How major US stock indexes fared Thursday 6/23/2022

Stocks shook off a midday slump and ended higher, keeping major indexes on track for weekly gains.

Trading was wobbly throughout the day as investors remained focused on another day of testimony before Congress by Federal Reserve Chair Jerome Powell. The S&P 500, the Dow Jones Industrial Average and the Nasdaq rose.

Powell reaffirmed the central bank’s goal of “keeping inflation expectations well and truly anchored” as the Fed tries to rein in surging prices. Treasury yields fell.

On Thursday:

The S&P 500 rose 35.84 points, or 1%, to 3,795.73.

The Dow Jones Industrial Average rose 194.23 points, or 0.6%, to 30,677.36.

The Nasdaq rose 179.11 points, or 1.6%, to 11,232.19.

The Russell 2000 index of smaller companies rose 21.40 points, or 1.3%, to 1,711.67.

For the week:

The S&P 500 is up 120.89 points, or 3.3%.

The Dow is up 788.58 points, or 2.6%.

The Nasdaq is up 433.84 points, or 4%.

The Russell 2000 is up 45.98 points, or 2.8%.

For the year:

The S&P 500 is down 970.45 points, or 20.4%.

The Dow is down 5,660.94 points, or 15.6%.

The Nasdaq is down 4,412.78 points, or 28.2%.

The Russell 2000 is down 533.64 points, or 23.8%.

The end of 2021 and the initial trading days of 2022 have been rough for tech stocks. The prospect of multiple interest rate hikes has investors fleeing to risk-off assets, including stocks. And that means some of the biggest tech stocks may have further to fall.

But for growth investors, tech remains the sector to be in. Some appealing stocks have dropped 50% or more from their 2021 highs. That means it’s inevitable that some savvy buyers will be moving in to buy their favorite names at a discounted price.

However, price doesn’t always equal value. Some stocks have sold off and may never recover their previous level. Those are tough lessons for investors to learn.

However, in this presentation, we’re looking at seven tech stocks that have a strong business case to support a recovery even as other tech stocks may struggle. We think all these stocks are strong buying candidates. However, we encourage you to do your due diligence to decide when the price is right for you.