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The Dow Jones Industrial Average closed higher, while the S&P 500 and Nasdaq closed at record highs. You’re here (TSLA) won despite Elon Musk’s confession, as Airbnb (ABNB) has passed a new point of purchase. Dow Inc. (DOW) and Goldman Sachs (GS) were the best blue chips.
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JD.com (JD) led a group of Chinese equities higher. Finally, a trio of stocks organized breakouts: Shoe carnival (SCVL), Trex (TREX) and Kansas City South (KSU).
The Nasdaq wins in the lead among small caps; Dow Jones is soaring
The Nasdaq was the main major index for the day, hitting a record high closing 0.5% higher. Among Chinese stocks, NetEase (NTES) was one of the biggest winners, increasing by around 9%.
The S&P 500 also gained, ending up 0.2%. Best buy (BBY) was the best performer, closing over 8% on earnings. Seagate Technologies (STX) lagged the furthest, dropping about 6%.
There was a balance of winners and losers among S&P sectors, with energy and consumer discretionary increasing the most. Real estate and consumer staples were the worst performers.
Snapshot of the US Stock Market Today |
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|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Switch |
| Dow jones | (0DJIA) | 35367.90 | +32.19 | +0.09 |
| S&P 500 | (0S & P5) | 4486.27 | +6.74 | +0.15 |
| Nasdaq | (0NDQC) | 15019.80 | +77.15 | +0.52 |
| Russel 2000 | (IWM) | 221.78 | +2.16 | +0.98 |
| MICI 50 | (FFTY) | 46.75 | +0.34 | +0.73 |
Last Updated: 4:08 PM ET 8/24/2021 |
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Small caps were the best performers of the day. The Russell 2000 ended the day with a gain of 1%. It fell more than 2% last week.
Growth stocks also outperformed major indices, with the Innovator IBD 50 ETF (FFTY) up 0.7% more moderately. It continues to move away from the key 50-day moving average.
Dow Jones today: Goldman Sachs among the leaders
Meanwhile, the Dow Jones Industrial Average posted the weakest gain of any major index, rising 0.1%.
Dow Inc. was the best winner in the Dow Jones today, up almost 2%. This slight gain allowed the commodities chemicals company to resume its 50-day line, an encouraging sign.
Goldman Sachs stock was another big winner, rising just under 2%. The stock remains in a buy zone after previously crossing a flat-based entry of 393.36. It seems to have broken a downtrend.
Johnson & johnson (JNJ) was the biggest laggard, dropping around 1%. Nonetheless, it remains in a buy zone above a flat-based buy point of 173.75.
Airbnb shares increase after purchase
Airbnb has been a notable player, dropping a baseline entry point of 152.86.
IPO action rose in high volume, while the relative strength line also rose.
This strong decision saw the Airbnb share added to the prestigious IBD ranking of the main growth stocks.
Airbnb stock holds a low composite rating of 24, but the current stock suggests it may have to rise. Analysts see the company post annual profit for the first time in 2022.
The company operates an online marketplace for hosting. Its main offers are host families for vacation rentals.
As tourism has been hit hard by the coronavirus pandemic, it has roared after some of the strict restrictions were lifted.
The Nasdaq takes an important step; 7 best points to buy stocks
Tesla wins despite Elon Musk’s confession
Shares of the electric vehicle giant rose despite CEO Elon Musk saying the company’s current autonomous driving system was “not great.” He also praised the next generation system to come. Tesla stock finished with a slight gain of 0.3%.
The Leaderboard action has moved past its former aggressive entry point, which is now invalid. But it is now heading towards a new early buy point of 730.
Musk posted a tweet Monday night saying that during a drive through the city of Los Angeles, the car’s FSD 9.3 (full beta of autonomous driving) was “much improved.” His proclamation came just nine hours after he tweeted that version 9.2 was “not great”.
Tesla stock rose on Monday after Deutsche Bank reiterated its buy rating on the electric vehicle giant, while touting its “bold take” on artificial intelligence after last week’s AI Day .
The company’s AI day featured presentations led by engineers of the self-driving capabilities of the electric vehicle maker and its Project Dojo supercomputer.
TSLA action was beaten earlier last week after it emerged that the National Highway Safety Administration had opened a formal investigation into Tesla’s autopilot system.
JD.com pushes up Chinese stocks
JD.com has helped lead a rally among Chinese stocks. It closed more than 14% higher on strong earnings.
The stock has managed to break above its 50-day moving average, but remains below its 200-day line.
However, JD.com stock, which holds an IBD composite rating of just 48 out of 99, remains down almost 14% for the year so far. Chinese stocks have been beaten amid a crackdown by the ruling Communist government on its tech powerhouses.
Pinduoduo did even better, with more than 22% power after posting a 107% jump in revenue in the second quarter.
Meanwhile, Chinese e-commerce giant Ali Baba (BABA) was also a winner, up almost 7%. BABA stock is down more than 24% since the start of the year.
Beyond the Dow Jones: these stocks go to buy
Shoe Carnival entered a buy zone after passing a buy point of 40 in cup base. Profits are currently lower than price performance.
The relative strength line has hit a new high, an encouraging sign. However, profits are expected tomorrow, which adds risk, and is a basis for the third step.
Trex closed just below a consolidation entry buy zone. It briefly passed the buy point of 111.14.
It was a low volume movement, which is not ideal. It is also a late stage model. Nonetheless, earnings and price performance are strong.
Kansas City Southern also closed under its entry. It managed to pass a buy point of 293.48 cups with handle, but the volume was low.
Please follow Michael Larkin on Twitter at @IBD_MLarkin to learn more about growth stocks and analysis.
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