U.S. stocks struggled for direction on Wednesday as falling oil prices and trade anxieties battled with gains in technology and financial stocks.
The S&P 500 was basically flat a day after nearly reaching the record high set Jan. 26, following several days of gains.
China announced new 25 percent tariffs on $16 billion worth of goods imported from the United States in the latest round of retaliatory actions in the escalating trade row between the world’s two largest economies.
Trade-sensitive industrial companies were the biggest drag on the Dow, which was down marginally. The decline was led Boeing and Caterpillar Inc.
Energy stocks were the heaviest drag on the S&P 500, falling 0.9 percent as crude prices dropped due to slowing Chinese demand and trade concerns.
Technology provided the biggest boost to the S&P 500, led by Facebook Inc, Microsoft Corp and Alphabet Inc.
Shares of Tesla Inc fell 1.2 percent as its board evaluated Elon Musk’s idea of taking the electric automaker private, a day after the CEO surprised the market by floating the idea on Twitter.
The Dow Jones Industrial Average fell 31.96 points, or 0.12 percent, to 25,596.95, the S&P 500 gained 1.18 points, or 0.04 percent, to 2,859.63 and the Nasdaq Composite added 8.50 points, or 0.11 percent, to 7,892.17.
Among the 11 major sectors of the S&P 500, six were in negative territory.
Second-quarter earnings season has entered the home stretch, and of the 440 companies in the S&P 500 that have reported so far, 78.6 percent have beaten analyst expectations, according to Thomson Reuters I/B/E/S.
Walt Disney Co was down 1.9 percent and was among biggest weights on the Dow after its quarterly profit missed estimates, and after a source reported that China has denied the company’s request to screen its film “Christopher Robin” in the country.
Among gainers, CVS Health Corp beat analyst estimates and announced it now expects its acquisition of Aetna to close in the latter half of 2018. The drugstore operator’s shares were up 4.2 percent.
Drugmaker Mylan NV recovered from earlier losses after it said it was actively evaluating a “wide range of alternatives” following a disappointing earnings report . The stock was last up 1.1 percent
Michael Kors Holdings Ltd was up 5.4 percent after beating analyst profit forecasts and raising its full-year forecast.
Declining issues outnumbered advancing ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.09-to-1 ratio favored advancers.
The S&P 500 posted 22 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 70 new highs and 72 new lows.
Hot Stocks: KHC, PM, ASNA are discussed below
The Kraft Heinz Company (NASDAQ:KHC) has became attention seeker from the inquisitor when it experienced a change of -1.70%,Whereas, in last 21 trading days was -5.81% and moved up in last 63 trading days of 3.08%. Looking further out we can see that the stock has moved -22.48% over the year to date. Along with these its last twelve month performance is stands at -30.04% while moved -18.04% for the past six months.
Analytical Significance of Simple Moving Average for The Kraft Heinz Company (KHC)
The SMA200 of the stock is at -11.59%, SMA20 is -1.86%, while SMA50 is -1.51%.
According to data from FINVIZ’s Research, The price target set for the stock is $67.52 and this sets up an interesting set of potential movement for the stock. The The Kraft Heinz Company has Relative Strength Index (RSI 14) of 46.18 along with Average True Range (ATR 14) of 1.54. Its weekly and monthly volatility is 3.58%, 2.20% respectively. The company’s beta value is at N/A.
Philip Morris International Inc. (NYSE:PM) posting a -2.08% after which it closed the day’ session at $83.75 and the company has experienced volume of 4,320,053 shares while on average the company has a capacity of trading 6.25M share while its relative trading volume is 0.69. Relative volume is a great indicator to keep a close eye on, but like most indicators it works best in conjunction with other indicators and on different time frames. Higher relative volume you will have more liquidity in the stock which will tighten spreads and allow you to trade with more size without a ton of slippage.
The PM’ Stock performances for weekly, Monthly, Quarterly, half-yearly & year-to-date are mentioned below:-
On a weekly basis, the stock is -2.09%. On a Monthly basis the stock is 1.31%. The quarterly performance for the stock is 2.15%, while the half-yearly performance is -15.30%. Looking further out we can see that the stock has moved -20.73% over the year to date. Philip Morris International Inc.’s beta is 0.91 whilst the stock has an average true range (ATR) of 1.46. Other technical indicators are worth considering in assessing the prospects for PM. RSI for instance is currently at 46.18. The company net profit margin is 21.10% and gross profit margin is 63.50%.
PM’s shares were trading -29.87% below from the 52-week high price and 9.89% above from the 52-week price bottom.
Ascena Retail Group, Inc. (NASDAQ:ASNA) displayed a change of -0.24% after which it closed the day’ session at $4.10. The overall volume in the last trading session was 1,138,710 shares.
The ASNA’s performances for weekly, Monthly, Quarterly, half-yearly & year-to-date are mentioned below:-
On a weekly basis, the stock is 10.22%. On a Monthly basis the stock is 12.33%. The quarterly performance for the stock is 77.49%, while the half-yearly performance is 116.93%. Looking further out we can see that the stock has moved 74.47% over the year to date. Ascena Retail Group, Inc.’s beta is 1.57 whilst the stock has an average true range (ATR) of 0.24. Other technical indicators are worth considering in assessing the prospects for EQT. RSI for instance is currently at 59.28.
ASNA’s Performance breakdown (SMA20, SMA50 & SMA200):
Ascena Retail Group, Inc. (NASDAQ:ASNA) has seen its SMA20 which is now 12.41%. In looking the SMA 50 we see that the stock has seen a 6.72% while it has a distance of 57.01% from the 200 days simple moving average. The price target set for the stock is $2.25 and this sets up an interesting set of potential movement for the stock, according to data from FINVIZ’s Research.