The Dow Jones Industrial Average and S&P 500 are on track to extend Thursday's gains, but the Nasdaq slipped into the red as techs come under pressure.
XThe Dow Jones industrials rose 0.6%, the S&P 500 added 0.2% and the Nasdaq edged 0.3% lower in the stock market today. Small caps tracked by the Russell 2000 gained 0.5%. Volume was higher on both major exchanges vs. the same time Thursday.
For the week, the Dow is headed for a 0.3% dip, the S&P 500 is nearly flat and the Nasdaq is up 0.6%.
Tech stocks were under pressure again, as the Nasdaq tries to regain its 50-day moving average. On May 10, the Nasdaq tumbled 2.6% to close below the line for the first time since March. On Wednesday, the Dow and the S&P 500 were testing their 50-day lines.
Last year, tech stocks boosted the Nasdaq to a 43.6% gain — its fifth-best year ever. The S&P 500 rose 16.3% in 2020 and the Dow added 7.2%. Read The Big Picture for more detailed daily market analysis.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 34297.56 | +213.41 | +0.63 |
| S&P 500 | (0S&P5) | 4166.17 | +7.05 | +0.17 |
| Nasdaq | (0NDQC ) | 13495.54 | -40.20 | -0.30 |
| Russell 2000 | (IWM) | 220.41 | +1.01 | +0.46 |
| IBD 50 | (FFTY) | 43.77 | +0.20 | +0.46 |
Last Update: 12:00 PM ET 5/21/2021 |
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The U.S. economy is recovering from the Covid-19 pandemic, which triggered nationwide lockdowns over a year ago. But many states are relaxing restrictions, and cases are plateauing or declining in some states as vaccinations continue to roll out.
Cumulative Covid-19 cases worldwide have topped 166 million, with more than 3 million deaths, according to Worldometer. In the U.S., cases are approaching 34 million with nearly 603,000 deaths, although the number of new cases and deaths in the U.S. has slowed dramatically in many states.
Dow Jones Winners And Losers
Boeing (BA), up nearly 3% in fast turnover, was the biggest blue chip gainer. The aerospace giant is outlining plans to increase 737 Max output to as many as 42 jets a month in fall 2022, industry sources told Reuters. Boeing stock remains below its 50-day moving average after triggering the 7%-8% loss-cutting sell rule from a 244.18 buy point.
American Express (AXP) rose 2% as it gets close to a new high. Shares are now slightly extended from a 150.55 buy point of a cup with handle, according to MarketSmith chart analysis.
UnitedHealth (UNH), Dow Inc. (DOW), Caterpillar (CAT) and Goldman Sachs (GS) were up almost 2% each.
Goldman Sachs remains in potential buy range from a 356.95 buy point of a seven-week cup base. The buy range tops out at 374.80.
JPMorgan (JPM) climbed 1.3% to move back above a 161.79 buy point of a flat base. The buy zone goes up to 169.88.
But Apple (AAPL) fell 1% to give back part of Thursday's 2.1% gain. The stock has been hitting resistance at its 50-day line. Last week, Apple triggered the 7%-8% loss-cutting sell rule from a 135.63 buy point.
Outside The Dow
Banks, apparel and security software stocks led the upside among IBD's 197 industry groups. Gold miners, chip gear makers and homebuilder stocks saw small losses.
In the chip gear group, Applied Materials (AMAT) fell 1.3% in heavy trade to test its 50-day line, despite an earnings beat. Late Thursday, the company reported fiscal Q2 adjusted earnings of $1.63 a share on sales of $5.58 billion, easily beating Wall Street targets. It also guided higher for the current period.
AMAT stock slid nearly 2% in early trade before cutting losses, as the chip leader continues to shape a consolidation. The new buy point is 146.10.
Palo Alto Networks (PANW) gapped up and soared 5% in heavy volume. Late Thursday, the security software maker announced earnings and sales that topped views. It also guided for slightly higher than expected revenue and billings guidance for the current quarter.
PANW stock rebounded off its 50-day line. It has an official buy point of 403.10, according to MarketSmith, but 373.11 is another possible early entry.
Deere (DE) gained 3% in heavy trade, on track to halt a four-session slide. The stock fell below its 50-day line during the week. The farm equipment maker reported earnings and sales that surged a respective 169% and 30%, easily beating views.
The Innovator IBD 50 ETF (FFTY) climbed 0.4%, thanks to 3% gains from Atkore (ATKR), InMode (INMD), SVB Financial (SIVB) and Upstart (UPST). Ameris Bancorp (ABCB), PLBY Group (PLBY) and Lovesac (LOVE) were the biggest losers.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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