The losses in the stock market are increasing; Drugmaker pops up on upgrade

Major stock market indices added to Wednesday’s bad vibes and are trading lower on Thursday afternoon, nearing the day’s low. Markets are still grappling with comments from Fed Chair Jerome Powell, raising fears of a recession.


The Nasdaq dropped 1.5%. The S&P 500 lost 0.8%. The Dow Jones Industrial Average fell 0.4%. Smallcaps underperformed, with the Russell 2000 Index sinking 2.4%.

The Dow Jones remained above the psychological level of 30,000, while the Nasdaq Composite remained above the 11,000 level.

The stock market adds up to huge losses

Volume on the NYSE and Nasdaq was sharply higher on Wednesday than at the same time.

Nasdaq 100-tracking Invesco QQQ Trust (QQQ) retreated 1.4%. The yield on the 10-year US Treasury note rose to 3.68%.

In Europe, the German DAX stock index dropped 1.8%, the Paris CAC 40 dropped 1.9%, and the London FTSE 100 closed the trading day down 1.1%.

Initial jobless claims for the week ended September 17 came to a consensus of 213,000 versus 220,000, 5,000 more than the previous week’s revised numbers.

Crude oil rose 0.6% to $83.41 a barrel. SPDR Select Energy ETF (XLE) increased by 0.6 percent.

Bitcoin fell 0.2% to $18,945.

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Stock Market Gainers and Losers: Drugmaker Up, Data Company Drops

drug giant Eli Lilly ,LLY) rose 4.1% after UBS upgraded the stock to buy from neutral, bringing the price target to $363. The company’s type 2 diabetes and weight management drug Monjaro is raising speculation interest.

LLY STOCK A . is in flat base with point of purchase of 335.43. It ranks second in the medical-diversified group, 93 out of 197 industries that track IBD. Lily 89. has earned solid Relative Strength Rating,

lenar ,lane) grew 2.4% after reporting mixed fiscal Q3 2022 results, outpacing earnings but missing out on sales. The stock is trading below itself 21-Day Exponential Moving Averageon e Marketsmith Chart.

oil transport company Scorpio Tanker ,STNG) gained 2.5% on news of the company buying its common shares in the open market. It will also exercise the purchase option for a tanker which is currently being leased.

Scorpio has the best-possible 99 relative strength and overall rating. It is ranked ninth in the oil and gas transportation-pipeline group, which is ranked a distinguished No. 3 among IBD industry groups.

financial data company FactSet Research Systems ,FD) fell 7% after outranking on sales, but reported a default on its fiscal Q4 2022 EPS. The stock has been heavily punished in its biggest down day since June 2020, when it fell 7%.

Darden Restaurant ,DRI) fell 4.7% after reporting a default in fiscal Q1 2023 sales.

Costco to report earnings after market close

costco ,cost) is down 1.5% from its fiscal Q4 2002 earnings report, which ended due to the close of the market. The stock is down about 7% since the start of September.

On sales of $72 billion, COST stock is projected to earn $4.17 per share in the fiscal fourth quarter. The company doesn’t provide guidance, so investors will look for clues on how to set expectations for the holiday shopping season.

IBD 50 stock moves up: Oil tanker stock rises

The Innovator IBD 50 ETF (ffty) fell 2.8%, breaking more than the major indices in today’s stock market.

Huntington Ingalls Industries ,This) delivered a whopping 1.9% on the deliveries of three underwater vehicles (UUVs) to Britain’s Royal Navy.

humana ,GunjanMorgan Stanley gained 1.8% after upgrading the stock to overweight with a $549 price target. Morgan Stanley’s chief equity strategist Michael Wilson sees that managed-care stocks could be a Potential bright spot in the economyand specifically mentioned Humana and UnitedHealth Group ,uhh), which is up 0.9%.

vaccine tanker ,KNP) increased 1% and a . doing business on Extended Level It first hit on September 19, Best possible 99 in stock. Is Relative Strength Rating,

Talos Energy ,Advice) fell 5.6% after the company entered into an agreement to acquire privately held Enven Energy in a $1.1 billion cash and stock deal.

EnVen is an explorer, developer and producer of oil, gas and related hydrocarbons in the Gulf of Mexico.

shockwave ,powerful kill) fell 9.3% after two of its executives reported insider stock sales.

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