Technology

Dow Jones, Nasdaq rebound powerfully; Netflix and Google tech stocks go higher

Dow Jones, Nasdaq rebound powerfully;  Netflix and Google tech stocks go higher

The Dow Jones Industrial Average posted a strong gain early in the afternoon while the Nasdaq led the market higher with a gain of more than 3%. Crude oil prices fell more than 11% after surging last week to a nearly 14-year high.




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S&P sectors were mostly up on Wednesday. Energy and utilities were the only two sectors that fell. Financials and technology were the best performers, with gains of more than 4% each.

Dow Jones on the stock market today

A pattern of large price movements and high volatility continues to characterize the market today. By 1:30 p.m. ET, Dow Jones Industrialists were up 2.1%. The Nasdaq rose 3.6% while the S&P 500 rose 2.7%. The Russell 2000 was trading up 2.8%.

Overview of the US stock market today

Index symbol Price loss of profit % Change
Dow Jones (0DJIA) 33317.89 +685.25 +2.10
S&P500 (0S&P5) 4281.44 +110.74 +2.66
Nasdaq (0NDQC ) 13252.71 +457.16 +3.57
Russell 2000 (IWM) 200.31 +5.52 +2.83
INN 50 (FFTY) 37.20 +1.06 +2.93
Last Updated: 3:08 PM ET on 03/09/2022

Volume was down on the Nasdaq and NYSE from the same time on Tuesday. Elsewhere, the yield on the 10-year Treasury rose to 1.92% and continued a recent trend of volatile swings.

U.S. crude oil futures finally cooled, with prices falling back to $109 a barrel after hitting above $120 on Tuesday. The spike was due to a ban on Russian crude oil imports by the United States

Oil fell 11% for the day. The SPDR Energy Select Sector (XLE) fell more than 3.2%. The ETF rose more than 9% last week after massive gains in oil prices. Oil drilling, exploration and production, pipelines and other energy industry groups fell more than 1%.

Meanwhile, travel stocks and industry groups hard hit by rising fuel prices rebounded on Wednesday. Travel booking stocks like Airbnb (ABNB) and Expedia (EXPE) were among the top performers. Airlines were also among the best performing industry groups.

Expedia is up more than 5% in the current market and has recovered its 200-day moving average after crashing below that zone on Tuesday. Meanwhile, Airbnb has gained more than 3% but still remains below its 200-day line.

Steel producers sink as oil inventories rise

The Innovator IBD 50 ETF (FFTY) jumped 3.4%. In the IBD 50, automotive market stocks CarGurus (CARG) led the rise with an increase of more than 7%. Shares rebounded after a multi-day selloff. The stock cratered more than 20% after hitting the profit zone following a recent breakout. However, the stock remains above its 21-day line.

Shipping stocks also increased collectively, with IBD 50 stock Zim Integrated Shipping (ZIM) up more than 5% after paring an even larger gain. The company reported a 366% increase in fourth quarter earnings. Revenue increased 155% to $3.47 billion. Other shippers like Matson (MATX) rose more than 1% in sympathy with Zim.

A few tech stocks showed strong action, including netflix (NFLX), which gained 5% after Wedbush lifted the stock from underperforming to neutral. Video streaming service stock remains in the midst of a correction and is not close to a buy point at this time.

Alphabet (GOOGL) rose 4.8% and remains above the 2,500 price level, a key support area. The company’s Google division has agreed to acquire Mandiant, a cybersecurity software and services company, in a deal valued at $5.4 billion.