During trading Thursday, 4 stocks traded to a 52-week high, while 205 stocks bottomed out at new 52-week lows. The S&P 500 is down 0.79% so far today while the Dow is down 0.27%, the Nasdaq is down 1.48%, and the Russell 2000 is down 2.19%.
Investors are still digesting Wednesday afternoon's Fed rate decision and updated economic projections. The Fed maintained course with a third consecutive 75-basis point hike. While the size of the Fed's hike met expectations, it was not without a strong signal by the Fed that it is comfortable tilting the economy into a recession in order to tamp down inflation, as seen in the Fed's dot plot which favors rates extending past 4.25% this year and rate cuts to begin in 2024.
The labor market continued to show strength today after weekly jobless claims came in lower than expected. Claims rose slightly to 214,000 claims, which will embolden the Fed to maintain an aggressive course as the Fed has said multiple times that it views cooling the labor market as necessary for fighting inflation and the prevention of a wage-price spiral that would add inflationary pressures.
Lastly, homebuilders KB Homes and Lennar are reacting to earnings today. KB Home (KBH) is down 3.96% and Lennar Corporation (LEN) is up 2.59%.
Lennar noted decreasing demand amidst rising rates but forecasted strong home deliveries for the fourth quarter. Meanwhile, KB Home disappointed investors by adding fewer net orders than expected. However, margins jumped and cancellations remained at historically low levels, with cancellations made reflecting buyers' remorse and not the consumer no longer qualifying as the company's customer base's average FICO score and income remain high.
Sector Highlights
The Technology sector makes up the majority of our 52-week lows, as 37 out of our 205 lows come from the Technology sector. The Technology sector is outperforming the market today, decreasing 1.2% so far on the day. Over the last month, the Technology sector has underperformed the market, decreasing 14.18% while the S&P decreased by 10.37%.
Technology: ALGN, ATNX, AVRO, BRKR, CDNA, CERS, CGEN, CNMD, COO, CRBP, CRL, CSII, CTLT, CYH, DGX, EW, HARP, HCAT, HCSG, HSIC, IART, ICUI, INVA, IQV, LIVN, NEOG, NXTC
The Lists
The following stocks traded to 52-week highs:
The following stocks traded to 52-week lows:
AA, AAP, AAT, ACIW, ADES, AKAM, ALEX, ALGN, ALGT, ALTR, AMBA, AMCX, AMD, ANGI, AOS, APAM, ARCE, ARLO, AROC, ATKR, ATNX, ATUS, AVNT, AVRO, AVTR, B, BAND, BBDC, BDN, BERY, BFAM, BIG, BLKB, BRKR, BRMK, BSIG, BURL, BV, BX, BXP, BYND, CARG, CCK, CDNA, CE, CENX, CERS, CEVA, CG, CGEN, CHD, CIM, CINF, CIO, CLAR, CLF, CLXT, CME, CMPR, CMRE, CNA, CNDT, CNK, CNMD, COF, COO, CRBP, CRL, CRMT, CRTX, CSII, CSTM, CTLP, CTLT, CTSH, CUZ, CVGI, CWK, CYH, DD, DEA, DELL, DESP, DGX, DHC, DISH, DLR, DOMO, DORM, DOW, EB, EBAY, EEFT, EGHT, EIG, EMR, ENV, ESS, EVTC, EW, EXPD, EXPI, FAF, FB, FBHS, FDX, FF, FIS, FIVN, FLS, FLT, FORM, FPH, FRT, GBX, GCI, GLDD, GMRE, GNRC, GOOGL, GRMN, GSHD, HARP, HAS, HCAT, HCSG, HE, HMST, HPP, HR, HSIC, HSII, HUN, HZO, IART, ICUI, IDCC, IFF, IGT, IMAX, INFN, INTC, INVA, IPG, IQV, IRT, JBGS, JBLU, JBT, JNPR, KALU, KELYA, KMT, KMX, KN, KRC, KW, L, LAD, LAND, LFUS, LILAK, LITE, LIVN, LL, LOVE, LPRO, LPSN, LUMN, LUV, LYB, LYV, MA, MAA, MAN, MATW, MBI, MC, MCY, MDB, MED, MHK, MKC, MKTX, MMM, MPW, MRCY, MSFT, MSGS, MTW, MTX, MU, NCMI, NCR, NEOG, NKE, NOW, NSA, NTRS, NVDA, NXTC, O, OII, OIS, OKTA
High & Low Streaks
The following stock is trading at a 52-week low for the third consecutive day:
The following stock is trading at a 52-week low for the third consecutive day:
The following stock has been trading at a 52-week low for five or more consecutive days:
ANGI (5)
