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The Dow Jones Industrial Average returned to positive territory after stocks were already punished amid geopolitical turmoil. Apple (AAPL) and Microsoft (MSFT) managed to bounce back lows, however UnitedHealth (UNH) was the first blue chips. You’re here (TSLA) sank in the news, its autopilot system is the subject of a new safety probe.
Chinese stocks were struggling as data showed the communist state’s economy was slowing. The tastes of Ali Baba (BABA), Tencent (TCEHY) and JD.com (JD) gave way.
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A few stocks managed to attempt breakouts despite the difficult action. Capital Bancorp (CBNK) and SPS trade (SPSC) have both passed points of purchase.
The fall of Afghanistan to the Taliban following the withdrawal of US troops adds to fears surrounding global growth. President Biden, who made the final decision to pull the country’s troops out of the Middle East, is due to speak from the White House about the situation this afternoon.
Nasdaq slips as growth stocks lag
The Nasdaq did the worst among the three major indexes, even though it was at its lowest. It remained down about 0.3%. NetEase (NTES) was the worst performer, dropping more than 5%. Dexcom (DXCM) is doing the best, with an increase of almost 3%.
Snapshot of the US Stock Market Today |
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|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Change |
| Dow jones | (0DJIA) | 35563.40 | +48.02 | +0.14 |
| S&P 500 | (0S & P5) | 4471.89 | +3.89 | +0.09 |
| Nasdaq | (0NDQC) | 14773.60 | -49.30 | -0.33 |
| Russel 2000 | (IWM) | 219.74 | -1.39 | -0.63 |
| MICI 50 | (FFTY) | 45.35 | -0.45 | -0.98 |
Last updated: 2:54 PM ET 8/16/2021 |
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The S&P 500 managed to get back into positive territory, posting a slight gain of around 0.1%. Advanced auto parts (AAP) performed well here, increasing by about 2.5%. The Tesla share was the worst of the latecomers.
S&P sectors were mixed, led by utilities and healthcare. Materials and energy were the worst laggards. This last point is underlined by the fact Enphase Energy (ENPH) was removed from the prestigious list of top growth stocks on Monday.
Small caps were bit by the bears, with the Russell 2000 falling 0.6%.
However, it was growth stocks that suffered the most, with the Innovator IBD 50 ETF (FFTY) dipping around 1%.
Dow Jones fights like Apple Stock, Microsoft Rally
The Dow Jones Industrial Average has shown itself to be strong in trying to get out of the red. The index rose more than 0.1% after reducing initial losses.
Both Apple and Microsoft rankings managed to climb back to the lows.
Apple moved back above a 148 buy point, turning an early loss into a 1% gain.
Microsoft, which broke an entry of 263.29, posted a more moderate gain of around 0.2% after a rally. But it was UnitedHealth that progressed the best, realizing a gain of almost 2%.
Boeing (BA) was the biggest laggard, dropping more than 2%.
Tesla Stock sinks on autopilot safety probe
Tesla stock sank after it emerged on Monday, with the National Highway Safety Administration opening a formal investigation into its autopilot system.
The agency says it has identified 11 crashes since the start of 2018 where a Tesla vehicle using autopilot or cruise control warning traffic struck vehicles with flashing lights, flares, an illuminated arrow or cones warning of traffic. dangers.
Tesla cut a few losses, but was still down almost 5% as it lost ground to an aggressive buy point of 700.10. Despite this, a large base continues to take shape.
It has been a turbulent year so far for Tesla’s stock. It plunged from the record 900.40 reached at the end of January. But that came after it was up about 93% from the previous 466 cups with point-of-handle buy.
Chinese stocks dip into a slowdown
Chinese stocks fell after new data showed the Chinese economy slowed more than expected in July. The information was released by the National Bureau of Statistics of China.
Alibaba’s stock has fallen by around 3% and continues to decline. The stock lost ground on its 50-day moving average.
Alibaba shares have been renewed since an attempt to break from a flat base in late October 2020 failed. The ecommerce game holds a lackluster IBD composite rating of 49.
Tencent was also having a bad day, dropping about 5%. The stock has seen its relative strength line decline sharply for much of 2021. This is a bearish indicator.
JD.com was in between the other two Chinese stocks, down 4.5%. The stock’s relative strength line has declined since late February and its RS rating is dismal at 17 out of 99.
These actions pass purchase points
Capital Bancorp is in a buy zone after escaping from a cup base with handle. The ideal buy point is 23.93, according to MarketSmith analysis.
The stock has seen its line of relative strength increase in recent weeks after a decline in consolidation. This is ideal for his breakouts.
Profits are a key asset for banking stocks, with a near-perfect EPS rating of 98.
SPS Commerce, meanwhile, is in a buy zone after passing a handleless cup entry of 118.16.
This title, which provides supply chain management software to distributors, strikes a good balance between earnings and market performance.
Please follow Michael Larkin on Twitter at @IBD_MLarkin to learn more about growth stocks and analysis.
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