The major stock market indexes were mixed and off the highs of the day in afternoon trading. Chinese stocks gave back earlier gains on news that China will loosen its travels restrictions from its zero-Covid policy.
X
The S&P 500 shed 0.2% and the Nasdaq gave back 1.1%. But the Dow Jones Industrial Average rose 0.3%. The Russell 2000 small-cap index also saw losses, giving up 0.4%.
The S&P 500 is below its 50-day moving average. The Dow is above but finding resistance at its 21-day exponential moving average.
The tech-heavy Nasdaq 100-tracking Invesco QQQ trust ETF (QQQ) lost 1.2%.
Volume on the NYSE and Nasdaq was lower vs. the same time on Friday.
Crude oil gained 1.2% to $80.71 per barrel. The Energy Select Sector SPDR ETF (XLE) popped 1.2%. Natural gas regained 1.2% and is trading above $5 per million British thermal units.
Bitcoin futures gave back 1.1% to $16,595. The 10-year Treasury note yield gained 10 basis points to 3.85%.
European markets closed higher, with the German DAX adding 0.4% while the Paris CAC 40 gained 0.7%. The London FTSE 100 rose 0.1%.
Odds for a 25-basis-point hike by the U.S. Federal Reserve at the February meeting stand at 60.7%. That would take the fed funds yield to the 4.5%-4.75% range. Meanwhile, 39.3% are looking for a 50-basis-point hike, according to the CME Group FedWatch Tool.
October’s Case-Shiller home price index came in better than expected, down 0.5% vs. the consensus estimate for a 1.2% decline. This added to September’s 1.2% drop, and makes for a year-over-year increase of 8.6%.
China Loosens Restrictions; Hotel Stocks Benefit
Chinese authorities said the country would end its incoming travelers’ mandatory quarantine beginning on Jan. 8. Restrictions on the numbers of passengers and international flights will also be lifted. The news gave hotel and gaming stocks a lift.
Hotel and gaming giant Wynn Resorts (WYNN) gapped up 4.6% and leads the S&P 500. The bump pushed the stock above its 21-day exponential moving average. Las Vegas Sands (LVS) also gapped up 3.9% and is back above its 21-day line. The companies have casino operations in Macao. Las Vegas Sands holds the fifth spot in IBD’s gaming and equipment industry group, while Wynn is seventh.
Solar parts manufacturer Daqo New Energy (DQ) reversed lower 0.8% as solar stocks fell broadly. Solar product component maker JinkoSolar (JKS) also retreated from earlier gains, adding to Friday’s 6.7% drop.
Nio (NIO) is a big Chinese loser, down 8.6% on news it is cutting its Q4 deliveries forecast, citing Covid-related production and deliveries plus supply-chain issues.
Stock Market Movers
Southwest Airlines (LUV) plunged 4.8% after the carrier canceled about 3,000 flights on Monday, for a total of almost 8,000 canceled flights on Thursday to Monday. The Department of Transportation called the cancellations “disproportionate and unacceptable.” While airlines in general encountered weather-related problems, Southwest got hit harder.
Egg producer Cal-Maine Foods (CALM) dropped more than 1% ahead of its fiscal Q2 2023 earnings release Wednesday after the market close.
IBD 50 In Line With Stock Market
The Innovator IBD 50 ETF (FFTY) dipped 0.2% and was in line with the S&P 500 Index.
Crocs (CROX) gained 3.6% on light volume and is extended from the 20%-25% profit zone of a base with 83.74 buy point. CROX started a run following a beat on Q3 top and bottom lines on Nov. 3.
Mobileye Global (MBLY) jumped 2.5% as shares are starting to consolidate. The stock returned to the stock market on Oct. 26. The Israeli company is the dominant supplier of camera-based technologies used in self-driving-car systems. The company is looking to lead the autonomous-vehicle market.
YOU MAY ALSO LIKE:
Get Free IBD Newsletters: Market Prep | Tech Report | How To Invest
What Is CAN SLIM? If You Want To Find Winning Stocks, Better Know It
IBD Live: Learn And Analyze Growth Stocks With The Pros
Looking For The Next Big Stock Market Winners? Start With These 3 Steps
Want More IBD Insights? Subscribe To Our Investing Podcast
Stock Market Sees Pockets Of Strength; Hotel Stocks Jump
- Advertisment - 
Recent Comments
on CONCEPT ART: New Details Revealed for Disney Cruise Line Lookout Cay at Lighthouse Point Destination
on “Completely Knocked Me Out”: Rob Lowe Recalls Boxing Match With Tom Cruise On 1983 Brat Pack Classic
on CBS Sports announces Matt Ryan will join NFL studio show. Longtime analysts Simms and Esiason depart
on Carlos Sainz’s Soccer Fanboy Emerges as Spaniard Shares Defining Moment With This Real Madrid Legend
on Biden: ‘At this point I’m not’ planning to visit East Palestine, Ohio, after toxic train derailment
on ‘Best Intention’: Chris Kirk Has Absolute Trust in Jay Monahan and PGA Tour’s Widely Debated Model
on Ahead of big sports weekend, dispute with Disney leaves millions of cable subscribers in the dark
on A heavy wave of Russian missile attacks pounds areas across Ukraine, killing at least 4 civilians
on 2024 Super Bowl: CBS Sports Network and CBS Sports HQ to combine for 115 hours of weeklong coverage
on 2023 NFL All-Rookie Team: CBS Sports draft expert, former GM unveil league’s best first-year players
on Army vs. Coastal Carolina live stream, how to watch online, CBS Sports Network channel finder, odds
on AL Rookie of the Year Julio Rodriguez Spreads Joy and Sportsmanship to the Youth of Loma de Cabrera
on After UFC Fallout, Conor McGregor Offers a Valuable Piece of Advice to Free Agent Francis Ngannou
on Dubai International Airport sees 41.6 million passengers in first half of year, more than in 2019
on Devout athletes find strength in their faith. But practicing it and elite sports can pose hurdles
on Despite strong Lunar New Year holiday data, consumer spending in China isn’t roaring back just yet
on Dave Portnoy: Taylor Swift’s security should ‘drag Kim Kardashian to jail’ if she attends Eras Tour
on CONCEPT ART: New Details Revealed for Disney Cruise Line Lookout Cay at Lighthouse Point Destination
on “Completely Knocked Me Out”: Rob Lowe Recalls Boxing Match With Tom Cruise On 1983 Brat Pack Classic
on CBS Sports, Serie A announce new TV rights deal; Paramount+ to air over 400 Italian soccer matches
on Cam Newton’s Violent Public Incident Draws Hilarious Reaction From 3x All-Star: “Where Do I Sign Up
on Boston College vs. Army live stream, how to watch online, CBS Sports Network channel finder, odds
on Angel Reese Launches Foundation Dedicated To Empowering Women Through Sports & Financial Literacy
on A weaker dollar, skyrocketing prices and ‘record’ visitor numbers: Good luck in Europe this summer