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Shares were mixed on Monday as the Nasdaq advanced, but the Dow Jones Industrial Average and S&P 500 retreated from Friday’s highs.
X
Dow Jones Industrials plunged 0.2% after closing at a new high on Friday. The S&P 500 was down 0.1% and the Nasdaq was up 0.2% in the stock market today. Small caps followed by the Russell 2000 fell 0.3%. Volume was lower on both major exchanges compared to the same time on Friday.
Among exchange-traded funds, Innovator IBD 50 (FFTY) climbed 0.7%, while the Nasdaq 100-tracking Invesco QQQ Trust (QQQ) edged up 0.1%.
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 coming back in some areas as the delta variant spreads.
Cumulative cases of Covid-19 around the world are approaching 204 million, with more than 4.3 million deaths, according to Worldometer. In the United States, cases topped 36.5 million with more than 633,000 deaths.
Snapshot of the US Stock Market Today |
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|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Change |
| Dow jones | (0DJIA) | 35123.38 | -85.13 | -0.24 |
| S&P 500 | (0S & P5) | 4432.70 | -3.82 | -0.09 |
| Nasdaq | (0NDQC) | 14864.63 | +28.87 | +0.19 |
| Russel 2000 | (IWM) | 222.84 | -0.55 | -0.25 |
| MICI 50 | (FFTY) | 46.50 | +0.32 | +0.69 |
Last updated: 1:40 PM ET 9/9/2021 |
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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.
Covid-19 actions rally
Among the manufacturers of Covid-19 vaccines, BioNTech (BNTX) widened and climbed 13% in fast trading, on its way to a new high. Monday morning, the results of the second quarter of the German biotech and Pfizer (PFE) easily beat Wall Street targets. Pfizer added 1.2%.
BioNTech stock hit the profit target of 20% to 25% from a buy point of 252.88 from a cup base, according to graphical analysis from IBD MarketSmith. But the IBD Leaderboard stock also triggered the eight week retention rule due to its rapid rise.
Modern (MRNA) jumped 15% in significant volume to a new high. Massachusetts-based biotechnology said its Covid-19 vaccine has been granted provisional registration in Australia for people 18 and older. Australia has already secured 10 million doses for this year and has an option to purchase 15 million next year. Moderna stock has climbed more than 140% since its last buy point in June.
Growth action movers
Moderna led the IBD 50, followed by DLocal (DLO) and Reached Holdings (UPST), up more than 5% each. Maintenance of freedom (FRHC) and Kulicke & Soffa (KLIC) added more than 3% each.
DLocal, a payment platform provider based in Uruguay, has risen 140% since its initial public offering on the Nasdaq on June 3 at 9 pm per share. It could consolidate again, having pulled away from a short IPO base in mid-June.
Upstart, the San Mateo, Calif., Lending platform rose 5.3%, in line with a fourth consecutive weekly gain. The stock regained its 10-week moving average last week.
Kazakhstan-based brokerage firm Freedom rose 3.7% in heavy trading. Shares are around 3% from a 68.90 buy point on a five week flat basis. Freedom has a composite rating of 98, which outshines the 32-stock investment banking and brokerage group.
Biggest losers of the IBD 50 included Cricut (CRCT) and Lightspeed POS (LSPD), down about 4% each. Cricut fell below its 50 day line, although the volume was light. Analysts expect Cricut to earn 20 cents a share on roughly $ 319 million in revenue when it is released Thursday after the close.
You’re here (TSLA) gained 2.3% on Monday to recover more than Friday’s loss. Jefferies upgraded the electric vehicle giant to buy suspension early Monday and raised its price target from 700 to 850. Tesla stock continues to bounce back on support at its 50 and 200 day lines .
Dow Jones winners and losers
Goldman Sachs (GS) led the blue chip index advancing 1.2% to a new high. Shares remain in the potential buy range from an entry of 393.36 from a flat base. The buy area rises to 413.03.
Intelligence (INTC) climbed nearly 1%. Corn Chevron (CLC) and Visa (V) dropped out more than 1% each. West Texas midsize crude prices fell nearly 3% to $ 66.42 per barrel.
Amgen (AMGN) and UnitedHealth (UNH) were down about 1% each. Amgen has been trading well below its 50-day line since Wednesday, when stocks were down and down 6.5%. At the start of last week, the biotech giant reported second-quarter earnings and sales above analysts’ targets, but lowered its outlook for the full year.
Disney (DIS), which releases its quarterly results Thursday night, fell 0.7%. Disney stock has been consolidating for nearly five months, but recently hit resistance at its 10-week line. It is about 13% of a buy point of 203.12.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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