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.
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.