Major stock indexes were up in afternoon trade, up in the past hour and near the day’s highs. Investors are selling health care and basic stocks for more growth play.
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The S&P 500 rose 0.9% while the Nasdaq was the best performer, up 1.9%. The Dow Jones Industrial Average was the worst, rising 0.1%. The Russell 2000 Small Cap Index gained 1.1%
The tech-focused Nasdaq 100-based trusted ETF Invesco QQQ (QQQ) climbed 1.9%.
Volume on the NYSE and Nasdaq was lower compared to the same time Thursday.
Crude oil added 2.9% to $89.00 a barrel. The SPDR Energy Select Sector ETF (XLE) edged up 3.1%. Natural gas fell 5.8% and is below $6 per million British thermal units.
The bond market is closed on Veterans Day. Bitcoin rallied another 7.8% to $16,345.
European markets were mixed, with the German DAX stock index up 0.6% and the Paris CAC 40 up 0.6%. London’s FTSE 100 fell 0.8% to close the day.
The odds of a 50 basis point hike at the Fed’s December meeting are now 80.6%, while 19.4% are looking for a 75 basis point hike, according to the CME FedWatch Tool.
Big stock market losers include healthcare and medical stocks
Healthcare is the worst performing S&P sector today, with the healthcare sector’s SPDR (XLV) down 1.4% and now below a buy point of 134, 57.
Manufacture of medical devices Shock wave (SWAV) fell 8.5% and sits 10% below its 50-day moving average. Medical products stocks joined healthcare stocks in a sell-off.
Manufacturer of blood glucose monitoring devices Dexcom (DXCM) fell 2.9% and remains above its 21-day exponential moving average.
humane (HUM) fell 5.2% as the big lag of the S&P 500. The stock is back near its buy point of 515.08.
Eli Lily (LLY) plunged 4.7% in heavy volume, sending it below its 21-day exponential moving average.
Harmony Biosciences (HRMY) lost 2.3% as other biotechs fell. AMN health services (AMN) fell 4.1%. The healthcare staffing service provider fell below its 50-day moving average.
Dow Jones defensive darlings sell out
Dow Jones medical stocks hurt the index. UnitedHealth Group (UNH) was down 5% and is the Dow Jones’ biggest loser of the day as investors rushed out of the sector.
Defense and Aerospace Stock Lockheed Martin (LMT) fell 5.6% on higher volume, with the defense sector being another losing sector. The stock is finding resistance at its 21-day line.
Merck (MRK) fell 4.1% and sits below its 21-day line. Johnson & Johnson (JNJ) gave up 3.2%, finding support at its 50-day line. Amgen (AMGN) fell 2.4% with the group.
Other defensive sectors also fell today. The SPDR Select Sector Utilities ETF (XLU) fell 1.2%. The SPDR Select Consumer Staples ETF (XLP) fell 0.4% as investors found other places for their capital.
Consumer staples are also down
Campbell’s Soup (CPB) fell 3.2%, triggering the 7%-8% sell rule from the base of the cup with handle, with a buy point of 51.73. Shares fell below the 50-day line.
Kellogg (K) lost 3.3% and fell below its 200-day moving average.
PepsiCo (PEP) fell 2.5% and sits below its 21-day exponential moving average.
IBD 50 lags most indices
The Innovator IBD 50 (FFTY) ETF edged up 0.4%, holding up better than the Dow Jones but lagging the S&P 500.
CVR Energy (CVI) jumped 5.4% as energy stocks strengthened.
Cross country Health care (CCRN) fell 6.2% and sits below its 50-day line. It’s a big loser of the IBD 50 today and part of the health care sellout.
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