Dow Jones Up As S&P 500 Hits New High; Astra, Didi Lead IPO Stocks To Watch

Stocks were mixed Thursday afternoon as the Dow Jones Industrial Average diverged with the Nasdaq and the S&P 500 hit a fresh high.


The S&P 500 gained 0.4% and the Dow Jones industrials climbed 0.2%, while the Nasdaq fell 0.2% in today’s market. Small caps tracked by the Russell 2000 outperformed, up 0.8%. Volume was mixed, higher on the NYSE and lower on the Nasdaq vs. the same time Wednesday.

Among exchange traded funds, Innovator IBD 50 (FFTY) slumped 1.8%, while the Nasdaq 100-tracking Invesco QQQ Trust (QQQ) slipped 0.4%.

Early Thursday, the Labor Department reported jobless claims fell to 364,000 the week ended June 26. That was down from the prior week’s 415,000 claims and economist forecasts for 365,000 applications. It also marked a new pandemic low.

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.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 34582.67 +80.16 +0.23
S&P 500 (0S&P5) 4312.59 +15.09 +0.35
Nasdaq (0NDQC ) 14477.11 -26.84 -0.19
Russell 2000 (IWM) 231.39 +2.02 +0.88
IBD 50 (FFTY) 45.56 -0.79 -1.70
Last Update: 1:30 PM ET 7/1/2021

Cumulative Covid-19 cases worldwide have surpassed 183 million, with nearly 4 million deaths, according to Worldometer. In the U.S., cases are approaching 35 million with over 620,000 deaths, although the number of new cases and deaths in the U.S. has slowed dramatically.

Dow Jones Winners And Losers

Nike (NKE), up 1.7% to a new high, led the blue chip index. Shares are now extended from a 148.05 buy point of a six-month consolidation cleared last week, according to MarketSmith chart analysis. Nike stock‘s buy zone topped out at 155.45.

Chevron (CVX) also rose 1.7% to pop back above its 50-day moving average for the first time this week. Shares are about 6% away from a 113.21 buy point of a flat base. Chevron stock has rallied 26% this year.

Oil stocks rallied early Thursday, as the Organization of Petroleum Exporting Countries and partners led by Russia meet to discuss production strategy. West Texas intermediate crude prices were up 2% to $75 a barrel early Thursday afternoon.

Among other Dow gainers, American Express (AXP) and Travelers (TRV) added about 1% each.

But Walgreens Boots Alliance (WBA) was down more than 5% in heavy trade after paring an early 9% dive. The stock undercut the bottom of a flat base. The drop occurred despite a big fiscal Q3 earnings and sales beat from the drugstore chain, which also lifted its full-year earnings guidance above Street forecasts.

Goldman Sachs (GS) and Walmart (WMT) gave up about 1% each.

Outside The Dow

Oil explorer Diamondback Energy (FANG) surged 8% in heavy volume to its highest level in nearly two years. Shares are well extended past an 87.69 buy point of a cup with handle. A 98 Composite Rating puts it among the top stocks in the 60-stock oil exploration group.

In IPO news, China-based Didi Global (DIDI) soared 16%, extending Wednesday’s 9% gain in its first day of trade. It went public at 14 a share. The Chinese ride-hailing service’s IPO valued the company at more than $67 billion.

Late Wednesday, Krispy Kreme (DNUT) sold 29.4 million shares at 17 a share, well below the expected range of 21 to 24. The donut chain’s IPO raised about $500 million in its return to the stock market.

Astra Space (ASTR), a small satellites launch provider, jumped 7% in the rocket startup’s debut. The company merged with Holicity, a special purpose acquisition company (SPAC), in a deal that values Astra at $2.1 billion. SPACs, also known as “blank check companies,” offer a way for private companies to go public without a traditional IPO.

IBD 50 Movers

Over in the IBD 50Novocure (NVCR) gapped down and plunged 15% in heavy trading after the company announced trial results of its Hepanova liver cancer treatment. The loss triggered a sell signal as shares fell more than 8% from a 220.58 buy point.

Health care apparel maker Figs (FIGS) and China-based brokerage UP Fintech (TIGR) lost more than 7% apiece. Celsius Holdings (CELH), Lovesac (LOVE) and 360 DigiTech (QFIN) gave up over 5% each.

But Smith & Wesson Brands (SWBI) surged 14% to a new high before paring its gains to 4%. The firearms maker has been soaring since its quarterly results beat expectations June 17. The stock is sharply extended from a 22.60 buy point of a cup with handle.

Follow Nancy Gondo on Twitter at @IBD_NGondo


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