Dow Jones Falls 300 Points Despite Apple’s Gain; Nasdaq Backs Off New High

Stocks were mostly lower midday Tuesday, as the Dow Jones Industrial Average tumbled 330 points while the Nasdaq eased after hitting a new high.


The Dow Jones industrials fell 1%, the S&P 500 slid 0.6% and the Nasdaq edged 0.2% lower in the stock market today. Small caps tracked by the Russell 2000 slumped nearly 2%. Volume was higher on both major exchanges vs. the same time Friday. The S&P 500 also made a new high before erasing gains.

Among exchange traded funds, Innovator IBD 50 (FFTY) fell 0.9%, while the Nasdaq 100-tracking Invesco QQQ Trust (QQQ) climbed 0.2%.

The U.S. economy continues to recover from the Covid-19 pandemic, which triggered nationwide lockdowns over a year ago. Most states have relaxed restrictions as vaccinations continue to roll out and cases decrease.

Cumulative Covid-19 cases worldwide have surpassed 185 million, with more than 4 million deaths, according to Worldometer. In the U.S., cases are approaching 35 million with over 621,000 deaths, although the number of new cases and deaths in the U.S. has slowed dramatically.

Dow Jones Losers And Winners

Dow Inc. (DOW) fell nearly 3% as it shapes the bottom of a flat base. Shares are trading about 14% below a 71.48 buy point, according to MarketSmith chart analysis.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 34447.28 -339.07 -0.97
S&P 500 (0S&P5) 4325.28 -27.06 -0.62
Nasdaq (0NDQC ) 14610.91 -28.41 -0.19
Russell 2000 (IWM) 224.83 -4.36 -1.90
IBD 50 (FFTY) 44.54 -0.31 -0.69
Last Update: 11:56 AM ET 7/6/2021

Industrial and banking stocks were also lower, with Caterpillar (CAT), 3M (MMM), Goldman Sachs (GS) and JPMorgan (JPM) down more than 2% apiece.

Goldman is testing its 50-day moving average and is back in buy range from a 356.95 cup-base entry, which goes up to 374.80. JPMorgan remains below its 50-day line after recently triggering the 7%-8% loss-cutting sell rule from a 161.79 buy point of a flat base.

Big-cap techs were among the few gainers. (CRM) and Apple (AAPL) advanced about 1.4% each, while Microsoft (MSFT) added 0.4%.

Apple rose on twice normal trade, on track to extend its win streak to six sessions. Shares are near the top of a buy range from the 137.17 entry of a cup base. The buy range tops out at 144.03. JPMorgan raised its price target on the iPhone maker to 170 from 165 and maintained an overweight rating.

Outside The Dow (AMZN) rallied 4% in heavy trade to break out past a 3,524.96 buy point of a cup with handle. The buy range goes up to 3,701.21. Founder Jeff Bezos officially stepped down as chief executive on Monday, after 27 years. Andy Jassy, CEO of Amazon Web Services, takes over as Amazon president and CEO.

Oil stocks skidded after the Organization of Petroleum Exporting Countries and partners led by Russia on Monday indefinitely postponed further discussions on production. Talks stalled after three days of negotiations, as the United Arab Emirates continued to block a consensus on production quotas. West Texas intermediate oil prices slid 2% to $73.65 a barrel at midday, after briefly spiking to a six-year high of $76.98.

Over in the IBD 50, UP Fintech (TIGR) gapped down and sank 14% in heavy volume to test its 50-day line. DLocal (DLO), Tempur Sealy International (TPX) and Cleveland-Cliffs (CLF) gave up about 5% each. Innovator IBD 50 (FFTY) ETF was down 1.2%.

Security Software Stocks Rise

But Sprout Social (SPT) and CrowdStrike (CRWD), up more than 5% apiece, led the IBD 50 upside. Cybersecurity stocks gained in the wake of a ransomware attack linked to Russian cyber-gang REvil

In addition to CrowdStrike, Zscaler (ZS) rose more than 4% as it approaches a 230.98 buy point of a cup base. The weekly chart on was showing a 224.04 cup-with-handle entry.

Follow Nancy Gondo on Twitter at @IBD_NGondo


Where 3 Top Growth Stocks Are As Market Hits New Highs

Find Today’s Best Growth Stocks To Watch With IBD 50

Learn How To Time The Market With IBD’s ETF Market Strategy

See Stocks On The List Of Market Leaders With IBD Leaderboard

Most Related Links :
reporterwings Governmental News Finance News

Source link

Back to top button