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The stock market closed lower on Thursday, although signs point to limited sales and small caps rose.
X
The S&P 500 fell 0.5%, the Nasdaq composite fell nearly 0.3% and the Dow Jones Industrial Average fell 0.4%. The Russell 2000 was slightly lower at the close.
Some stock market data indicated that the sell was controlled. Preliminary data showed volume slumped on the NYSE and Nasdaq. Despite the decline in the stock market, the winners outperform the losers by better than 11-10 on the Nasdaq. The ups and downs were almost even on the NYSE.
The flagship stocks excelled. Innovative IBD 50 ETF (FFTY) rebounded 0.9%. The ETF is back above a buy point of 50.06.
Snapshot of the US Stock Market Today |
||||
|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Switch |
| Dow jones | (0DJIA) | 34880.23 | -150.84 | -0.43 |
| S&P 500 | (0S & P5) | 4493.26 | -20.81 | -0.46 |
| Nasdaq | (0NDQC) | 15248.25 | -38.39 | -0.25 |
| Russel 2000 | (IWM) | 223.92 | +0.00 | +0.00 |
| MICI 50 | (FFTY) | 50.20 | +0.42 | +0.84 |
Last updated: 4:14 PM ET 9/9/2021 |
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Covid vaccine manufacturer Modern (MRNA) jumped nearly 8%. Proximity (DOCS), Holdings reached (UPST), Asana (ASAN) and Speed of light (LSPD) hit new closing highs.
The medical sector hits the stock market
Healthcare has been one of S&P’s weakest sectors. Health Care Select Sector SPDR (XLV) slipped 1.2% and closed below its 21-day exponential moving average for the first time since July 19. A wave of bad news has hit the industry, some of which threatens the pricing power.
The Wall Street Journal reported that the Biden administration is planning a series of measures to reduce prescription drug prices, including an effort to negotiate lower Medicare drug prices.
Also on Thursday, the Food and Drug Administration rejected Humanigenic‘s (HGEN) experimental treatment Covid. The stock fell 47% in huge volume.
And Biogen (BIIB) was sold after its CEO admitted that the launch of the controversial Alzheimer’s drug, Aduhelm, is proceeding slower than expected.
Transport stocks were also significantly lower. Dow transports slipped 1.1%. Trucking, rail, air freight and logistics industry groups fell more than 1%. But airlines rose nearly 3% despite warnings that Covid-19 cases are hurting the industry’s rebound. Some of the group’s 21 stocks are trying to hit low points in their price corrections, but none are close to a buy point.
Dow less than 50 days but strong growth; Amazon partner flashes “Buy Now”
Chinese stocks fall
Chinese stocks fell on new regulatory concerns but cut losses. The Invesco China Technology ETF (CQQQ) fell 0.6%. KraneShares CSI China Internet ETF (KWEB) reduced its loss to 0.8%.
A report by the South China Morning Post on Thursday said China is threatening to slow down approvals for all new online games or ban them altogether. The news was the latest in many reviews and regulations targeting Chinese games and tech companies.
Lululemon (LULU) stood out after the stock hit a new high thanks to a strong earnings report on Wednesday night. Lululemon broke its 50-day moving average. Wedbush, Deutsche Bank, BTIG and others have raised their price targets on Lululemon.
The energy sector advanced 0.2% despite lower oil prices. The price of US crude oil for October delivery fell $ 1.16 a barrel, or 1.7%, to $ 68.14. A Chinese government agency has said it will release oil from reserve stocks. Oil prices have been erratic after the U.S. Energy Information Administration reported a drop in supplies and refining in the wake of Hurricane Ida.
Juan Carlos Arancibia is IBD’s Chief Market Editor and oversees our market coverage. Follow him on @IBD_jarancibia
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