Stocks Surge Despite Microsoft Warning; Enphase, EPAM, FLNG Jump | Stock Market Today | Summary and Q&A

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June 2, 2022
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Investor's Business Daily
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Stocks Surge Despite Microsoft Warning; Enphase, EPAM, FLNG Jump | Stock Market Today

TL;DR

Strong gains across the market, with a focus on the NASDAQ, S&P 500, and Dow indices. Analysis of Enphase, EPAM Systems, and Flex LNG stocks. Potential exhaustion of selling pressure and a confirmed uptrend in the market.

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Questions & Answers

Q: What were the major indexes' performances in the market today?

The NASDAQ Composite was up 2.7%, while the S&P 500, DOW, and Russell 2000 indices had gains of 1.8%, 1.3%, and 2.2% respectively.

Q: How did the market react to negative news from Microsoft and a weak ADP report?

The market shrugged off the negative news, which suggests that selling pressure may be close to exhaustion. The confirmed uptrend in the market remained intact.

Q: What was the performance of Enphase stock?

Enphase cleared a double bottom entry, rallying 9% with strong volume. It is currently in the five percent buy zone and shows promising action.

Q: What is the outlook for EPAM Systems stock?

EPAM Systems has shown a recovery after facing challenges earlier in the year. It is trying to get back above the 50-day line and forming a trading range. A breakout above the recent high could make it actionable.

Q: What is the technical picture for Flex LNG stock?

Flex LNG had a strong move today, closing up nearly eight percent with high volume. It shows a breakout from a downtrend and is no longer on a downtrend. Natural gas stocks have been performing well, making this a bullish move for Flex LNG.

Summary & Key Takeaways

  • The market saw strong gains, with positive breadth on both exchanges.

  • Three stocks were analyzed: Enphase, EPAM Systems, and Flex LNG.

  • The NASDAQ, S&P 500, and Dow indices showed encouraging performance, shrugging off negative news.

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