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Major market indices were down sharply at noon Tuesday as the Dow Jones Industrial Average plunged more than 300 points amid weak retail sales and a sharp drop in homebuilder confidence. A report on the weak earnings of the Dow Jones stock Home deposit (HD) and the rollout in China of new rules for online competitors in China also influenced the session.
X
The Dow Jones Industrials lost 1%, the Nasdaq fell 1.3% and the S&P 500 fell 1% in the current stock market. Small caps followed by the Russell 2000 lost 1.6%. Volume was lower on both major exchanges compared to the same time on Monday.
Among exchange-traded funds, Innovator IBD 50 (FFTY) fell 1.3%, while Invesco QQQ Trust (QQQ) followed by Nasdaq 100 slipped 1.3%.
Retail sales fell 1.1% in July from the previous month, the Commerce Department reported on Tuesday. This reversed June’s 0.6% increase and was worse than Econoday’s forecast for a 0.2% drop.
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. But mask warrants are returning in some areas as the delta variant spreads.
Snapshot of the US Stock Market Today |
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|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Change |
| Dow jones | (0DJIA) | 35285.77 | -339.63 | -0.95 |
| S&P 500 | (0S & P5) | 4437.10 | -42.61 | -0.95 |
| Nasdaq | (0NDQC) | 14595.31 | -198.45 | -1.34 |
| Russel 2000 | (IWM) | 215.29 | -3.78 | -1.73 |
| MICI 50 | (FFTY) | 44.49 | -0.74 | -1.64 |
Last updated: 12:06 PM ET 8/17/2021 |
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Cumulative Covid-19 cases around the world are approaching 209 million, with nearly 4.4 million deaths, according to Worldometer. In the United States, cases topped 37 million with more than 638,000 deaths.
Although the number of new cases and deaths in the United States has dropped significantly, cases are on the rise again in some states due to the Delta.
Growth stocks to watch
Global-e online (GLBE) topped the IBD 50 with a 12% increase in significant volume. On Monday evening, the Israel-based enterprise software maker beat its second quarter revenue forecast and raised its outlook for the current quarter and the full year. GLBE stock went public on May 12, raising $ 375 million. It has climbed 172% since then.
Among the other IBD 50 winners, Sea Ltd. (I KNOW), Poached (TASK) and Maravai LifeSciences (MRVI) increased by more than 5% each.
Sea, a Singapore-based internet platform, is now extended from a buy point of 285.10 on a 16-week consolidation, according to IBD MarketSmith’s graphical analysis. The buy area peaked at 299.36.
Modern (MRNA) recovered more than 3% of healthy revenue after finding support for its 21-day exponential moving average. The stock is greatly expanded from a point of purchase of 189.10 of a cup with clear handle in June.
British health authorities on Tuesday approved the biotechnology Covid-19 vaccine for 12 to 17 year olds. the Pfizer (PFE) /BioNTech (BNTX) was approved several weeks ago.
Celsius (CELH), Crocs (CROX) and Rental center (RCII) led the IBD 50 lower with losses exceeding 5% each.
The losers and winners of the Dow Jones
Home deposit and Walmart (WMT), which posted earnings before the opening, went in opposite directions.
Home Depot shares fell and stumbled nearly 5% in intense trading to reduce its 50-day moving average for the first time in nearly a month. The shares closed on Monday above a 333.55 one-cup handle buy point. They are now about 4% lower at entry.
The construction products chain reported second-quarter profit of $ 4.53 per share on revenue of $ 41.1 billion. Analysts were expecting $ 4.43 a share on $ 404 billion in revenue, so the two were leading opinions. But comparable store sales in the United States were a bit weak amid fewer DIY customers.
Walmart climbed 0.8% after its quarterly results beat targets. The discount giant earned $ 1.78 a share on sales of $ 141 billion, against EPS forecasts of $ 1.57 on sales of $ 136.7 billion. The Walmart stock is building the right side of a cup base with a buy point of 153.6.
Among other top notch winners, UnitedHealth (UNH) and Merck (MRK) grew by around 1% each.
Corn Boeing (BA), caterpillar (CAT) and Dow Inc. (DOW) fell more than 1.7% each.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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