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Stocks fell at noon Monday as the Dow Jones Industrial Average lost nearly 400 points and tech stocks dragged the Nasdaq down.
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The Nasdaq fell 2.3%, the S&P 500 lost 1.4% and the Dow Jones Industrials fell 1.1% on the stock market today. Small caps followed by the Russell 2000 lost 1.1%. Volume was mixed, slightly higher on the NYSE but lower on the Nasdaq compared to same time on Friday.
Among exchange-traded funds, Innovator IBD 50 (FFTY) fell 2.7%, while the Nasdaq 100-tracking Invesco QQQ Trust (QQQ) climbed 2.1%. The IBD 50 ETF, which fell below its 50-day moving average last week, is now testing its 200-day line.
The stock market uncertainty rested in Washington, DC, where Congress debates raising the debt ceiling as it faces a deadline. He also discusses a massive spending program. Reports indicate Democrats are considering reducing the scale of the spending bill to improve its chances of approval.
Bond yields rose as stocks sold on Monday, with the 10-year Treasury yield just below 1.5%.
Snapshot of the US Stock Market Today |
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|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Switch |
| Dow jones | (0DJIA) | 33952.85 | -373.61 | -1.09 |
| S&P 500 | (0S & P5) | 4294.41 | -62.63 | -1.44 |
| Nasdaq | (0NDQC) | 14231.91 | -334.79 | -2.30 |
| Russel 2000 | (IWM) | 219.80 | -2.48 | -1.12 |
| MICI 50 | (FFTY) | 45.85 | -1.27 | -2.70 |
Last updated: 12:06 PM EST 10/04/2021 |
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The US economy continues to recover from the Covid-19 pandemic, which triggered nationwide lockdowns more than a year ago. A resurgence of cases fueled by the more contagious delta variant has recently started to slow as vaccinations increase.
Cumulative Covid-19 cases around the world are approaching 236 million, with more than 4.8 million deaths, according to Worldometer. In the United States, cases topped 44 million with nearly 720,000 deaths.
Growth stocks to watch
Facebook (FB) fell over 5% loss and is at its lowest price since June, well below the 50-day moving average. A company whistleblower was first identified after appearing on CBS’s “60 Minutes.” Frances Haugen was also cited in The Wall Street Journal, which used her as the main source of articles criticizing the company’s handling of the potential damage caused by the platform.
In IBD 50, In Mode (INMD) plunged 11% in heavy trading, on pace for a fifth loss in six sessions. The stock is heading for a test of its 10-week moving average. It is still well stretched from a buy point of 43.60 of a second stage cup with handle, according to MarketSmith’s chart analysis.
Push Social (SPT) dipped 9% in above-average volume to narrow its 50-day line for the first time since May. MongoDB (MDB), Celsius (CELH) and datadog (DDOG) were among the other IBD 50 losers, down more than 6% each.
Callon Oil (CPE) led the meager IBD 50 higher with an 8% increase. He’s on track for a fourth straight advance. The Houston-based oil explorer is almost back to its 52-week high after a 58% correction.
Still in the group of American oil and gas explorers / producers, Diamondback Energy (FANG) rose 4% to pass the buy point of 102.63 for a 13-week cup without a handle. The volume was about 135% higher than normal. Diamondback was featured in the IBD 50 Stocks To Watch on Wednesday. It remains in the potential buy range of up to 107.76.
Dow Jones Movers
Visa (V) lost 4% in a twice normal trade only to fall back below its 200 day line. It forms a flat base with a buy point of 252.77 since the end of July. Most of the base has so far formed below the 50 day line, a bearish sign. The visa stock is about 12% of entry.
Salesforce.com (CRM) fell more than 3% to slip below the buy point of 275.32 for a long cup with handle. Other large-cap technologies were also weak, with Apple (AAPL) and Microsoft (MSFT) down more than 2% each.
Apple is almost back down to a 137.17 buy point from a cleared cup base in early July. Stocks continue to slide below the 50 day line.
Microsoft fell below its 10-week moving average. It forms a flat base but is close to consolidation troughs. It remains well extended from its previous buy point of 263.29.
Disney (DIS) and Walmart (WMT) fell about 1.5% each.
Corn Merck (MRK) gained 2% in intense trading, extending Friday’s 8% rise. Because Merck has passed its buy point of 79.33, Friday’s first five-minute trading high, or 82.24, works as an alternate entry. This would mean that the realistic buying range goes to 86.35.
On Friday, the drug giant said its Covid pill halved the risk of hospitalization in an end-stage study. Merck is developing the drug, molnupiravir, with Ridgeback Biotherapeutics. The news brought down the makers of Covid-19 vaccines on Friday.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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