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Stock Market Today: Dow Ends Higher as Energy Surge Offsets Tech Stumble

Stock Markets Jul 25, 2022 04:04PM ET
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By Yasin Ebrahim

Investing.com -- The Dow made a positive start to the week Monday, as a rally in energy offset weakness in tech ahead of quarterly earnings from big tech and a Federal Reserve meeting set to kick off later this week.

The Dow Jones Industrial Average gained 0.28%, or 90 points, the Nasdaq fell 0.41%, and the S&P 500 gained 0.15%.

Energy rose more than 3%, supported by a jump in oil prices amid a weaker dollar and ongoing concerns about supply fears.

Natural gas prices, meanwhile, jumped sharply after Russia’s Gazprom said it would cut Europe’s gas flow via Nord Stream to 20% because of maintenance issues.

APA (NASDAQ:APA), Marathon Oil (NYSE:MRO), and Diamondback Energy (NASDAQ:FANG) were among the biggest gainers, all up about 6%. 

Financials, meanwhile, also played a role in the broader market climb, powered by a rally in regional banks as Treasury yields inched higher.

SVB Financial Group (NASDAQ:SIVB) climbed more than 8% after Evercore upgraded its rating on the stock to outperform from in-line, citing an attractive entry point.

Tech kept gains in the broader market in check ahead of quarterly results from big tech. Microsoft Corporation (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) are set to report earnings on Tuesday, with reports from Meta (NASDAQ:META), Amazon (NASDAQ:AMZN) and Apple (NASDAQ:AAPL) due later this week.

The rally in tech since mid-June has coincided with a slip in Treasury yields -- making it more attractive to own higher-valued growth sectors of the market -- as investors price in a less hawkish Federal Reserve on signs that inflation is moderating as economic growth softens.

“The tightening in financial conditions to date is already large enough and the growth trajectory is already low enough that speeding up would be unnecessarily risky,” Goldman Sachs said in a recent note, forecasting the Fed to hike rates by 0.75% on Wednesday.

Consumer discretionary stocks were also a drag on the broader market, paced by weakness in retailers and homebuilders.

On the earnings front, Newmont Goldcorp (NYSE:NEM) sunk 13% after the mining company reported quarterly profit that fell short of Wall Street estimates.

Crypto-related stocks were also on the back foot as Bitcoin fell more than 3%. MicroStrategy (NASDAQ:MSTR), Riot Blockchain (NASDAQ:RIOT), and Coinbase Global (NASDAQ:COIN) were down over 5%.  

Stock Market Today: Dow Ends Higher as Energy Surge Offsets Tech Stumble
 

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Comments (6)
Ronald Warren
Ronald Warren Jul 25, 2022 4:53PM ET
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It's been a long time since we've seen after market trading like today. Unless I'm wrong. Profit taking tonight!
Ronald Warren
Ronald Warren Jul 25, 2022 4:53PM ET
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Nailed It!!
Ac Tektrader
Ac Tektrader Jul 25, 2022 4:46PM ET
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I see Mitch has pasted his ussual complaints to a post again,..
Ac Tektrader
Ac Tektrader Jul 25, 2022 4:44PM ET
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the markets in short term consolidation patterns, possible preparing for another leg up in a bear market rally.
Casador Del Oso
Casador Del Oso Jul 25, 2022 4:31PM ET
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Oil up = inflation up
nrgskill
nrgskill Jul 25, 2022 4:31PM ET
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inflation up = interest rates up
Mitchel Pioneer
Mitchel Pioneer Jul 25, 2022 4:24PM ET
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Another flagrant round of criminal "late trade" FRAUD in the biggest investment JOKE in the world.
Ronald Warren
Ronald Warren Jul 25, 2022 4:24PM ET
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Yes it was! Frickin' ridiculous!!
Bharat Gada
Bharat Gada Jul 25, 2022 4:20PM ET
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Farhan Ali
Farhan Ali Jul 25, 2022 4:20PM ET
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محمد سعيد
محمد سعيد Jul 25, 2022 4:20PM ET
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