Stock Market Today: Tesla, Tech Lift Stocks After Rocky Open
Tesla popped amid a filing suggesting another stock split; gains in mega-cap technology names also helped carry the major indexes.
![A Tesla comes off the line at a Germany plant](https://cdn.mos.cms.futurecdn.net/apPnNivPAqzHC6GRrL88FL-415-80.jpg)
The market got off to a disorganized start to the week, but one that still saw the major indexes finish in positive territory.
Tesla (TSLA, +8.0%) had an outsized say in the market's performance Monday, jumping out of the gate after the company filed for its second stock split since 2020. Technology (+1.2%) also did some of the lifting, with names such as Adobe (ADBE, +4.3%) and Intuit (INTU, +4.6%) propelling the sector.
Financials (-0.3%) balked, however, as U.S. Treasury yield curves continued to flatten.
![https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-200-80.png](https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-320-80.png)
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
"The five-year vs. 30-year briefly inverted for the first time since 2006, and the two-year vs. 10-year spread was below 10 basis points earlier," says Michael Reinking, senior market strategist for the New York Stock Exchange. (A basis point is one one-hundredth of a percentage point.) A reminder: In the past, an inverted 2-10 yield curve has been a fairly reliable predictor of a coming recession.
And energy (-2.5%) sagged as a worsening COVID outbreak in China exacerbated demand concerns and knocked U.S. crude oil prices 7.0% lower, to $105.96 per barrel.
While stocks largely opened in the red, they recovered in the afternoon to post lumpy gains. The Nasdaq Composite improved by 1.3% to 14,354, the S&P 500 rose a more modest 0.7% to 4,575, and the Dow Jones Industrial Average managed to eke out a 0.3% gain to 34,955.
Other news in the stock market today:
- The small-cap Russell 2000 finished virtually flat at 2,078.
- Gold futures lost 0.7% to settle at $1,939.80 an ounce.
- Bitcoin rocketed 7.9% over the weekend to $47,979.80. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.)
- Coinbase Global (COIN) was a big winner today, advancing 7.9%. In addition to rising Bitcoin prices, shares of the cryptocurrency exchange got a lift on news it is in talks to by 2TM – the owner of Brazil's biggest crypto exchange, Mercado Bitcoin. According to reports, sources familiar to the matter say that talks between the two firms started in 2021 and a potential deal could be confirmed by as early as next month.
- Concerns over red-hot inflation prompted RBC analyst Nik Mondi to downgrade Campbell Soup (CPB, -0.9%) to Sector Perform from Outperform, the equivalents of Hold and Buy, respectively. The analyst expects cost pressures to linger into next year and prefers exposure to reopening stocks versus those with a focus on cooking from home.
Make Volatility Work for You
Volatility has been the name of the game for most of 2022, and interest rate drama is another reason it's likely to continue.
"The yield curve is powerful, and – at the very least – is signaling a cooling economy," says Ross Mayfield, investment strategy analyst at research firm Baird. "Volatility should remain heightened and the bar for investing success is raised."
That's anathema to many investors, who have been conditioned to mentally link volatility with danger to the point where low-volatility funds have become a popular hidey-hole.
But for active or tactical investors and traders, volatility can cut both ways – and indeed, rather than trying to fade market turbulence, it can pay to lean into it.
High-volatility stocks very well might be among some of your portfolio's most problematic holdings during a down market, but they're also more likely to be among your top performers whenever the major indexes swing back higher. Today, we've taken a glimpse into the market's recent rockiness and found 20 picks that boast not just high recent volatility, but high quality (as measured by Wall Street's favorable opinions on these stocks).
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
Kyle Woodley is the Editor-in-Chief of WealthUp, a site dedicated to improving the personal finances and financial literacy of people of all ages. He also writes the weekly The Weekend Tea newsletter, which covers both news and analysis about spending, saving, investing, the economy and more.
Kyle was previously the Senior Investing Editor for Kiplinger.com, and the Managing Editor for InvestorPlace.com before that. His work has appeared in several outlets, including Yahoo! Finance, MSN Money, Barchart, The Globe & Mail and the Nasdaq. He also has appeared as a guest on Fox Business Network and Money Radio, among other shows and podcasts, and he has been quoted in several outlets, including MarketWatch, Vice and Univision. He is a proud graduate of The Ohio State University, where he earned a BA in journalism.
You can check out his thoughts on the markets (and more) at @KyleWoodley.
-
Visa Is the Worst Dow Stock Wednesday. Here's Why
Visa stock is down sharply Wednesday after the credit card company came up short of revenue expectations for its fiscal Q3.
By Joey Solitro Published
-
Another Analyst Moves to the Sidelines on Tesla Stock After Earnings
Tesla stock is spiraling Wednesday after the EV maker's big earnings miss and Wall Street has been quick to weigh in. Here's what you need to know.
By Joey Solitro Published
-
Tesla Stock: Another Analyst Moves to the Sidelines After Earnings
Tesla stock is spiraling Wednesday after the EV maker's big earnings miss and Wall Street has been quick to weigh in. Here's what you need to know.
By Joey Solitro Published
-
Stock Market Today: Stocks Slip Ahead of Mega-Cap Earnings
GE Aerospace shares soared after earnings while United Parcel Service stock slumped.
By Karee Venema Published
-
Stock Market Today: Mega-Cap Tech Rallies to Drag Markets Higher
Markets focused on upcoming earnings from Magnificent 7 stocks rather than chaos in D.C.
By Dan Burrows Published
-
Stock Market Today: Stocks Tumble After Spectacular Global Internet Crash
Market participants rushed out of risk assets to end a wild week of trading.
By Dan Burrows Published
-
Stock Market Today: Dow Sinks 533 Points as Big Banks, Mega Caps Slump
Goldman Sachs and Apple were two of the worst-performing blue chip stocks on Thursday.
By Karee Venema Published
-
Stock Market Today: Semis Get Slammed and Blue Chips Bounce
The potential for more curbs on tech sales to China set off a rotation into blue chips.
By Dan Burrows Published
-
Stock Market Today: Dow Spikes 742 Points After UnitedHealth Earnings
The S&P 500 and Nasdaq also scored wins Tuesday albeit with much smaller gains than the blue chip Dow.
By Karee Venema Published
-
Stock Market Today: Dow Adds 210 Points as Apple, Goldman Hit New Highs
A big rally in blue chips and some dovish Fed speak boosted the equities market Monday.
By Karee Venema Published