Stock Market Declines as Mining Stock Surges


Despite some positive economic data regarding durable goods orders, the stock market experienced losses on Wednesday. The major indexes, including the Nasdaq, Dow Jones, and S&P 500, all dropped into negative territory, with the Dow Jones violating its 200-day moving average. The small-cap Russell 2000, however, rallied 1.1%. The decline in stocks comes as investors await Friday’s inflation data and as the number of bullish investor sentiment decreased.

In stock market action, Arch Resources, a coal mining and processing stock, rose over 5% and hit the buy point of a cup-with-handle base. Energy stocks, including offshore energy transport stock Tidewater, outperformed with the rise in oil prices. Online learning stock Stride also saw gains, reaching the buy point of a consolidation. Costco Wholesale and Meta Platforms also experienced increases. However, continued to decline after an antitrust lawsuit was filed against the company by the Federal Trade Commission and 17 states.

In other stock news, furniture company MillerKnoll saw a significant increase following better-than-expected earnings. Toy maker Mattel popped over 4% after receiving an overweight rating from Morgan Stanley. Transportation and logistics stock XPO increased 1.7% after being upgraded by Evercore ISI Group. Levi Strauss eased from larger gains, while EV charging station operator ChargePoint Holdings rallied nearly 4% after receiving positive coverage from UBS.

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