We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
Don't Know Your Password?
New to Zacks? Get started here.
Don't Know Your Password?
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
OK Cancel
Image: Bigstock
Zacks Equity Research November 22, 2022
CVX XOM WYNN MGM Trades from $1
You follow Market News – edit
You follow Zacks Equity Research – edit
Wall Street ended lower on Monday to start a short trading week because of the Thanksgiving holiday, as fresh rounds of shutdowns due to COVID-19 in China made investors jittery. All three major indexes ended in negative territory for the third time in the past four sessions.
The Dow Jones Industrial Average (DJI) fell 0.1% or 45.41 points to close at 33,700.28 points after swinging between small gains and losses almost throughout the day.
The S&P 500 declined 0.4% or 15.40 points to finish at 3,949.94 points. Consumer discretionary, energy and tech stocks were the worst performers. However, consumer staples stocks gained on Monday.
The Consumer Discretionary Select Sector SPDR (XLY) fell 1.5%, while the Energy Select Sector SPDR (XLE) lost 1.4%. The Technology Select Sector SPDR (XLK) declined 1.1%. The Consumer Staples Select Sector SPDR (XLP) gained 1% Seven of the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq slid 1.1% or 121.55 points to end at 11,024.51 points.
The fear-gauge CBOE Volatility Index (VIX) was down 3.29% to 22.36. Decliners outnumbered advancers on the NYSE by a 1.27-to-1 ratio. On Nasdaq, a 1.60-to-1 ratio favored declining issues. A total of 9.43 billion shares were traded on Monday, lower than the last 20-session average of 11.88 billion.
The holiday-shortened week started with fresh worries of rising COVID-19 cases and deaths in China, as the country gears up for yet another fight against the deadly virus. China said on Monday that it would shut down businesses, schools and other offices in places where higher cases of COVID-19 are being reported.
Investors feared that this could slow down the global economy, sending energy stocks and oil prices lower. Shares of Exxon Mobil Corporation (XOM – Free Report) and Chevron Corporation (CVX – Free Report) each declined 1%. Exxon Mobil carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Also, casino stocks with operations in China suffered as a result of the growing COVID-19 worries. Shares of Wynn Resorts, Limited (WYNN – Free Report) fell 2.9%, while MGM Resorts International (MGM – Free Report) declined 2.7%.
However, some of the losses were pared after Mary Daly, San Francisco Federal Reserve President said that the Fed needs to be careful while hiking rates to avoid a “painful downturn.”
No economic data was released on Monday.
Chevron Corporation (CVX) – free report >>
Exxon Mobil Corporation (XOM) – free report >>
Wynn Resorts, Limited (WYNN) – free report >>
MGM Resorts International (MGM) – free report >>
Our experts picked 7 Zacks Rank #1 Strong Buy stocks with the best chance to skyrocket within the next 30-90 days.
Recent stocks from this report have soared up to +178.7% in 3 months – this month’s picks could be even better. See our report’s 7 new picks today, absolutely FREE.
Privacy Policy No cost, no obligation to buy anything ever.
This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. Each of the company logos represented herein are trademarks of Microsoft Corporation; Dow Jones & Company; Nasdaq, Inc.; Forbes Media, LLC; Investor’s Business Daily, Inc.; and Morningstar, Inc.
Copyright 2022 Zacks Investment Research 10 S Riverside Plaza Suite #1600 Chicago, IL 60606
At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Since 1988 it has more than doubled the S&P 500 with an average gain of +24.51% per year. These returns cover a period from January 1, 1988 through September 12, 2022. Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. The monthly returns are then compounded to arrive at the annual return. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Zacks Ranks stocks can, and often do, change throughout the month. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations.
Visit Performance Disclosure for information about the performance numbers displayed above.
Visit www.zacksdata.com to get our data and content for your mobile app or website.
Real time prices by BATS. Delayed quotes by Sungard.
NYSE and AMEX data is at least 20 minutes delayed. NASDAQ data is at least 15 minutes delayed.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.