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.
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
U.S. Stock Market Today Overview
Last Update: 11:56 AM ET 7/6/2021
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.
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
Amazon.com (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
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 MarketSmith.com was showing a 224.04 cup-with-handle entry.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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