December 6, 2023


Business&Finance Specialists

Dow Jones, Nasdaq Rebound Powerfully; Technology Stocks Netflix, Google Move Higher

3 min read

The Dow Jones Industrial Average held a strong gain in early afternoon trading while the Nasdaq led the market higher with a gain of over 3%. Crude oil prices fell over 11% after soaring over the past week to a nearly 14-year high.


The S&P sectors were mostly higher on Wednesday. Energy and utilities were the only two sectors that fell. Financials and technology were the best performers, with gains of over 4% each.

Dow Jones In Stock Market Today

A pattern of big price moves and high volatility continues to characterize today’s market. At around 1:30 p.m. ET, the Dow Jones industrials were up 2.1%. The Nasdaq rose 3.6% while the S&P 500 increased 2.7%. The Russell 2000 traded 2.8% higher.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 33317.89 +685.25 +2.10
S&P 500 (0S&P5) 4281.44 +110.74 +2.66
Nasdaq (0NDQC ) 13252.71 +457.16 +3.57
Russell 2000 (IWM) 200.31 +5.52 +2.83
IBD 50 (FFTY) 37.20 +1.06 +2.93
Last Update: 3:08 PM ET 3/9/2022

Volume was running lower on the Nasdaq and on the NYSE vs. the same time on Tuesday. Elsewhere, the yield on the 10-year Treasury note rose to 1.92% and continued a recent pattern of volatile swings.

U.S. crude oil futures finally cooled off, as prices fell back to $109 a barrel after spiking to over $120 on Tuesday. The spike was due to a ban on Russian imports of crude oil by the U.S.

Oil fell 11% for the day. The Energy Select Sector SPDR (XLE) fell over 3.2%. The ETF rose over 9% last week after massive gains in oil prices. Oil drilling, exploration & production, pipeline and other energy industry groups fell more than 1%.

Meanwhile, travel stocks and industry groups highly affected by higher fuel prices rebounded Wednesday. Travel booking stocks like Airbnb (ABNB) and Expedia (EXPE) were among the top performers. Airlines were also among top performing industry groups.

Expedia rose over 5% in today’s market and reclaimed its 200-day moving average after crashing below this area on Tuesday. Meanwhile, Airbnb gained over 3% but still remains below its 200-day line.

Steel Producers Sink While Oil Stocks Rise

The Innovator IBD 50 ETF (FFTY) jumped 3.4%. Over in the IBD 50, automotive marketplace stock CarGurus (CARG) led the upside with a rise of over 7%. Shares rebounded from a multiday sell-off. The stock cratered over 20% after reaching the profit zone from a recent breakout. However, the stock remains above its 21-day line.

Shipping stocks also collectively rose, with IBD 50 stock Zim Integrated Shipping (ZIM) up over 5% after paring an even larger gain. The company reported a 366% increase in earnings for the fourth quarter. Revenue rose 155% to $3.47 billion. Other shippers like Matson (MATX) rose more than 1% in sympathy with Zim.

A few technology stocks showed strong action, including Netflix (NFLX), which gained 5% after Wedbush upgraded the stock to neutral from underperform. The video streaming service stock remains deep in a correction and is not near a buy point at this time.

Alphabet (GOOGL) rose 4.8% and remains above the 2,500 price level, a key area of support. The company’s Google division agreed to acquire Mandiant, a cybersecurity software and services company, in a deal valued at $5.4 billion.

Dow Jones, Nasdaq Rebound Powerfully; Technology Stocks Netflix, Google Move Higher