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The Dow Jones Industrial Average fell as the United States appears poised to maintain tariffs imposed by former President Donald Trump on Chinese imports. Energy values Diamondback Energy (FANG) and Pioneer of natural resources (PXD) broke buy points as oil prices hit a seven-year high.
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Tech stocks were beaten lower. Apple (AAPL) was Dow’s worst stock, while Nvidia (NVDA) and Facebook (FB) dived. Hub Spot (HUBS), Zscaler (HP), Shopify (SHOP) and Square (SQ) have all made bearish moves.
US to keep Trump tariffs on China
US Trade Representative Katherine Tai has pledged frank talks with her Chinese counterpart Liu He over the Phase 1 deal and trade issues. She said China has failed to meet all of its purchasing commitments.
“Above all, we must defend – to the end – our economic interests,” Tai said at an event organized by the think tank Center for Strategic and International Studies. “It means taking whatever steps are necessary to protect ourselves from the waves of damage inflicted over the years by unfair competition.”
Tariffs imposed by President Trump must be maintained, although a process for US companies to seek tariff exemptions on goods for which there is no viable alternative will reopen.
Biden tells ‘shameful’ GOP to go into debt
President Joe Biden slammed the GOP on the debt ceiling. He attacked the Republican Party for the Democrats’ frustrating attempts to increase or suspend the US borrowing limit.
He accused GOP leaders of “threatening to use their power to prevent us from doing our job, saving the economy from a catastrophic event.”
Biden accused Republicans of being “hypocritical, dangerous and shameful” and said they should “stand aside”.
The president, who wants Congress to raise the debt ceiling this week, was furious that Senate Minority Leader Mitch McConnell ignored a White House request to allow Democrats to pass legislation to raise the debt ceiling. simple majority ceiling.
Nasdaq plunges as tech stocks suffer
The Nasdaq was hammered amid the weakness in tech stocks. It fell more than 2%, losing ground on its 50-day moving average. The index reduced some earlier losses. The S&P 500 also struggled amid a large sell-off, falling about 1.3%.
Snapshot of the US Stock Market Today |
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|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Switch |
| Dow jones | (0DJIA) | 34003.58 | -322.88 | -0.94 |
| S&P 500 | (0S & P5) | 4300.48 | -56.56 | -1.30 |
| Nasdaq | (0NDQC) | 14255.49 | -311.21 | -2.14 |
| Russel 2000 | (IWM) | 220.27 | -2.01 | -0.90 |
| MICI 50 | (FFTY) | 45.85 | -1.27 | -2.70 |
Last Modified: 4:08 PM EST 10/04/2021 |
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S&P sectors were almost all red, with energy and utilities the only ones to advance. The technology was the worst of all.
Small caps were also down, with the Russell 2000 falling about 0.9%.
Growth stocks received the worst spanking from bears, with ETF Innovator IBD 50 (FFTY) falling nearly 3%.
Dow Jones Today: Apple Shares Fall, Merck Leads
The Dow Jones Industrial Average did the best of the major indices, but still closed just over 0.9%.
Apple stock was the worst performer on the Dow Jones today. It broke Friday’s low after falling around 2.5% and is approaching its 200-day moving average.
Merck was once again the big winner of the Dow Jones, although it gave up some gains. The title closed up 2.1%. It sits at the top of a flat-based shopping area. The ideal entry point was 79.33, although a spread expands the buy zone.
Merck has won since announcing its experimental antiviral pill which reduced the risk of death or hospitalization by around 50% for Covid patients in trials.
Energy stocks break buy points as oil peaks
Energy stocks were stepped up after OPEC and a Russian-led group of oil producers decided not to significantly increase production. This saw crude prices climb to nearly $ 78 a barrel, a level last seen in 2014.
Diamondback Energy is currently sitting in a buy zone after breaking a cut base entry of 102.63. The relative strength line has hit a new high which is a bullish sign.
Stocks have gained more than 10% in the past two weeks. The stock is in the top 4% of the best performing stocks in terms of price performance over the past 12 months.
Pioneer Natural Resources is also exploitable after passing a consolidation model entry of 175.47. But since the market is in a correction, buying any stock is a risky proposition.
Facebook Stock, Nvidia dives as tech is maimed
A number of notable tech stocks have been mutilated amid the bearish action.
Facebook closed near session lows, falling nearly 5%. It fell to its lowest price since June. It had widened after the open and is well below the 50-day moving average.
A company whistleblower was first identified after appearing on CBS’s “60 Minutes” show.
Frances Haugen was the Wall Street Journal’s primary source for articles criticizing the company’s handling of the potential damage caused by the platform.
Nvidia shares were also battered, losing nearly 5%.
Leaderboard stock has been having a scorching spell lately, falling below its 10-week moving average last week.
HubSpot and Zscaler both made bearish moves falling below the key 10 week line. It’s a sell signal.
Shopify and Square both fell below their 200-day moving averages. This is a late sell signal.
Please follow Michael Larkin on Twitter at @IBD_MLarkin to learn more about growth stocks and analysis.
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