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Highs Outpace Lows as Stocks Jump; Traders Speculate Dovish Pivot, Musk Closes Twitter Lawsuit

Tuesday, October 04, 2022 01:58 PM | Nick Dey
Highs Outpace Lows as Stocks Jump; Traders Speculate Dovish Pivot, Musk Closes Twitter Lawsuit

During trading Tuesday, 36 stocks traded to a 52-week high, while 15 stocks bottomed out at new 52-week lows. The S&P 500 is up 2.64% so far today while the Dow is up 2.4%, the Nasdaq is up 2.95%, and the Russell 2000 is up 2.94%.

Stocks are rallying Tuesday. Investors are increasing bets that the Fed will pivot to a more dovish outlook as worse-than-expected manufacturing data suggested that the Fed will need to slow the pace of rate hikes to prevent a hard landing. Bolstering these bets was the JOLTS report, which showed job openings sink to 10.053 million in August from 11.170 million openings in July.

Twitter Inc (TWTR) is up 12.67% after Elon Musk offered to close the Twitter lawsuit and acquire the company at the original price. Twitter shares surged and were halted following the announcement. Tesla Inc (TSLA) pared earlier gains on the news and is currently up 0.33%.

Meanwhile, Acuity Brands, Inc. (AYI) is up 4.79% after the company posted strong earnings and revenue beats. The company guided full-year 2023 sales and EPS above estimates in its earnings call as supply chain issues normalize.

Sector Highlights

Financial Services stocks dominated our list of highs today with 15 out of the 36 total stocks that reached their high coming from the Financial Services sector. The Financial Services sector is outperforming the market, increasing 3.35% so far on the day. Over the last month, the Financial Services sector has outperformed the market, increasing 4.87% while the S&P decreased by 6.26%.

Financial Services: AAC, ASZ, AVAN, CONX, CPUH, EPHY, HHLA, HIII, JWSM, PNTM, PV, RGA, SCOA, SNRH, VYGG

Technology had the second-largest presence on our 52-week highs, with 7 out of 36 highs coming from the Technology sector. The Technology sector is outperforming the market today, increasing 3.04% so far on the day. Over the last month, the Technology sector has underperformed the market, decreasing 7.65% while the S&P decreased by 6.26%.

Technology: AGYS, AZPN, CTS, DGII, FSLR, HLIT, ADEA

The Lists

The following stocks traded to 52-week highs:

AAC, AGYS, AKRO, ASZ, AVAN, AZPN, CAAP, CCRN, CCXI, CONX, CPUH, CTS, DGII, EPHY, FSLR, DINO, HHLA, HIII, HLIT, HUBB, ICFI, IRDM, JWSM, MYOV, NBIX, NE, PBFX, PCG, PNTM, PV, RGA, SCOA, SNRH, VMI, VYGG, ADEA

The following stocks traded to 52-week lows:

BBLN, QNGY, CLNN, FOXO, ENDPQ, ENJYQ, STRY, HAS, KALV, MCG, MRVI, NCMI, BIOR, SPPI, VSTM

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