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A shortened trading week kicked off with more selling in the Nasdaq on Monday, but selling pressure eased in the Dow Jones Industrial Average. Boeing stock was a bright spot in the Dow Jones today, up 3%, in the news Southwest Airlines (LUV) purchases 100 737 Max jets.
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Financial stocks Goldman Sachs (GS) and JP Morgan (JPM) has lagged behind the Dow Jones indices, but not because of falling bond yields. Instead, Nomura and Credit Suisse have said the activity of US hedge fund Archegos Capital Management will result in significant losses for banks.
A margin call for Archegos Capital Management was believed to have been behind last week’s sale in Chinese media and stocks as ViacomCBS (VIAC) and Discovery (DISCA), with Tencent Music (TME), Vipshop (VIPS) and Baidu (BIDU). Archegos was reportedly forced to sell around $ 20 billion worth of stakes. Tencent Music backed down this morning even though the company announced a $ 1 billion share buyback.
Dow Jones today
The Dow Jones Industrial Average fell 0.1%. Besides Boeing, other Dow Jones winners today included Dow Inc. (DOW) and Alliance of Walgreens boots (WBA).
Snapshot of the US Stock Market Today |
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|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Change |
| Dow jones | (0DJIA) | 33043.14 | -29.74 | -0.09 |
| S&P 500 | (0S and P5) | 3,953.95 | -20.59 | -0.52 |
| Nasdaq | (0NDQC) | 13024.15 | -114.58 | -0.87 |
| Russell 2000 | (Etc.) | 219.46 | -1.15 | -0.52 |
| IBD 50 | (FFTY) | 43.71 | -0.06 | -0.14 |
Last updated: 10:06 AM EST 03/29/2021 |
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The S&P 500 fell 0.5% and the Nasdaq fell 0.9%. The Russell 2000 Small Cap Index fell 0.5%.
Among the FAANG actions, Facebook (FB) led the way, up almost 2%. It’s near the top of a long consolidation as he fights for a breakout above level 300,
Among the top ETFs, the Innovator IBD 50 ETF (FFTY) fell 0.1% after falling 6.4% last week. The first winners of the IBD 50 index of the main growth stocks included Boston beer (SAM), which broke on a trendline on Friday. The stock followed through Monday, rising another 1% as it forms a cutting base with a buy point at 1236.67. Boston Beer joined IBD Leaderboard today.
The Innovator IBD Breakout Opportunities ETF (BOUT) fell 0.7% after declining 4.9% last week. The iShares Expanded Tech-Software Sector (IGV) ETF lost 1.4% and the VanEck Vectors Semiconductor ETF (SMH) fell 1.9%.
SPDR S&P Metals & Mining ETF (XME) held steady after a bullish rebound from the 50-day moving average last week.
Stock market health
The uptrend in the stock market has been under pressure for some time, but the bullish price action in major stock indexes on Friday was enough to resume the uptrend. But the number of distribution days remains quite high, according to The Big Picture, with six higher volume drops for the Nasdaq composite since February 23. Five of those declines showed losses ranging from 1.1% to 3.5%.
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Outside of the Dow Jones, Twitter (TWTR) was one of the early winners, up more than 2%, after Truist improved its shares to buy hold and raised Twitter’s price target from 64 to 74.
In merger news, Dublin-based aircraft rental company Fly rental (FLY) jumped 25.5% to 16.65 after agreeing to be acquired by Carlyle Group (CG), a subsidiary of Carlyle Aviation Partners, for $ 17.05 per share.
Coronavirus news
Coronavirus cases around the world are approaching 128 million. Covid-19 deaths are just under 2.8 million.
Coronavirus cases in the United States are close to 31 million, with deaths exceeding 562,000. The United States on Friday added more than 76,000 new cases of Covid, the most in a month, particularly in New York and in other cooler northern states. Relaxing restrictions on Covid and different strains may spike cases. But coronavirus vaccinations are gaining momentum, likely preventing another big wave of infections.
In other stock market news, Bitcoin jumped 5% to $ 58,000, helping the cause of Bitcoin Trust in Grayscale (GBTC) and Riot blockchain (RIOT). Both stocks extended their gains after finding support at their 50-day moving averages last week.
After a nice move above its 50-day moving average on Friday, Micron technology (MU) released 0.8%. It was featured in the latest revenue overview story, with CarMax (KMX). Micron reports Wednesday after the close. CarMax reports Thursday before opening.
Follow Ken Shreve on Twitter @IBD_KShreve for more analysis and information on the stock markets.
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