Stocks were off session highs in afternoon trading Wednesday as money flowed into bonds again. After jumping 5 basis points Tuesday to 1.41%, the 10-year Treasury yield was down 5 basis points to 1.36%. Apple (AAPL) was a bright spot in the Dow Jones Industrial Average after Bloomberg reported the company asked suppliers to build as many as 90 million iPhones this year, up about 20% from the roughly 75 million units produced in recent years.
Federal Reserve Chairman Jerome Powell started testimony in front of the House Financial Services Committee at 12:00 p.m. PT. Powell stuck to a similar script, saying the Fed isn’t ready yet to start tapering its monthly bond purchases.
The Fed is also in no rush to raise the federal funds rate from its current level of 0 to 0.25%.
Dow Jones Today
The Dow Jones industrials was mostly unchanged in afternoon trading. The blue-chip index poked above the 35,000 level in May, but it’s been a resistance level ever since.
U.S. Stock Market Today Overview
Last Update: 1:12 PM ET 7/14/2021
Besides Apple stock, Honeywell (HON) also outperformed in the Dow Jones today, up 1.7%. Honeywell is back above its 50-day moving average and only 2% off its high as it forms a flat base with a 234.12 entry.
Outside the Dow Jones
The S&P 500 edged up 0.1%, but the benchmark index delivered plenty of strong gainers, including J.B. Transport Services (JBHT). The trucking firm jumped above its 50-day moving average, rising 2%.
Top performing sectors in the S&P 500 included the Real Estate Select Sector SPDR Fund (XLRE), up 0.9%; the Technology Select Sector SPDR Fund (XLK), up 0.8% and the Utilities Select Sector SPDR Fund (XLU), up more than 1%.
The Nasdaq composite was up less than 0.1%, and the Nasdaq 100 gained 0.3%. Inside the Nasdaq 100, buyers continued to move into Lululemon Athletica (LULU). Shares jumped nearly 4% in heavy volume. It’s near the top of the 5% buy zone from a 371.10 buy point.
The ARK Innovation ETF (ARKK) gave back 1.7%.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
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