The stock market was little changed early Tuesday as investors wait for key earnings reports and other potential market-moving news later this week.
The consumer price index and the minutes from the latest Fed meeting come out Wednesday. A series of bank earnings reports also begins Wednesday, with BlackRock (BLK) and JPMorgan Chase (JPM) the first to report.
Indexes, which reversed lower Monday, struggled to regain some of the momentum from last week. After opening higher, indexes fell but traded slightly higher around 10 a.m. ET.
U.S. Stock Market Today Overview
Last Update: 10:12 AM ET 10/12/2021
The S&P 500 fell 0.03% and Nasdaq composite fell 0.06% after erasing mild gains.
Stock Market Indexes Nearly Flat
The Dow Jones Industrial Average dropped 0.1%. Salesforce.com (CRM) rose nearly 2% and is back above a 275.32 buy point.
Small caps outperformed, as the Russell 2000 climbed 0.5%.
Volume rose on the Nasdaq and fell on the NYSE compared with the same time on Monday.
Innovator IBD 50 ETF (FFTY) also beat the market with a 0.5% gain, and much of that was due to a single stock. InMode (INMD) soared 13%, though it pared its gain to 8% after the company announced preliminary third-quarter results that were well above analysts’ expectations.
It forecast revenue of $93.5 million to $94 million, and full-year revenue of $343 million to $347 million. It also sees earnings of 53-54 cents a share, adjusted for the Sept. 30 2-for-1 stock split. Analysts expected Q3 sales of $74.9 million and EPS of 36 cents, according to FactSet.
The company will release full results on Oct. 26. The stock has been wild but has held above its 50-day moving average.
Energy Sector Leads Stock Market
Energy stocks rose again after the price of U.S. crude climbed 0.5% to $80.90 a barrel. U.S. crude oil topped $80 a barrel this week and is at a seven-year high.
Energy Select Sector SPDR (XLE) rose 0.8%, the best performance among the 11 S&P sector ETFs.
Shares of American Airlines Group (AAL) rose 0.4% after the airline updated its third-quarter financial outlook. The new forecast was nearly unchanged from previous estimates, according to MarketWatch. American expects revenue to fall about 25% from pre-pandemic Q3 2019. The stock is forming a base, but American shares are below the 50-day line.
Airline stocks weakened the past several days on rising fuel prices and a still-uncertain recovery from the Covid-19 pandemic. U.S. Global Jets ETF (JETS) was up 0.6% after falling six straight days, according to MarketSmith.
Juan Carlos Arancibia is the Markets Editor of IBD and oversees our market coverage. Follow him at @IBD_jarancibia
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