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The Dow Jones Industrial Average hit back after plunging on a weak jobs report. You’re here (TSLA) fell after Elon Musk announced he was moving the automaker’s headquarters. Modern The stock (MRNA) fell as Iceland joined with several Scandinavian countries to stop the use of its vaccine among young people.
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During this time, Reached (UPST) is a stock to watch as it forms a rare and extremely powerful pattern. Energy stocks were doing well, with parent company Apache WHAT (APA) passing a point of purchase and EOG Resources (EOG) back in a shopping area. Chevron (CVX) was the first blue chips.
Jobs Report Hits Stocks
The stock market was hit after the latest jobs report fell well below expectations. The economy created 194,000 jobs in September, well below the consensus estimate of 475,000.
The wage bill growth in August was revised upwards to 366,000 from 235,000. The unemployment rate fell from 5.1% to 4.8%.
Oanda analyst Edward Moya said it was a “complex” jobs report that could impact Federal Reserve policy.
“This report further strengthens the Fed’s view that tapering does not start the countdown to interest rate hikes,” he said in a note to clients. “The dollar was initially sold after the weak payroll report, but quickly wiped out most of its losses. If next month’s report also shows a similar slow hiring pace, Wall Street could become more skeptical about it. at any rate hike at the end of next year. “
the Nasdaq shifts; Growth stocks criticized
The Nasdaq lagged behind other major indices and closed near session lows. It ended up falling 0.5%. The S&P 500 briefly moved into positive territory, but ended up closing 0.2% lower.
Snapshot of the US Stock Market Today |
||||
|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Switch |
| Dow jones | (0DJIA) | 34746.71 | -8.23 | -0.02 |
| S&P 500 | (0S & P5) | 4391.42 | -8.34 | -0.19 |
| Nasdaq | (0NDQC) | 14579.54 | -74.48 | -0.51 |
| Russel 2000 | (IWM) | 221.59 | -1.67 | -0.75 |
| MICI 50 | (FFTY) | 46.70 | -0.65 | -1.37 |
Last Modified: 4:02 PM ET 10/8/2021 |
||||
S&P 500 sectors closed mostly negative, with only energy and financials advancing. Utilities and real estate ended up being the worst laggards.
Small caps were down again and sold until the close. The Russell 2000 fell 0.8%.
But it is the growth stocks that have suffered the most.
The Innovator IBD 50 ETF (FFTY) closed 1.4% lower.
Dow Jones fights; Chevron action tracks
The Dow Jones Industrial Average achieved the best performance of the major indices. However, one rally weakened to the close and ended the day virtually flat.
Chevron performed better on the Dow Jones today. Strong energy helped the major oil rally close with a gain of just over 2%.
The stock is back above its 50-day moving average and is targeting a consolidation entry point of 113.21, according to MarketSmith analysis.
Merck (MRK) was the worst lag in the Dow Jones, falling 1.6 %%.
Modern stock hits vaccine shutdown
Moderna’s stock was in trouble after its emergence Iceland is the latest Scandinavian country to end administration of its vaccine to young people.
Finland, Denmark and Sweden are also limiting the use of Moderna’s Covid-19 vaccine in young people, due to concerns about cardiovascular side effects.
The Finnish National Health Authority is suspending the use of Moderna’s vaccine for all men aged 30 and under.
They will be offered the vaccine manufactured by Pfizer (PFE) and BioNTech (BNTX) instead.
Use of the vaccine is stopped in people born in 1991 or later in Sweden. Denmark stops shooting for all under 18s.
Moderna stock ended the day on lows, but still fell around 1.4%. Pfizer stock fell 0.7%, while BNTX stock slipped 0.3%.
Tesla shares drop after Elon Musk move
Tesla shares fell on Friday after CEO Elon Musk told investors the company headquarters would move to Austin, Texas from Palo Alto, California.
He also said he believed the worst of the parts supply crisis, especially chip shortages, would be over by 2023.
The action rose Thursday after Musk tweeted an update on the rollout of the latest edition of Tesla’s Full Self Driving assistance software.
“FSD Beta 10.2 is rolling out at midnight Friday to approximately 1,000 owners with perfect safety scores of 100/100,” he said. “Deployments will go on for several days after that to see how it goes.”
Musk also said that if that “looks good,” the beta will roll out gradually for owners with scores of 99 and below.
Leaderboard stock ended the session down 1%, but remains in the potential buy zone from a handle entry of 764.55.
Traditional auto stocks performed better. General Motors (GM) grew 3.8% on an upgrade, while Ford (F) gained 1.5%.
Energy stocks are growing
Energy stocks made strong gains again on Friday, with some entry into exploitable areas.
Apache’s parent, APA, is found in a shopping area after escaping from a mug base with handle. The ideal buying point here is 23.88.
The relative strength line has progressed strongly since the end of August, which is a plus. The stock is in the top 8% of stocks in terms of price performance over the past 12 months.
EOG Resources is back in a buy zone after previously passing a cut base entry of 88.09. The company has been dubbed the “Apple (AAPL) oil “because of its use of technology to facilitate operations since its split from Enron in 1999.
Stock Shapes Rare Pattern
Upstart lending platform stocks are worth adding to your watchlist because they are a rare pattern that can generate huge profits.
The stock has held up its gains well since coming out of a cup base in August. Additionally, it has risen about 100% since its gap on Aug. 11.
This gives his weekly chart the appearance of a high, tight flag. This is a rare and powerful model that can lead to rich earnings.
His impressive performances earned him a place on the leaders’ list. Using its recent high as a potential entry, it offers a buy point of 346.64.
This type of base in the past has resulted in massive gains for leaders such as Qualcomm (QCOM) and Taser International, now Axon Company (AXON). Keep in mind, however, that successful flag designs are rare.
Upstart uses artificial intelligence to help improve access to “affordable credit” for customers. It also claims to reduce the risks and costs of loans for banking partners.
Please follow Michael Larkin on Twitter at @IBD_MLarkin to learn more about growth stocks and analysis.
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