The Dow Jones Industrial Average was moving higher in a mildly positive stock market session. Walt Disney (DIS) and Goldman Sachs (GS) led the blue chips. Meanwhile, Virgin Galactic (SPCE) dived as AMC Entertainment (AMC) also plunged.
Nasdaq Flat As S&P 500 Gains
The S&P 500 fared better, posting a slim gain of 0.3%. Chemical manufacturer Albemarle (ALB) led with a gain of around 7%.
The S&P sectors were mostly in the green, with financials and real estate leading. Energy and consumer staples were the biggest laggards.
U.S. Stock Market Today Overview
Last Update: 1:34 PM ET 7/12/2021
Despite the broadly positive action, small caps were lagging. The Russell 2000 fell a mild 0.2%. Growth stocks were outperforming however, with the Innovator IBD 50 ETF (FFTY) rising 0.6%.
Disney Stock Lifts Dow Jones
The Dow Jones Industrial Average was outperforming the other major indexes, though its gain of 0.3% was nothing to write home about.
Disney stock was having a positive day, rising just over 2.5%. This allowed the media giant to pull away slightly from its 50-day moving average.
But Goldman Sachs was the top performer, rising almost 3%. The firm is set to report earnings tomorrow. Salesforce.com (CRM) was the biggest laggard, dipping just over 1%.
Virgin Galactic Stock Plunges On This
Virgin Galactic stock was plunging back to Earth Monday, following its first fully crewed flight at the weekend.
The stock surrendered more than 14%, but remains well clear of its 50-day moving average. A base is yet to form.
The dip comes after the firm revealed in regulatory filing that it plans to sell up to $500 million in stock.
Nevertheless, Canaccord Genuity analyst Ken Herbert, who has a buy rating on SPCE stock with a 35 price target, was impressed with the firm’s flight on Sunday, which lifted founder Richard Branson into space.
He said Branson’s achievement “is a massive marketing coup for Virgin Galactic that will be impossible for the public to ignore.”
AMC Stock Dives
Meme stocks were having mixed fortunes, despite the generally positive action.
AMC stock, the hottest name among meme stocks, was slipping lower again, diving more than 8%. It comes after the stock fell more than 11% last week.
While the stock remains up almost 2,000% so far in 2021, it is currently mired in a painful downtrend.
Despite this, big price spikes mean the cinema stock still holds a perfect Relative Strength Rating of 99.
GameStop (GME) was trading basically flat. It remains up around 900% for the year.
These Stocks Pass Buy Points
Investment advisory firm Janus Henderson is in a buy zone after clearing a flat-base buy point of 40.49. This is a second-stage base, which is a positive.
The relative strength line has just hit a new high, which further bolsters its case. JHG stock has a near-perfect Composite Rating of 97, which reflects its strong earnings and market performance.
Earnings are due July 29. Investors should remember IBD recommends using options as a strategy to limit risk. It is a way to capitalize on the upside potential of a stock’s move around earnings, while reducing the downside risk.
Veeva Systems briefly cleared a cup base buy point of 325.64, MarketSmith analysis shows. However the stock has reversed lower, and currently sits below the entry.
Earnings are a key strength for VEEV stock, however stock market performance over the past year is not ideal.
AbbVie moved came within a hair of rising above a flat base buy point of 118.38, and currently sits just below the entry. Earnings are again a key strength here, however its latest report is due July 30. This should give investors a reason for caution.