The Dow Jones Industrial Average powered higher amid a broad stock market rally. Auto stocks were shifting gear, with Ford (F) driving higher in a buy zone as Tesla (TSLA) rallied out of the red. General Motors (GM) also popped.
Goldman Sachs (GS) and Walt Disney (DIS) were among the top blue chips, while meme stock AMC Entertainment (AMC) skidded lower. Finally, Medpace (MEDP) and HCA Healthcare (HCA) were attempting breakouts.
Nasdaq Lags; S&P 500 Gains
The Nasdaq lagged the other major indexes, but was still up 0.9%. IT security play Check Point Software Technologies (CHKP) was the biggest winner, rising almost 5%.
The S&P 500 was also muscling higher, gaining 1%. Oil and gas drilling equipment and components play Nov (NOV) ticker was the strongest performer here, rising nearly 6%.
The S&P sectors were almost all green, with financials and materials making the biggest upward moves. Utilities was the only laggard.
U.S. Stock Market Today Overview
Last Update: 1:24 PM ET 7/9/2021
Small caps were outperforming, snapping a streak of painful sessions. The Russell 2000 surged 1.8%. Growth stocks were also fighting back strongly, with the Innovator IBD 50 ETF (FFTY) rising 1.8%.
Dow Jones Leads As Disney Stock Rises
The Dow Jones Industrial Average was outshining the other major indexes with a gain of 1.2%.
Disney stock was one of the big winners, rising more than 2%. If it can close strong it could retake the key 50-day moving average.
But it was Goldman Sachs that was the top performer, reflecting the strength in financials. It was up more than 3%, gapping above the 50-day line.
Ford Drives Higher On This; Tesla Stock Rallies
Ford found a higher gear on strong China sales figures The company sold 306,700 cars in China in the first half of this year, up 24%.
The Leaderboard stock fought back after giving up some early gains, and was up around 3%.
The auto stock made a stand at its 50-day moving average Thursday, and is now slightly extended past a 13.72 buy point.
GM stock got a boost after Wedbush Securities rated the stock as outperform with an 85 price target.
Analyst Dan Ives said in coming years it “will be re-rated more as a disruptive technology and EV play, rather than its traditional auto valuation.”
GM stock gained around 4.5%, and is now looking to reclaim its 50-day moving average.
Tesla stock also managed to stage a rebound. The Leaderboard stock rallied out of the red, and was up around 0.3%. It remains below an aggressive trend line entry of 675.
AMC Stock Dips
Meme stocks were mixed as they headed into the final stretch of the trading week.
AMC stock, the hottest name in the meme stock stable, was slipping lower again after a strong Thursday. The stock slipped around 2%, and looks set to end the week in the red.
At the moment it is on track to post a weekly loss of more than 9%. Nevertheless, it remains up more than 2,000% so far in 2021.
Woeful earnings are the clear weakness for the cinema stock, but big price spikes have earned it a perfect Relative Strength Rating of 99.
GameStop (GME) rose around 0.3%, but looks set to close down for the fifth week in a row. It remains up more than 900% for the year.
These Growth Stocks Break Out
Medpace managed to break out of a cup with handle base. It remains in a buy zone above a 183.82 ideal entry point.
This is a second-stage base, which is a positive. In addition, it holds a strong Composite Rating of 93, with earnings its biggest strength.
The firm provides outsourced services for Phase 1-4 of drug and medical device development services, including central laboratory services.
HCA Healthcare moved above a flat-base buy point of 217.46. The relative strength line is showing signs of progress, and this is a first-stage pattern.
The stock offers a balance of earnings and stock market performance.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.
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