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Stock Market Today


STOCK MARKET TODAY: DISNEY EARNINGS KEEP DOW ABOVE WATER


THURSDAY DELIVERED ANOTHER UPBEAT READING ON INFLATION, WHICH HELPED BOOST
INVESTOR SENTIMENT EARLY ON.

by: Karee Venema
August 11, 2022
August 11, 2022

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Stocks jumped out of the gate Thursday, building on Wednesday's inflation-fueled
gains. However, unlike yesterday where markets rallied hard into the close,
today's upside action stalled out as the session wore on, as momentum in tech
stocks faded.

Today's positive start came courtesy of a number of headlines, including a
strong earnings report from Walt Disney (DIS). The entertainment and media
conglomerate last night reported higher-than-expected earnings and revenue for
its fiscal third quarter. Disney also added 14.4 million subscribers to its
Disney Plus streaming service over the three-month period, more than the 10
million analysts were expecting. DIS jumped 4.7% after earnings, easily making
it the top-performing Dow Jones stock today.

 * 10 Best Value REITs for Income Investors

On the economic front, the Bureau of Labor Statistics this morning said U.S.
producer prices were up 9.8% annually in July – well below June's 11.3% rise and
the lowest year-over-year increase since October 2021. Month-over-month, the
producer price index was down 0.5%.

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"Inflationary pressures are clearly easing, but a lot of that decline is
dependent if oil prices continue to grind lower," says Edward Moya, senior
market strategist at currency data provider OANDA. "The risk of higher oil
prices going into year end are elevated, so this moderation in inflationary
pressures might not last." 

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fund recommendations, and other investing advice.

Oil prices also were higher today, with U.S. crude futures gaining 2.6% to
settle at $94.34 per barrel. This fueled a major rally in the energy sector
(+3.5%), while healthcare stocks (-0.7%) lagged.

 * 10 Metaverse Stocks for the Future of Technology

As for the broader indexes, the Dow Jones Industrial Average rose 0.1% to 33,336
thanks to a Disney-related boost. However, the S&P 500 Index (-0.1% to 4,207)
and the Nasdaq Composite (-0.6% at 12,779) ended with modest losses. All three
indexes had been up more than 1% earlier in the session.

YCharts

Other news in the stock market today:

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 * The small-cap Russell 2000 added 0.3% to 1,975.
 * Gold futures fell 0.4% to finish at $1,807.20 an ounce.
 * Bitcoin jumped 2.3% to $24,208.82. (Bitcoin trades 24 hours a day; prices
   reported here are as of 4 p.m.)
 * Six Flags (SIX) plunged 18.2% after the theme park operator reported
   earnings. In its second quarter, earnings per share fell 35% year-over-year
   to 53 cents, while revenue was down 5% to $435 million. Analysts, by
   comparison, were expecting earnings of $1.01 per share on $519 million in
   revenue. "We would sit on the sidelines until SIX can prove it can grow its
   top and bottom line with its new premium strategy especially as the consumer
   slows spending on discretionary services as inflation boost consumer debt and
   lowers savings," says CFRA Research analyst Zachary Warring, who lowered his
   rating on SIX to Hold from Buy.
 * Several energy stocks jumped alongside oil prices today. Devon Energy (DVN,
   +7.3), Marathon Oil (MRO, +7.0%) and Pioneer Natural Resources (PXD, +4.9%)
   were just a few of the day's big winners.


THE BEST STOCKS SINCE THE BEAR-MARKET BOTTOM

Have stocks bottomed? That's a popular question circling Wall Street these days,
with the S&P 500 fresh off its best July since FDR was president and the Nasdaq
up roughly 20% from its late June lows. 

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"We are not 100% in that camp," says Victoria Fernandez, chief market strategist
at investment management firm Crossmark Global Investments. "Bear-market rallies
and the start of new bull markets look similar but we need to see the
broad-based momentum to believe this is more than a shorter-term rally." 

 * Kip ETF 20: The Best Cheap ETFs You Can Buy

Still, given the Nasdaq's impressive run in recent weeks, many in the financial
media are proclaiming the start of a new bull market for the tech-heavy index
(although the bull won't be confirmed until the index takes out its previous
all-time high of 16,057 set on Nov. 19, 2021). 

No matter which side you're on, after months and months of extreme stock market
volatility, "there's no harm in prematurely celebrating the beginning of a new
bull market," says Kiplinger's Dan Burrows. And to mark the moment, we uncovered
the S&P 500's top-performing stocks since the bear-market bottom on June 16.
Take a look. 

 * Biden's Inflation Reduction Act: Investing Winners and Losers

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