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The Dow Jones Industrial Average collapsed amid growing fears from China. Ranking of actions Nvidia (NVDA) sent a sell signal, while You’re here (TSLA) hit the skates. Apple (AAPL) the stock plunged, but the industrial game caterpillar (CAT) was the worst first-rate performer.
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Several stocks held up better despite the downturn, which makes them remarkable. Dorchester Minerals (DMLP) and Molina Health (MOH) were among the names flexing their muscles.
Global markets have been hit amid a liquidity crisis at Chinese real estate developer Evergrande Group. Shares fell in Asia, Europe and the United States. The Vix, a measure of volatility, hit its highest level since May.
Evergrande is the most indebted real estate developer in the world. It has more than $ 300 billion in obligations to its creditors, and an interest payment deadline on its offshore bonds comes on Thursday. His stock price has plummeted since he warned of default risk last month.
“It looks like all the headlines to start the trading week are bearish,” Ed Moya, senior market analyst for Oanda, said in a note to clients. “Evergrande debt fears and contagion, chip shortage issues persist, Prime Minister Johnson attacks Amazon taxes, poor IPO performance after another record year and some Fed officials have started selling their stocks amid ethics concerns. “
Nasdaq falls as small caps are crushed
Investor’s Business Daily changed its market trend to an uptrend under pressure on Friday, a move that proved to be premonitory. The Nasdaq was the hardest hit of the major indexes, losing more than 3%. China e-commerce stock Pinduo (PDD) was the worst of the latecomers, dropping almost 8%. Other Chinese stocks Baidu (BIDU) and JD.com (JD) were other big latecomers.
The S&P 500 was also down, falling almost 3%. Invesco (IVZ) struggled the most here, dropping almost 10%. American Airlines (AAL) has been a silver lining, rising about 1.5% after the White House said it would ease travel restrictions for international travelers.
Snapshot of the US Stock Market Today |
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|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Switch |
| Dow jones | (0DJIA) | 33661.95 | -922.93 | -2.67 |
| S&P 500 | (0S & P5) | 4311.91 | -121.08 | -2.73 |
| Nasdaq | (0NDQC) | 14552.43 | -491.54 | -3.27 |
| Russel 2000 | (IWM) | 214.78 | -7.59 | -3.41 |
| MICI 50 | (FFTY) | 48.43 | -2.15 | -4.25 |
Last updated: 2:56 PM ET 9/20/2021 |
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S&P sectors were all negative, with utilities and real estate posting the smallest losses. Financials and energy lagged the most.
This weakness in financials was bad news for small caps. They suffered a lot, with the Russell 2000 dropping 3.4%.
Growth stocks are also getting hot, with ETF Innovator IBD 50 (FFTY) down more than 4%.
Dow Jones Today: Apple Dips, Caterpillar Dives
The Dow Jones Industrial Average fared slightly better than the other major indices, but fell over 900 points as it fell nearly 3%.
Apple stock was among the losers, falling nearly 2%. It continues to decline after losing support from the key 50-day moving average on Friday, a key sell signal.
The tech giant is struggling even after unveiling its new iPhone last week.
But the Caterpillar industrial game was by far the biggest loser in the Dow Jones today. It slipped below consolidation lows and dropped more than 5%.
Merck (MRK) had been the brightest, but saw minor gains evaporate as it turned negative.
Nvidia stock flashes sell signal, Tesla stock slips
Nvidia stock gave a sell signal after rendering a minor double-digit percentage gain amid the wide bearish action.
The stock was down more than 5% mid-session and is looking for support near its 50-day moving average.
The bearish move saw exposure to the chip stock in the prestigious IBD Leaderboard list of top growth stocks.
Leaderboard action Tesla was also struggling in the face of the wider pressure. He slipped by more than 5%.
TSLA stock has now slipped below the buy zone from an alternate entry at 730. A long and deep base also continues to form.
Tesla stock saw a minor gain on Friday after Tesla CEO Elon Musk tried to charm China by praising its automakers at its World Congress on New Energy Vehicles.
These actions flex their muscles
A few stocks managed to stand out as their relative strengths reached 52 week highs despite the difficult conditions.
Dorchester Minerals, which is building a flat base with a buy point of 17.84, has seen its RS line continue to grow.
The natural gas stock has performed well over the past 12 months and offers strong market performance and earnings.
Molina Healthcare has also flexed her muscles and sits near the top of a new flat base. The entry point for the California-based managed healthcare inventory is 283.53.
Private Equity and Financial Services Shares Carlyle Group (CG) also held up early in the session, although he fell heavily later and the RS line ended up falling back. It builds a flat base with an ideal buy point of 51.65.
The stock boasts an almost perfect IBD composite rating of 98.
Please follow Michael Larkin on Twitter at @IBD_MLarkin to learn more about growth stocks and analysis.
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