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Stock Market Today: Dow in Turnaround as Tech Comeback Offsets Energy Wobble

Stock Markets Aug 15, 2022 04:07PM ET
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By Yasin Ebrahim

Investing.com -- The Dow made a positive start to the week Monday, as rising tech and consumer stocks sparked a intraday turnaround and offset a slide in energy stocks amid fresh concerns about global growth.

The Dow Jones Industrial Average gained 0.6%, or 151 points, after dipping nearly 180 points in intraday trading. The Nasdaq was up 0.7%, and the S&P 500 climbed 0.4%.

Growth sectors of the market, including tech and consumer discretionary, rebounded from session lows to help stocks move off the lowest levels of the day.

Retail and leisure stocks led the push higher in consumer stocks, shrugging off weaker-than-expected economic data from the China and U.S.

Tesla Inc (NASDAQ:TSLA), Ulta Beauty Inc (NASDAQ:ULTA), Chipotle Mexican Grill Inc (NYSE:CMG) and Advance Auto Parts (NYSE:AAP).

The August Empire State index, a measure of manufacturing activity in New York area, unexpectedly fell to -31.3 from 11.1, confounding expectations for a reading of 5.0.

Economists, however, downplayed the data, with Pantheon Macroeconomists reminding market participants that the “Empire State is a small regional survey and it is not definitive evidence of anything.”

The weaker-than-expected regional manufacturing report added to worries about economic growth following a slew of data overnight showing a slowdown in China industrial production and retail sales.

Treasury yields continued to retreat, pushing big tech into positive territory and extending gains following a more than 2% gain last week.

Snap (NYSE:SNAP), meanwhile, gained more than 5% after announcing that its subscription service Snapchat+ had surpassed 1 million paid users.  

Energy, however, fell more than 1% as oil prices plunged as investors weigh the impact of slowing global growth on energy demand.

In other news, Walt Disney Company (NYSE:DIS) shares were up 2% after after activist investor Daniel Loeb took a new stake in the company and called on it to consider spinning off its sports network ESPN. 

Walmart (NYSE:WMT), meanwhile, reportedly reached a deal with Paramount Global (NASDAQ:PARAA) to offer Paramount+ streaming service to subscribers of Walmart+, the retailer's paid subscription service that provides a slew of benefits including free deliveries and fuel discounts.

Over the coming days, investor attention will shift to the strength of the consumer and monetary policy, with the release of retail sales data for July, and the minutes of the Fed's July meeting.

The minutes "might offer few clues as to whether the FOMC will hike by 50bps or 75bps next month,"  Daiwa Capital Markets. 

Stock Market Today: Dow in Turnaround as Tech Comeback Offsets Energy Wobble
 

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Comments (13)
Todd Gray
Todd Gray Aug 15, 2022 8:51PM ET
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It's the bullwhip effect. Just about every big retail corp has admitted they've overstocked for the summer season, so manufacturing all over the world is abruptly slowing down. That always happens in times like this. What's such a big deal about a buyer for DIS and WMT getting "yet another" streaming video company? Seems like a distraction to get my mind off the meaningful slowdown. Then, the guy suggests he knows what the whole world will be thinking about in the future. How dumb does this guy think we are?
FMGK Blue
FMGK Blue Aug 15, 2022 8:08PM ET
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The oil move lower yesterday wasn't due to global growth converns but to the possibility of a Nuclear Deal with Iran as talks restarted.
Lalit Mohan Pandey
Lalit Mohan Pandey Aug 15, 2022 8:08PM ET
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Israel controls US, hence US presidents always remains wary of Israel's safety, that's why Iran's nuclear deal is of utmost importance for US. If Iran has nuclear weapons then Israel is not safe.
Anaturuchi Nwachukwu
Anaturuchi Nwachukwu Aug 15, 2022 5:44PM ET
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hello
Dave Jones
Dave Jones Aug 15, 2022 5:30PM ET
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Another ill looking face hider...
Anaturuchi Nwachukwu
Anaturuchi Nwachukwu Aug 15, 2022 5:30PM ET
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I want to no about it
Mitchel Pioneer
Mitchel Pioneer Aug 15, 2022 5:17PM ET
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Just another routine day of flagrant criminal intervention in the laughingstock of the financial world.  The greatest financial fraud in history continues to add pages to the history books, as it defrauds America in broad daylight.
Dave Jones
Dave Jones Aug 15, 2022 5:17PM ET
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just go long Mitch!
Prabhat Negi
Prabhat Negi Aug 15, 2022 5:17PM ET
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he'll be liquidated if he goes long. when you think the world is against you nothing can help
Gustavo Gomez
Gustavo Gomez Aug 15, 2022 4:58PM ET
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So we dislike the empire state index figure and we disregard it, why do we measure it then?
Chaudhry Taimoor Chaudhry Taimoor
Chaudhry Taimoor Chaudhry Taimoor Aug 15, 2022 4:49PM ET
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invistmint
Chaudhry Taimoor Chaudhry Taimoor
Chaudhry Taimoor Chaudhry Taimoor Aug 15, 2022 4:49PM ET
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invistmint krni ha
Stan Smith
Stan Smith Aug 15, 2022 4:38PM ET
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Interesting that Michael Burry just Liquidated his Entire Portfolio, Holds Just One Stock At End Of Q2
Dave Jones
Dave Jones Aug 15, 2022 4:37PM ET
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Everything is awesome!
 
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