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The Dow Jones Industrial Average traded lower in today’s stock market, while the Nasdaq maintained its gains until the close. Technology stocks have recovered some of their losses from the day before. In the last hour of trading, the Dow Jones hovered near its lows while the S&P 500 and Nasdaq were still off their lows for the day. The shares were broadly sold at the close.
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Stock exchange today
At the end of the day, the Russell 2000 Small Cap Index was up 0.3%. Meanwhile, the Nasdaq composite closed 0.5% higher after rising over 1.1%. The S&P 500 saw its earlier gains shrink to a loss of 0.5% while the Dow Jones fell 1.5%. Volume was mixed, trading lower on the Nasdaq and higher on the NYSE from Thursday’s close, according to preliminary data.
Investors have continued to digest rising yields on US Treasuries in recent days. The 10-year Treasury yield, considered one of the safest assets to own, fell from 1.513% on Thursday to 1.48% on Friday. The yield is now equivalent to the S&P 500 dividend yield of 1.48%.
Meanwhile, House lawmakers are expected to pass a $ 1.9 trillion stimulus bill today. The package includes $ 1,400 in direct checks to most Americans. The current supplementary unemployment benefits will expire in mid-March.
Cumulative Covid-19 cases continue to rise, but at a much slower rate than before, as nationwide lockdowns approach the one-year mark. There are signs of hope as cases start to level off in some states and vaccinations continue to spread. Cases worldwide are approaching 114 million with more than 2.5 million deaths, according to Worldometer.
In the United States, cases topped 29 million, with an estimated 521,000 deaths.
The Innovator IBD 50 ETF (FFTY) gained 2%, recouping some of its losses from the previous trading session. The growth-oriented index slumped Thursday as growth stocks took a hit in favor of less risky assets.
ETF stocks found strong support at the 50 day line. The stocks leading the growth-oriented ETF’s rally were Digital turbine (APPS) and Etsy (ETSY), with gains of over 11% each.
Dow Jones today
The Dow Jones sold on Friday, with the majority of its stocks trading lower. Salesforce.com (CRM) and Proctor & Gamble (PG) led the decline with respective losses of 6% and 2.2%.
Shares of tech giant Salesforce fell below support at its 50- and 200-day lines, although fourth-quarter results exceeded Wall Street targets early on Friday. The stock is currently forming a 16 week consolidation with 271.02 buy points. That’s about 19% below the entry, according to MarketSmith chart analysis.
Elsewhere, Microsoft (MSFT) and Apple (AAPL) led the rise with gains of 1.8% and 1.1%. Apple stock finally broke a four-day streak. Shares of the iPhone maker slipped below the 50-day mark last week. It is now around 15% of its peak.
Meanwhile, Microsoft’s stock traded near a buy point of 232.96 from a consolidation as it tests its 10-week moving average.
To finish, Johnson & johnson (JNJ) dropped more than 2% in heavy trading as stocks test the 50-day line. An FDA panel is meeting today to vote on whether to recommend Johnson & Johnson’s coronavirus vaccine. The health giant’s vaccine would become the third available in the United States if the FDA gives it the green light.
Johnson & Johnson shares remain in a 5% buy zone from a buy point of 157.10 on a long flat basis. The buy zone tops out at 164.96.
But investors should be aware of the heightened risk with new investments at this time, as the market is currently in “Trend under pressure” mode.
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