Stock Market Plunges To New Lows; HealthEquity, WWE Are Stocks To Watch | Investor's Business Daily 2022/6/17 上午10:46

THE BIG PICTURE

Stock Market Plunges To New Lows;

HealthEquity, WWE Are Among Few Stocks
To Watch

SCOTT LEHTONEN 05:17 PM ET 06/16/2022

T he stock market finished sharply lower Thursday, as the major stock indexes
plunged to new 2022 lows. Thursday's losses snapped a two-day advance in the
Nasdaq, quickly wiping away Wednesday's 2.5% jump.

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But HealthEquity (HQY) and World Wrestling Entertainment (WWE) are showing
signs of strength.

Ahead of the market open Thursday, the Labor Department said first-time
unemployment claims fell to 229,000, slightly lower than the revised 232,000 in the
prior week. Initial jobless claims were expected to fall to 220,000, per Econoday
estimates.

In other economic news, the Philadelphia Fed manufacturing index contracted for
the first time since May 2020, coming in at -3.3. The index measures changes in
business growth covering the Pennsylvania, New Jersey and Delaware regions. Any
number below zero indicates a contraction in the manufacturing sector.

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The 10-year Treasury yield ticked lower to 3.3%,

but is still up 10 of the last 14 sessions and
holding near its highest level since April 2011.
Meanwhile, U.S. oil prices rebounded from early
losses. West Texas Intermediate trading just
around $115 a barrel. In early March, WTI
briefly topped out above $130 a barrel.

Elon Musk held a town hall meeting with

Twitter (TWTR) employees, addressing staff for
the first time about his proposed acquisition of
the social media company. Twitter shares
reversed 1.7% lower Thursday, while Tesla
(TSLA) stock tumbled more than 8.5%.

Stock Market Correction Deepens

The Dow Jones Industrial Average sold off 2.4%, while the S&P 500 declined 3.25%.
The tech-heavy Nasdaq composite dived 4.1%. The small-cap Russell 2000 lost 4.7%.
Volume rose on the Nasdaq, but appeared to be lower on the NYSE.

Top growth stocks also ended with big losses, as the Innovator IBD 50 ETF (FFTY)
tumbled 5.8%. Inside the IBD 50, Monster Beverage (MNST) was the sole gainer
Thursday, inching higher. Shares are building a cup with handle with a 92.10 buy
point.

All S&P sectors finished lower, with energy and consumer discretionary selling off
5.5% and 4.9%, respectively. Consumer staples was the best performer, and it was
down 0.8%.

The stock market correction deepened Thursday, as the major stock indexes hit new
2022 lows. The fresh lows ended the fledgling rally attempt that gained some steam
Wednesday after the Federal Reserve announced a 75-basis-point rate hike for the

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Stock Market Plunges To New Lows; HealthEquity, WWE Are Stocks To Watch | Investor's Business Daily 2022/6/17 上午10:46

first time since 1994. Investors should now be the on the lookout for a positive
session, which would be Day 1 of a new rally attempt. It would be the first step
toward a rally confirmation.

Given the extremely challenging environment, investors should remain fully in cash.

Join IBD experts as they analyze leading stocks in the current stock market
correction on IBD Live

Healthequity Inc (HQY) $67.90 0.32 0.47%

22 05 19 03 17 31 14 28 11 25 11 25 08 22 06 20 03
Nov Dec Jan Feb Mar Apr May Jun

06/16/2022 (Market Close)

Stocks To Watch: HealthEquity, WWE

Despite the stock market correction, a few stocks are holding up much better than
others, including HealthEquity (HQY) and World Wrestling Entertainment (WWE).

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Stock Market Plunges To New Lows; HealthEquity, WWE Are Stocks To Watch | Investor's Business Daily 2022/6/17 上午10:46

Tuesday's IBD Stock Of The Day, HealthEquity, broke out past a cup-with-handle's
66.23 buy point Tuesday. The stock is still in a 5% buy area that goes up to 69.54, as
shares fell 0.5% Thursday. Keep in mind the weak market environment should keep
you away from buying stocks. With HQY's RS line at new highs, the leading HSA
company is a top stock to watch.

IBD Leaderboard stock World Wrestling Entertainment is back in buy range above a
flat base's 63.81 buy point, according to IBD MarketSmith chart analysis, after
WWE shares slid more than 3% Thursday. That 5% buy zone tops out at 67.
Meanwhile, the stock also shows an alternate entry at 68.82. Per Leaderboard
commentary, the relative strength line for WWE stock is at highs and has been
gaining ground since January. The base is first stage, a bonus for the chart.

View General Market Indicator charts page.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks
and stock market news.

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