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Major stock indexes fell from Monday’s highs as tech stocks sold off and the Dow Jones Industrial Average fell 160 points.
X
The Nasdaq fell 1.8%, the S&P 500 fell 0.8% and Dow Jones industrials fell 0.4% on the stock market today. Small caps followed by the Russell 2000 lost 1.7%. Volume was higher on the two major exchanges compared to the same time on Monday.
Among exchange-traded funds, Innovator IBD 50 (FFTY) lost 3.5%, while the Nasdaq 100-tracking Invesco QQQ Trust (QQQ) fell almost 2%.
The US economy continues to recover from the Covid-19 pandemic, which triggered nationwide lockdowns more than a year ago. Most states have relaxed restrictions as vaccinations continue and cases decline.
Cumulative Covid-19 cases around the world are approaching 196 million, with more than 4 million deaths, according to Worldometer. In the United States, cases topped 35 million with more than 627,000 deaths.
Snapshot of the US Stock Market Today |
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|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Change |
| Dow jones | (0DJIA) | 34988.45 | -155.86 | -0.44 |
| S&P 500 | (0S & P5) | 4389.27 | -33.03 | -0.75 |
| Nasdaq | (0NDQC) | 14580.87 | -259.84 | -1.75 |
| Russel 2000 | (IWM) | 216.46 | -3.73 | -1.69 |
| MICI 50 | (FFTY) | 43.79 | -1.63 | -3.59 |
Last Modified: 11:58 AM EST 07/27/2021 |
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Although the number of new cases and deaths in the United States has declined significantly, cases are on the rise again in some states as the delta variant spreads.
Dow Jones Movers
Large-cap technologies were mostly inferior, led by Intelligence‘s (INTC) 3% loss in heavy trading. The chip giant is trading below its 50 and 200 day moving average lines as it continues to consolidate. Intel stock is around 23% from a buy point of 68.59, according to graphical analysis from IBD MarketSmith.
Salesforce.com (CRM) fell 1.8%, while Microsoft (MSFT) and Apple (AAPL) fell about 1.4% each.
Microsoft is still expanding from a point of purchase of 263.29 from a cup base. The software giant releases its fourth quarter results after the close. Analysts expect earnings of $ 1.91 per share on revenue of $ 44.1 billion.
Apple is also extended, from a point of purchase of 137.17 from a cup base. Analysts predict the iPhone maker will earn $ 1.01 a share on sales of $ 73.2 billion when Apple reports after the close today.
Corn Honeywell (HON) and American Express (AXP) held up to the downside with gains of around 1% each.
Outside the Dow Jones
Entégris (ENTG) easily beat second quarter targets on Tuesday and guided higher for the current quarter. The chip-based gearmaker earned adjusted 85 cents per share on sales of $ 571.4 million, above FactSet estimates for 79 cents on sales of $ 538 million. But stocks slipped 4%.
The stock continues to form a cup base with handle with a buy point of 124.51. It’s about 9% from the entrance. Entegris is a long-term leading action of IBD.
Boston scientist (BSX) climbed more than 4% to pass a buy point of 44.73 on a 13-week flat basis in significant volume. The buy range goes up to 46.97. On Tuesday, the maker of medical products announced second quarter results above Wall Street targets and raised its outlook for the full year. Boston Scientific’s composite score is a lukewarm 63.
Universal health services (UHS), up more than 3% in normal triple trade, broke a buy point of 162.61 on a flat basis early Tuesday. It was exchanged below the entrance at noon. The hospital owner reported second quarter results that easily exceeded views on the top and bottom lines. UHS carries a composite rating of 91 from IBD.
In IBD 50, Asana (ASNA), Limited sea (SE) and Proximity (DOCS) fell more than 10% each. Cricut (CRCT) and DLocal (DLO) lost more than 7% each, while Translate the biography (TBIO), Square (SQ) and Year (ROKU) each lost at least 5%.
Roku jumped nearly 13% on Friday to erase a 463.09 buy point from a double bottom with grip. He was added to the IBD rankings on that day. The 5% buy zone tops out at 486.24. Tuesday’s loss brought the title back below the buy point.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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