Stock market: Dow Jones up nearly 200 points, DocuSign jumps

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Major stock indexes were strong at the close after a choppy session on Thursday, ending near the day’s high. Investors appeared to ignore Fed Chairman Jerome Powell’s reaffirmed pledge to stamp out inflation.




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The Nasdaq climbed 0.6% and managed to stay in the green. The S&P 500 gained 0.7%. The Dow Jones Industrial Average gained 0.6%. Small caps held up slightly better than the other indices, with the Russell 2000 Index rising 0.8%.

The Nasdaq 100 tracked Invesco QQQ Trust (QQQ) gained 0.5%, leading Nasdaq stocks such as Apple (AAPL), Microsoft (MSFT) and Alphabet (GOOGL) was trading lower.

NYSE volume rose 4.1% and Nasdaq volume rose 0.4%, according to early data.

Crude oil rose 0.9%, trading at $82.66 a barrel. Natural gas maintained its gain, up 1.5%. The SPDR Select Energy ETF (XLE) added 0.4%.

Bitcoin futures rose 2% to $19,310. The yield on the 10-year US Treasury rose to 3.31%.

Markets are now pricing in an 86% chance that the Fed will raise interest rates by 75 basis points at this month’s meeting. Only 14% of market watchers expect a 50 basis point hike.

Initial jobless claims fell 6,000 to 222,000 for the week ended Sept. 3, versus the consensus estimate of 240,000. The downward trend suggests an improving labor market.

Stock market winners and losers

Regeneron Pharmaceuticals (REGN) jumped 18.9% after the announcement of two successful clinical trials of its eye drug Eylea. Its stock price is poised for the biggest percentage increase since April 2011. The shares closed at their highest since May 27.

Instantaneous (INSTANTANEOUS) jumped 9.3% in volume after an internal memo from CEO Evan Spiegel announced that the company plans to grow to 450 million users by the end of the year. Snap, the parent company of Snapchat, also aims to generate revenue reaching $6 billion in 2023.

Modern (mrna) the stock rose 4.7% after Deutsche Bank upgraded the medical stock by buying from a hold and raised its price target to 165 from 155.

copper and gold miner Freeport-McMoRan (FCX) stocks rebounded 7.9% as copper futures rose 3.6%.

Actions near a buy point

Focused brands (RRVN) rebounded 1% and reached the buy point of 33.38. The auto service provider’s stock is at a new high on the relative strength line, as indicated by a blue dot on MarketSmith’s weekly chart.

Stocks moving on earnings

DocuSign (DOCUMENT) climbed nearly 17% in extended trading after the document preparation software maker reported better-than-expected earnings per share and sales for the second quarter of fiscal 2023.

Overview of the US stock market today

Index Symbol Price loss of profit % To change
Dow Jones (0DJIA) 31773.80 +192.52 +0.61
S&P500 (0S&P5) 4006.09 +26.22 +0.66
Nasdaq (0NDQC ) 11862.13 +70.23 +0.60
Russell 2000 (IWM) 183.71 +1.52 +0.83
INN 50 (FFTY) 27.86 +0.42 +1.53
Last Updated: 4:30 PM ET on 08/09/2022

High-end furniture retailer HR (HR) was down 3.4% in extended trading after reporting a second-quarter profit loss but a sales beat.

Asana (ASAN), a collaboration software company, climbed 24.8% after reporting better-than-expected second-quarter numbers after the market close on Wednesday. The results included a lower than expected loss and a sales beat. Management gave third-quarter and full-year 2023 sales guidance above analysts’ estimates. The stock has been racking up huge volume and is trading above the 21-day exponential moving average and the 50-day moving average.

AeroVironment (AVAV) jumped 14.9% after reporting better-than-expected first-quarter 2023 sales figures and a weaker-than-expected quarterly loss. The Company’s products include drones and missile systems.

Stock market today: IBD 50 stocks on the move

The IBD 50 ETF (FFTY), a measure of growth stocks, gained 1.5%, outperforming major indexes.

Comstock Resources (CRK) rose 4.7% and sits above the 21-day exponential moving average in light volume. Cross Country Health Care (CCRN) is up 5.5% and is within 1% of the buy point of 27.80 on a mug with handle basis.

Axon modulation technologies (AXNX) jumped 5% and extends above the 20% to 25% profit zone of a cup base with handle. Axonics also cleared a tight three-week pattern with a buy point of 74.27. The stock skyrocketed on news of his first four patients implanted with his bladder and bowel dysfunction system in Canada.

Daqo New Energy (DQ) lost 7.5% and is trading below the 21-day exponential moving average and the 50-day moving average.

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