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Charles Ponzi
Dec 30, 2022 5:10AM ET
Yeah, this is the dip
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Stock market today: Dow ends higher as dip-buying fever returns to bruised tech
© Reuters
By Yasin Ebrahim
Investing.com -- The Dow closed higher Thursday, as dip-buying fever in beaten-down tech and retreat in Treasury yields underpinned sentiment on stocks.
The Dow Jones Industrial Average gained 1.1% or 345 points, the Nasdaq Composite was 2.6% higher, and the S&P 500 rose 1.8%.
Meta Platforms (NASDAQ:META), which is down about 64% year-to-date, rallied 4% followed by a nearly 3% move higher in Apple (NASDAQ:AAPL) as the latter's recent plunge to its lowest level in 18 months attracted dip buyers.
As well as dip-buying momentum, tech was also supported by a fall in Treasury yields after data pointing to slowing labor market stoked hopes for a slowdown in wage growth and a less aggressive Federal Reserve.
The "labor market remains very tight," Jefferies said in a note, adding that "it will take a little while longer for the cracks to form" as claims are rising from near historic low levels.
Netflix (NASDAQ:NFLX), meanwhile, jumped 5% after CFRA upgraded the stock to 'buy' from 'sell' and lifted its price target to $310 from $225, saying it would be difficult for competitors to catch up with streaming giant as its "one of the few profitable streaming providers with global scale."
Tesla (NASDAQ:TSLA), up 8%, continued to claw back losses as some on Wall Street flagged several key milestones that the electric vehicle manufacturer's chief executive Elon Musk needs to achieve to lift sentiment on the stock.
Musk needs to "name a CEO of Twitter by the end of January; adopt a 10b5-1 plan so investors know there is no major selling block around the corner […]; and lay out conservative 2023 delivery and targets given the darker macro," Wedbush said in note laying out the "top 10 things Musk needs to do in 2023 to turn TSLA sentiment positive."
Energy rose more than 1% shrugging off weakness in oil prices following data showing that weekly U.S. crude stockpiles unexpectedly rose by 718,000 barrels last week. That confounded expectations for a draw of about 1.5 million.
Baker Hughes (NASDAQ:BKR), ONEOK (NYSE:OKE), and Halliburton (NYSE:HAL) were up more than 2%.
In other news, Beyond Meat (NASDAQ:BYND) climbed 9% after McDonald's Corporation (NYSE:MCD) said it would roll out the Double McPlant across the UK from Jan. 4.
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Comments (10)
Jora Costin
Dec 30, 2022 3:54AM ET
+37368663146
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Chit Lin Ko
Dec 29, 2022 10:56PM ET
ok
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Mahesh Parmar
Dec 29, 2022 10:30PM ET
Up and new high
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Tom Michaels
Dec 29, 2022 7:22PM ET
rig job
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Mario tragik
Dec 29, 2022 5:53PM ET
dip buying, lol. dip buying implies people actually buying at these prices in front of an uncertain 2023. there are no dip buying other than machines and algos on low liquidity. This dip buying wont even hold 48 hrs
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Mitchel Pioneer
Dec 29, 2022 5:26PM ET
Another criminally manufactured "rally," and another magical, unimpeded tight-rope walk for the laughingstock of the financial world. Watch Wall Street sharpen the knife even further tomorrow with more criminally manufactured "gains." They love plunging a financial knife into the back of America heading into every holiday.
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Aconomics adub
Dec 29, 2022 5:26PM ET
anen
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Luke Knoep
Dec 29, 2022 5:26PM ET
Indexes are actually down right now pre market
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MAP SR
Dec 29, 2022 4:49PM ET
Bread and butter sector for the current administration to short over the last 13 months has been biotech.
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MAP SR
Dec 29, 2022 4:49PM ET
To the point where some investors have been left homeless from their losses.
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Casador Del Oso
Dec 29, 2022 4:42PM ET
Isn't the longer term direction downward? If you buy now it could be years before this level is reached again.
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William Taylor
Dec 29, 2022 4:42PM ET
It's like a time machine where everyone thinks they've visited the future.
Well...what happens when "everyone" knows the future and takes measures to protect themselves from it?
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Ady Brîndoiu
Dec 29, 2022 4:42PM ET
nope. it's already priced in. things will change to the better
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David Braddock
Dec 29, 2022 4:42PM ET
unlikely if interest rate hikes stop by mid 2023
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TheEnd IsNigh
Dec 29, 2022 4:37PM ET
...dip buying fever returns.......for now.
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