Dow Jones Falls As Apple Falls; Tesla Charges As Growth Stocks Lead; Fed minutes expiration

The Dow Jones Industrial Average fell lower in Wednesday afternoon trading, with Apple (AAPL) the worst performing index. EV action Tesla (TSLA) charged more as growth stocks recovered from recent losses. Lowe’s (UNDER) increased their earnings, while Nvidia (NVDA) was slipping as it was set up to post results.


The Fed’s minutes from the July policy meeting are due to be released by 2 pm ET. They should give additional insight into when the central bank can start to cut back on easy money policies. Federal Reserve officials are reportedly getting closer to consensus on when to start reducing their monthly bond purchases.

Nasdaq wins as growth stocks lead

The Nasdaq was the only major index in positive territory, the heavy tech index squeezing a gain of less than 0.1%. (TCOM) was one of the best, with a gain of almost 6%.

The S&P 500 was struggling, falling 0.2%. A recovery attempt failed and he was back near session lows. Cboe Global Markets (CBOE) was among the most prominent, with an increase of more than 6%. Jack Henry and Associates (JKHY) was delayed, dropping more than 4% even though earnings topped.

Most of the S&P sectors were in the red, with consumer discretionary and financials the best performers. Real estate and consumer staples were the worst laggards.

Overview of the US Stock Market

Index Symbol Price gain loss % Change
Dow Jones (0DJIA) 35284.62 -58.66 -0.17
S&P 500 (0S and P5) 4440.25 -7.83 -0.18
Nasdaq (0NDQC ) 14663.11 +6.93 +0.05
Russell 2000 (ETC.) 217.51 +1.11 +0.51
IBD 50 (FFTY) 45.36 +0.59 +1.32
Last Updated: 1:22 PM ET 08/18/2021

Small caps were fighting back after the recent troubles, with the Russell 2000 gaining 0.5%.

But it was growth stocks that made the most impressive gains. The Innovator IBD 50 ETF (FFTY) rose 1.3%. This allowed it to pull back above the key 50-day moving average.

Dow Jones Today: Index Falls As Apple Shares Fall

The Dow Jones Industrial Average was fighting the S&P for the title of the worst major index of the day. It was also down around 0.2%.

Apple shares were the worst performers, falling about 1.3%. The stock remains just above a trend line near 180. The firm is gearing up for the iPhone 13 launch next month.

While Apple was a laggard, (CRM) was having a good session. It was by far the best component, with a gain of almost 4%.

It got a boost after JMP Securities analyst Patrick Walravens reiterated his superior performance rating on Salesforce stocks and raised his target from 282 to 320. Salesforce reports earnings next week.

Tesla shares charge more

Tesla shares were trying to rally after recent difficulties. It was up nearly 4%, allowing it to move away from its 50- and 200-day converging moving averages.

Despite this, the stock is still down around 4% during the week. An aggressive buy point of 700.10 seems increasingly irrelevant. However, the Tesla bulls will be quick to point out that a large base continues to take shape.

Tesla’s stock was punished earlier in the week by news that the National Highway Safety Administration opened a formal investigation into its autopilot system. This could be a topic of discussion when the company celebrates its AI Day on Thursday. The agency claims it has identified 11 crashes since early 2018 in which a Tesla vehicle using the Traffic Aware autopilot or cruise control struck vehicles with flashing lights, flares, an illuminated arrow or hazard warning cones.

Senate Democrats Richard Blumenthal and Edward Markey have increased the pressure on Tesla, saying in a letter to the FTC that the firm has “persistently misrepresented the capabilities of its cars and the company’s progress toward safe autopilot and FSD technology. “.

So far it has been a mixed year for Tesla stocks. It has plummeted from the 900.40 record it hit in late January. However the.

Lowe’s shares rise on this

Lowe’s was slightly below the highs, but held more than 10% on heavy volume. The move saw it erase the entire 6% drop from Tuesday, while also rising. The stock retreated bullish above its 50-day moving average.

It comes after home improvement retail stocks posted better-than-expected second-quarter results. Analysts applauded the company’s strategy to win more professional clients as demand for do-it-yourself declines.

CFRA Global Head of Equity Research Kenneth Leon reiterated his buy rating on the stock. His target price is 220. He said the company is “well positioned to gain market share.”

“LOW is improving its processes to enhance the store’s product offering, operational improvement and expand margins,” Leon said in a note to customers.

The stock had fallen sharply after disappointing Home Depot’s (HD) disappointing report. Home Depot Stock It was forced to decline after same-store sales in the US fell slightly amid fewer DIY customers. It bounced back with a gain of about 1.4% today.

Nvidia past due earnings, stock delays

Nvidia shares fell nearly 3% as it prepares for its latest earnings report after Wednesday’s close.

The stock is forming a flat base after previously finding support at the 10-week moving average.

Bearish action saw Nvidia’s exposure cut on Tuesday at the prestigious Ranking list of leading growth stocks.

Nvidia has been a star action so far in 2021, despite recent struggles. It has increased about 48% so far this year.

In Q1 Nvidia beat Wall Street targetsthanks to strong sales of game and data center processors. Investors will be watching to see if the momentum continues.

Follow Michael Larkin on Twitter at @IBD_MLarkin for more information on growth stocks and analysis.


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