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Market Snapshot

https://www.briefing.com/stock-market-update

Dow 34807.46 +254.47 (0.74%)
Nasdaq 14108.82 +270.36 (1.95%)
SP 500 4511.61 +50.43 (1.13%)
10-yr Note -17/32 2.373
NYSE Adv 1946 Dec 1237 Vol 1.07 bln
Nasdaq Adv 3082 Dec 1355 Vol 5.32 bln

Industry Watch
Strong: Financials, Communication Services, Consumer Discretionary, Technology
Weak: Energy, Health Care, Utilities

Moving the Market

St. Louis Fed President Bullard speaks in favor of tighter policy

S&P 500 looking for support near 200-day moving average

Crude oil rally pauses

S&P 500 Reclaims 200-Day Average
22-Mar-22 16:10 ET
Dow +254.47 at 34807.46, Nasdaq +270.36 at 14108.82, S&P +50.43 at 4511.61

[BRIEFING.COM] The stock market ended Tuesday on a firmly higher note with the Nasdaq (+2.0%) pacing a daylong advance while the S&P 500 (+1.1%) and Dow (+0.7%) recorded slimmer gains.

Today's rally lifted the S&P 500 back above its 200-day moving average (4473) after that area offered slight resistance on Monday while the Nasdaq reclaimed its 50-day moving average (13831).

Ten sectors finished the day in positive territory with consumer discretionary (+2.5%) and communication services (+2.0%) holding the lead throughout the day.

The discretionary sector rebounded from yesterday's underperformance with NIKE (NKE 133.09, +2.90, +2.2%), which rallied to its 50-day moving average (139.12) before pulling back. The advance was fueled by above-consensus results for Q3 while top components Amazon (AMZN 3297.78, +67.95, +2.1%) and Tesla (TSLA 993.98, +72.82, +7.9%) also recorded strong gains.

In the communication services sector, top component Alphabet (GOOG 2805.55, +75.98, +2.8%) rallied past its 200-day moving average (2766) to a five-week high while Meta Platforms (FB 216.65, +5.16, +2.4%) reclaimed yesterday's loss.

Other influential sectors like technology (+1.4%) and financials (+1.6%) also spent the day in positive territory with the former benefiting from outperformance in top components like Apple (AAPL 168.82, +3.44, +2.1%) and Microsoft (MSFT 304.06, +4.90, +1.6%) while the latter rallied as Treasury yields continued climbing.

Selling across the curve drove Treasury yields to fresh highs for the year with the 10-yr yield rising six basis points to 2.37%.

On the downside, the energy sector (-0.6%) was the lone decliner, pulling back from Monday's rally. The sector narrowed this week's gain to 3.1% as crude oil fell $0.73, or 0.7%, to $109.48/bbl, snapping a four-day skid. Recent reports about a possible EU embargo on Russian oil were followed by indications that such a ban is unlikely to be implemented.

The market did not receive any data today but tomorrow, the weekly MBA Mortgage Index (prior -1.2%) will be released at 7:00 ET, followed by February New Home Sales (Briefing.com consensus 820,000; prior 801,000) at 10:00 ET.

Dow Jones Industrial Average -4.2% YTD
S&P 500 -5.3% YTD
Russell 2000 -7.0% YTD
Nasdaq Composite -9.8% YTD

Energy Remains Behind
22-Mar-22 15:30 ET
Dow +227.23 at 34780.22, Nasdaq +270.05 at 14108.51, S&P +47.93 at 4509.11

[BRIEFING.COM] The major averages remain near their best levels of the session with the S&P 500 holding a 1.1% gain with 30 minutes remaining in the session.

Most sectors are hanging onto solid gains with consumer discretionary (+2.5%) and communication services (+2.2%) jockeying for the top spot.

Conversely, the energy sector (-0.9%) remains at the bottom of the leaderboard, but even with today's loss, the group is up 7.7% for the month while the second-best performer—health care (-0.1%)—has gained 5.1% in March.

All but two components of the energy sector trade in the green while Pioneer Natural Resources (PXD 251.66, +0.48, +0.2%) hit a fresh record high. Crude oil, meanwhile, fell $0.73, or 0.7%, to $109.48/bbl.