Stock Market Struggling Near Lows; Natural gas refinery breaks down| Investor’s Business Daily

Major stock market indices remain under pressure at noon on Monday, after rising until mid-morning. The Dow Jones Industrial Average has recovered, but is still trading nearly 500 points lower.




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The Nasdaq composite is down 2.1%. The S&P 500 is down 1.7% while the Dow Jones is down 1.5%.

The Russell 2000 small-cap ETF (IWM) is down 1.7%, slightly ahead of the Nasdaq 100-tracking ETF Invesco QQQ Trust (QQQ). The major tech benchmark is trading 2.1% lower after falling below the 21-day exponential moving average.

NYSE volume is down 5.3% and Nasdaq volume is down 13.4% compared to the same time on Friday.

The SPDR Select Energy ETF (XLE) is up 0.1%. Crude oil has made up for deep losses, trading at $90 a barrel after the Saudi oil minister threatened to cut inventories. Natural gas shows strength, up 3.9%.

Bitcoin futures are relatively flat, gaining 0.1% to $21,245.

The yield on the 10-year Treasury rose by 5 basis points to 3.02%.

Markets now see a 47.5% chance that the Fed will raise interest rates by 50 basis points in September and a greater chance of 52.5% of a 75 basis point increase.

Natural gas refinery breaks down

Norwegian oil and gas refinery Equinor (EQNR) gained 3.2% and broke from an undefined base, reaching the 39.25 buy point on heavy volume.

Equinor is the No. 1 stock in the Oil and Gas Integrated group, as well as a member of the IBD 50 and Leaderboard Leaders watchlist.

Phoenix-based health food store Sprouts Farmers Market (SFM) is up 0.5%, breaking from a head-and-hand basis and reaching as low as the 31.59 buy point on the MarketSmith chart.

The Wall Street Journal’s Heard on the Street stock selection contest recently featured the grocer.

VIP shop (VIPS), a Chinese online discount store, is up 8.2% on the back of large volume. Credit Suisse has just upgraded the stock to “Outperform” with a target price of 12. Citigroup has also upgraded its VIPS rating from “Sell” to “Neutral”.

Stock Market Today: Buffett Disputes OXY Takeover Rumors

Occidental Petroleum (OXY) is changing course after Friday’s 9.9% gain, down 2.8% in heavy volume.

The Wall Street Journal reported that “Mr. Buffett has not informed Occidental of plans to acquire a majority stake in the company and it is unlikely to happen any time soon.” Buffett’s Berkshire Hathaway had been cleared to buy up to 50% of the drill’s shares, prompting investors to speculate about a possible takeover.

Meme Shares Still Falling

AMC entertainment (AMC) is down 35.8% after newly issued preferred stock begins trading under the ticker symbol (APE).

GameStop (GME) has given up another 4.0% and continues its downward spiral. Bed Bath & More (BBBY) shares also continued to lose ground, falling 9.9% on this hour.

Stock Market Today: IBD 50 Stocks on the Move

The IBD 50 ETF (FFTY), a measure of growth stocks, is down 0.3% and is holding up better than the major indices.

Fitness drink company Celsius (CELH) is the IBD leader, up 5.2% with an impressive relative strength of 98 on the chart.

Comstock Resources (CRK) is having another strong day, up 4.8% after Goldman Sachs raised its price target to 13.50.

OP Semiconductor (ON) has lost 3.5%, with a heavy chip sector weighing on the stock.

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