Dow Jones Holds Near 35,000 Despite Boeing Sell-Off; Mastercard Gives Buy Signal

The Nasdaq composite slipped mildly into the red, down 0.2% in afternoon trading Tuesday, unfazed by a hotter-than-expected reading on consumer prices before the open. The Dow Jones Industrial Average was also down modestly despite weak performances from Boeing (BA), Goldman Sachs (GS), Caterpillar (CAT) and JPMorgan (JPM).


Futures turned lower on news the Consumer Price Index rose 0.9%, almost double the consensus estimate of 0.5%. Year-over-year, prices rose 5.4%, also above the consensus estimate of 5%. The latest reading on wholesale prices will be out Wednesday with the release of the Producer Price Index at 5:30 a.m. PT.

The Invesco QQQ Trust (QQQ) lost early gains of 0.5% to trade near breakeven, helped by a strong showing from Electronic Arts (EA). EA stock at one point was up 2.5% after BMO Capital upgraded shares to outperform and raised EA’s price target to 168 from 150.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 34938.52 -57.66 -0.16
S&P 500 (0S&P5) 4384.08 -0.55 -0.01
Nasdaq (0NDQC ) 14763.54 +30.30 +0.21
Russell 2000 (IWM) 223.40 -3.17 -1.40
IBD 50 (FFTY) 44.48 +0.33 +0.75
Last Update: 1:12 PM ET 7/13/2021

Nasdaq 100 firm Pepsico (PEP) gapped up to an all-time high on strong earnings. Earnings and sales growth accelerated bullishly from Q1, up 30% and 21%, respectively.

China stocks also outperformed in the Nasdaq 100 after Chinese regulators approved Tencent‘s (TCEHY) merger with Sogou (SOGO). (JD), NetEase (NTES), Baidu (BIDU) and Pinduoduo (PDD) showed gains of at least 3%.

The S&P 500 also eased 0.2% and the iShares Russell 2000 ETF (IWM) slipped more than 1.5%.

Dow Jones Today

Overall, the Dow Jones industrials held up pretty well amid a 3% decline for Boeing stock. Shares were weak after the company announced further delays in 787 deliveries.

JPMorgan stock slumped as much as 2.9% before trimming some of that loss after the company reported a 120% surge in quarterly profit. But revenue fell 10% to $31.8 billion, with trading revenue down 30% to $6.8 billion

After a breakout over a trendline Monday, Goldman Sachs gave back 1% despite better than expected earnings and revenue. Investment banking revenue increased 26% to $3.5 billion.

Apple (AAPL) and Leaderboard stock Microsoft (MSFT) outperformed in the Dow Jones today with gains of around 1.5%. But both stocks are extended and too late to buy after recent breakouts.

Visa (V) also outperformed in the Dow Jones, up 1.6%. It’s still in the 5% buy zone from a 237.60 entry. Group peer Mastercard (MA) gave a buy signal today with a move above its recent high of 380.92. Shares were up 2.5% to 385.14.

Outside The Dow Jones

The Innovator IBD 50 ETF (FFTY) looked poised for its third straight gain, up 0.4%. Top gainers in the IBD 50 index of leading growth stocks included (OSTK). Shares jumped 5.5% to 101.28. It’s still in buy range from a 101.10 buy point.

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Celsius (CELH) continued to firm up after some recent volatility. The stock jumped 4% and broke out over a trendline. But gains shrank.

Inside the MarketSmith Growth 250, Upwork (UPWK) jumped 8% to 61.90. Upwork cleared a cup with handle base with a 61.31 buy point. The stock hit a high of 64.49 but was off highs in afternoon trading.

Vizio (VZIO) gained nearly 5% to 27.81. It’s trying to clear a choppy, wide-and-loose consolidation with a 27.92 buy point.

Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.


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