Indexes Sink Into The Close; Energy Stocks Lead Downside In IBD 50

The Dow Jones Industrial Average continued lower into the close on Thursday after briefly turning positive earlier in the session. Energy stocks led the downside in the IBD 50 as crude oil pared this week's gains.

Dow Jones Pares Gains, Reverses Lower

The Dow lost 0.6%, after erasing a slight gain. The S&P 500 traded down 1.2%. Tech stocks were among the worst performers, with the Nasdaq down 1.5%. The Russell 2000 declined 1% as small caps also lost ground in Thursday's session.

Volume was lower slightly on the Nasdaq and higher on the NYSE, according to early data.

U.S. Stock Market Today Overview
Index	Symbol	Price	Gain/Loss	% Change
Dow Jones	(0DJIA)	30962.02	-173.07	-0.56
S&P 500	(0S&P5)	3901.32	-44.69	-1.13
Nasdaq	(0NDQC )	11552.36	-167.32	-1.43
Russell 2000	(IWM)	181.62	-1.34	-0.73
IBD 50	(FFTY)	27.70	-0.63	-2.22
Last Update: 4:18 PM ET 9/15/2022

Crude oil futures gave up nearly 4% to around $85.09 per barrel. The SPDR Select Energy ETF (XLE) lost 2.5%. Natural gas fell 9.6% after railroad executives and unions reached a tentative agreement on a labor pact. The deal came after freight train workers threatened a strike that would have hindered critical transportation lines and caused widespread supply-chain issues.

The utilities sector also led the downside, with strong losses among the 11 S&P 500 sectors. The Technology Select Sector SPDR (XLK) was also among top decliners; it lost 2.4% Thursday.

Meanwhile, the 10-year Treasury yield continued higher to 3.45% and is trading just below an 11-year high.

Dow Jones Today

Among Dow Jones components, Microsoft (MSFT) was among the top decliners, losing 2.7%. The stock reached a two-month low as the company's planned acquisition of video game publisher Activision Blizzard (ATVI) faces further regulatory scrutiny in the U.K. Shares of Activision rose 0.3%.

Salesforce.com (CRM) also led the downside, with losses of 3.5%.

Dow Jones financial firms outperformed, with JPMorgan (JPM) and Goldman Sachs (GS) rising more than 1% each. UnitedHealth Group (UNH) led the upside with its 2.5% jump. The managed care provider is trying to reclaim its 50-day moving average after falling below it earlier in the week.

Shares of energy stocks were under pressure, with Chevron (CVX) falling 1.5%. The stock successfully tested support at its 10-week line. Chevron is forming a cup-with-handle base and is trading 4% below the 166.93 entry.

Outside Dow Jones

The Innovator IBD 50 ETF (FFTY) lagged the stock market with a 2.2% decline.

A handful of medical stocks in the IBD 50 rose and led the growth-focused index. Axonics (AXNX), a medical equipment company, rose more than 1% and hit the 20% profit target from a cup-with-handle breakout in July. Shares held around their 21-day line.

Repligen (RGEN) rose 2.3%. The medical stock is rebounding from a pullback to the 50-day average.

On the downside, several energy leaders lost more than 4.5% each, including Coterra Energy (CTRA), Matador Resources (MTDR), SM Energy (SM) and CVR Energy (CVI).