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Shares were down Wednesday at noon, ahead of the Fed’s July meeting minutes, although the Dow Jones Industrial Average erased most of an initial loss of 153 points.
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The Nasdaq was up 0.1%, the S&P 500 was down 0.1% and the Dow Jones Industrials were also down 0.1% in the stock market today. Small caps followed by the Russell 2000 outperformed, up 0.5%. The volume was lower on both exchanges compared to the same time on Tuesday.
Among exchange-traded funds, Innovator IBD 50 (FFTY) gained 1.3%, while the Nasdaq 100-tracking Invesco QQQ Trust (QQQ) slipped 0.1%.
The Fed’s July policy meeting report is due out at 2 p.m. ET. The notes will offer more information on when the Federal Reserve might start cutting its easy money policies. Fed officials are closing in on consensus to start cutting bond purchases in about three months, the Wall Street Journal reported this week.
The US economy continues to recover from the Covid-19 pandemic, which triggered nationwide lockdowns over a year ago. Most states have relaxed restrictions as vaccinations continue and cases decline.
Snapshot of the US Stock Market Today |
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|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Change |
| Dow jones | (0DJIA) | 35311.71 | -31.57 | -0.09 |
| S&P 500 | (0S & P5) | 4442.85 | -5.23 | -0.12 |
| Nasdaq | (0NDQC) | 14654.19 | -1.99 | -0.01 |
| Russel 2000 | (IWM) | 217.53 | +1.13 | +0.52 |
| MICI 50 | (FFTY) | 45.27 | +0.50 | +1.12 |
Last updated: 12:06 PM ET 8/18/2021 |
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But cases are growing rapidly again, and mask warrants are returning in some states as the delta variant spreads.
Cumulative cases of Covid-19 around the world are approaching 210 million, with nearly 4.4 million deaths, according to Worldometer. In the United States, cases topped 37.9 million with more than 640,000 deaths.
Growth stocks to watch
You’re here (TSLA) rose more than 3% in fast trading after testing support at its 50-day moving average on Tuesday. He’s on track to complete a three-session slide. Tesla stock remains slightly below an aggressive entry of 700.10 deep in a correction. The IBD Leaderboard stock has returned to its exponential 21-day moving average.
But the other actions in the ranking Nvidia (NVDA) edged down 0.4% ahead of its expected second quarter results after the close. Analysts expect the graphics chip designer to earn $ 1.02 a share on sales of $ 6.3 billion. Nvidia stock is building a flat base with a buy point of 208.85. The table can also be interpreted as a cup with handle with entry 207.43. The current base is the second leg, which means there could be a lot of trail ahead. Stocks tend to make their biggest draws from these bases at an early stage.
New number Robin Hood (HOOD) jumped 5% ahead of its second quarter earnings report, also expected after the closing bell. Analysts expect the brokerage platform to lose 15 cents a share on earnings of $ 521 million. During the period last year, Robinhood earned 7 cents a share on sales of $ 244.2 million.
On the IBD 50, Reached (UPST) soared 8% in rapid revenue to a new high. It is now extended from a buy point of 191.99 from a cleared cut base on Friday, according to graphical analysis from IBD MarketSmith. Shares jumped 26% on August 11, after loan platform AI reported strong second-quarter results and raised its earnings outlook for the year above expectations.
Among the other IBD 50 laureates, Poached (TASK), Cleveland cliffs (CLF) and SE Ltd. (SE) grew by more than 3% each.
More income news
Before opening, Lowe’s (LOW) and Target (TGT) delivered their quarterly results.
Lowe’s jumped 11% in significant volume to recoup all of Tuesday’s 6% drop and more. The home improvement retail giant posted better-than-expected results in the second quarter. Stocks returned to their 50-day moving average.
Target plunged 2% into heavy volume to test its 50-day line. The discount chain slightly exceeded profits as back-to-school shoppers stocked up on clothing and offered a solid outlook. But Target stock fell around 1% due to slower store and digital growth. It is about 6% from its recent peak.
Dow Jones winners and losers
Salesforce.com (CRM), up 3% in twice-normal trading, led the blue chip index. JMP Securities maintained an outperformance rating on Salesforce and raised its price target to 320 from 282. Analysts expect business software maker revenue to rise 21% to 6.24 billion dollars when it was released on August 25. The Salesforce share is working on a long consolidation with a 271.02 point of purchase.
Home deposit (HD) added 1% in heavy trading after testing its 50-day line on Tuesday. The action is about 3% below a buy point of 333.55 a cup with the handle cleared last week.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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