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Stocks Rise Thursday; Meme Stocks Rally, Yield Curve Remains Inverted

Thursday, July 07, 2022 02:30 PM | Nick Dey
Stocks Rise Thursday; Meme Stocks Rally, Yield Curve Remains Inverted

During trading Thursday, 18 stocks traded to a 52-week high, while 25 stocks bottomed out at new 52-week lows. The S&P 500 is up 1.47% so far today while the Dow is up 1%, the Nasdaq is up 2.29%, and the Russell 2000 is up 2.54%.

Stocks are higher Thursday afternoon. Cryptos are rallying. The yield curve is remaining inverted today as 10-year Treasury yields remain lower than 2-year yields. This can be seen as a signal of an upcoming recession as the higher near-term yields mean higher risk expectations for the short term.

Weekly jobless claims were slightly above expectations at 235,000 unemployment claims. Initial claims have been hovering in a narrow range, around 230,000 claims per week, for several weeks as the labor market remains tight. The slight moderation in the tight labor market precedes tomorrow's monthly jobs report, which is expected to show the US economy add its fewest jobs in over a year.

GameStop Corp. (GME) is advancing 14.43% after the meme-stock announced a 4-for-1 stock split. Meanwhile, Virgin Galactic Holdings Inc (SPCE) is up 12.17% after the company said that it is still targeting a first-quarter 2023 space tourism launch and that it reached a deal with Boeing to buy two new mother ships. Lastly, Bed Bath & Beyond Inc. (BBBY) is rising 29.42% after the company's interim CEO purchased 50,000 shares despite many analysts predicting the company will go under.

Sector Highlights

Healthcare stocks dominated our list of highs today with 9 out of the 18 total stocks that reached their high coming from the Healthcare sector. The Healthcare sector is underperforming the market, increasing 0.41% so far on the day. Over the last month, the Healthcare sector has outperformed the market, increasing 0.2% while the S&P decreased by 6.41%.

Healthcare: CI, CORT, CTIC, EVH, GERN, HALO, HRMY, KDNY, VRTX

The Technology sector makes up the majority of our 52-week lows, as 7 out of our 25 lows come from the Technology sector. The Technology sector is outperforming the market today, increasing 2.07% so far on the day. Over the last month, the Technology sector has underperformed the market, decreasing 6.81% while the S&P decreased by 6.41%.

Technology: BKD, CTMX, HYPR, SONX

The Lists

The following stocks traded to 52-week highs:

CI, CORT, CTIC, ETAC, EVH, FCN, FNKO, GERN, GO, GOAC, HALO, HRB, HRMY, IMXI, KDNY, PGR, POST, VRTX

The following stocks traded to 52-week lows:

AGLE, ALLG, AOUT, BKD, CNDT, CTMX, DAKT, FRGE, FRPT, FSP, FUV, GBOX, GCI, HYPR, IHRT, JCI, KSS, MATV, OTMO, PGY, QRTEA, SONX, VIRT, VRA, XELA

The following ETFs traded to a 52-week low:

FXE

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