U.S. markets opened dramatically lower on Tuesday, as conditions in Japan continued to weigh on the optimism of traders and investors. Despite the lower opening, however, markets like the S&P 500 and the Nasdaq 100 finished the day near session highs, significantly trimming intraday losses.
Among the stocks that advanced ahead of trading on Wednesday were ^FCX^, up more than 5%, and ^COF^, which closed higher by more than 3% in Tuesday’s trading. Of the two, COF is now trading in overbought territory above the 200-day. Shares of ^INTC^ dropped by more than 3% to close below their 200-day moving average.
Here are 7 Stocks You Need to Know for Wednesday.
closing higher for a third day in a row on Tuesday were shares of ^BHI^. The stock gained more than 1%, but remains just outside overbought territory.
Among the more oversold stocks heading into Wednesday’s session is ^GOOG^ (below).
Shares of Google have closed lower for five days in a row, with the last four closes in oversold territory above the 200-day moving average. GOOG is trading at its lowest level since October 2010.
Buyers continued to move into the market for shares of ^NFLX^. The stock closed higher by more than 7% in trading on Tuesday, marking its highest closing level in three weeks.
Up more than 1% after closing lower for six out of the previous seven trading days were shares of ^BBBY^. BBBY’s gain put the stock above its 5-day moving average for the first time in more than a week.
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Shares of ^YHOO^ (below) pulled back by more than 5% ahead of trading on Wednesday.
The pullback in Yahoo! puts the stock just outside oversold territory above the 200-day. YHOO was last oversold on the first day of March, immediately before rallying more than 9% over the next six trading days.
^SCHW^ (below) dropped by more than 3% in Tuesday’s trading.
The pullback in SCHW, which took the stock into oversold territory, was SCHW’s third lower close out of the past four trading days.
Down more than 1% before reversing to break even were shares of ^HIT^ on Tuesday. The stock has closed in oversold territory above the 200-day for three consecutive trading days.
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David Penn is Editor in Chief of TradingMarkets.com