employment report came in higher than expected, adding 208,000 additional private jobs versus the 200,000 consensus. The number is down significantly from August 308000 and July 477000.

The ISM Services Index for September came in at 56.7 versus the expected 56.0.

Gainer stock market hits buy point after earnings

Potato Products Manufacturer Lamb Weston (LW) rose 4.9% in heavy the sound After meeting financial sales estimates for the first quarter of 2023 and exceeding earnings expectations. The company noted a 12% drop in sales volumes, which was attributed to sluggish demand from restaurants, hotels and sports venues.

LW shares broke from A flat base and hit 83.39 buy point on the MarketSmith chart. LW stock is trading above it 50 day moving average while the line relative force Just reached a new high, as evidenced by blue dot on the weekly chart.

murphy oil (mor) rose 3.5% and exited a cup base with handle, Down to 41.60 buy points. The company announced a quarterly cash dividend of $0.25 to shareholders of record on November 14, payable on December 1.

RPM International (round per minute) increased 3.4% after reporting a first-quarter fiscal 2023 EPS and sales win. Management gave a higher-than-expected sales forecast for the second quarter, which added a boost to the stock.

Stocks are at the base of a cup with a handle at 98.07 buying points while the RSI reached a new high.

The company specializes in sealants, coatings and building products. Leading consumer brands include Rust-Oleum, Roto-Rooter and Kwik Seal.

Energy Enphase (ENPH) is down 10% due to heavy volume and is catching up to its previous largest one-day drop of 14.1% in April 2021. Stocks are trading below the 50-day line and the 21-day exponential moving average.

Enphase shares soared on July 27 after a better-than-expected earnings report for the second quarter of 2022. The stock held its gains through late September, tumbling after the Fed raised interest rates. However, the stock is up 37.3% year-to-date.

IBD 50: Entertainment Stock Interruption

The Innovator IBD 50 ETF (fifty) sold 1.1%, down more strongly than the major stock market indices.

world wrestling entertainment (WWE) He got 0.6% and got out of A cup base Up to 75.33 purchase points. Stocks have been lately Build the right side of the base. The RSI line reached a new high today.

Matador Resources (MTDR) gained 4.4% and is in 5% buying area For a mug with a handle, the point of purchase is 58.68.

APA Corp. (APA) by 3.6% after Raymond James cut the target price to 70 but maintained the strong buy rating. The move comes above the 5% upside gap yesterday.

The company has shown strong quarterly earnings growth recently. Analysts now expect annual EPS growth of 137% in 2022 and 15% in 2023.

Investment funds bought the stock with 1,270 owned shares in June, up from 1,014 in March and 932 in December.

Healthcare Recruitment Company Cross Country Healthcare (CCRN) fell 5.4% after Trust Securities cut the stock’s rating to hold, with a price target of 36.

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