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The Dow Jones Industrial Average fell. The Senate passed a bill to avoid a government shutdown, while House Speaker Nancy Pelosi touted “very positive” progress on an infrastructure bill. Microsoft (MSFT) inverted while Intelligence (INTC) slightly higher. CarMax (KMX) issued several sell signals after a shortfall.
X
The market was struggling for direction which made breakouts difficult. But it didn’t stop Western Alliance Bancorp (WAL) to test a new point of purchase. During this time, Northern Oil and Gas (NOG) showed impressive relative strength.
Pelosi touts “positive” discussions; The Senate adopts the closure bill
House Speaker Nancy Pelosi told reporters the House was “moving very positively” to pass the bipartisan $ 1,000 billion infrastructure bill on Thursday.
There are fears that Progressive Democrats may derail the bill as they clash with moderate parties over the controversial $ 3.5 trillion human infrastructure bill. The package contains a series of health care, education and climate measures.
Meanwhile, Senate Majority Leader Chuck Schumer scored a small victory after passing a bill to fund the government until December 3. It was approved by 65 votes to 35.
“I am confident that the House will approve this measure later this afternoon and send it to the president’s office before the funding runs out,” Schumer said earlier Thursday.
A mix of economic data was also released on Thursday. The Labor Department reported that first claims for unemployment assistance rose to 362,000 during the week ended September 25. Analysts had expected a drop to 335,000.
The Commerce Department revised its final estimate of second-quarter gross domestic product growth upward to an increase of 6.7%. This was up from its initial estimate of 6.6%, and in line with economists’ expectations as the economy continues to rebound from its pandemic crisis. Consumption and personal spending posted a 12% year-on-year gain, revised up from an initial growth estimate of 11.9%.
Nasdaq surges as stock markets struggle
The stock market is expected to end September on a sour note, with all major indices down for the month.
The Nasdaq saw its early gains fade as the bears faced off against the bulls. At around 2:44 p.m. ET, the composite index was trading up 0.4%.
Dollar tree (DLTR) had been the biggest laggard, dropping to around 6%. This comes after Wednesday’s spike in plans to add prices above $ 1 at Dollar Tree Plus stores. It will also test for prices above $ 1 in some traditional stores.
The S&P 500 suffered further, falling about 0.3%. Outside of CarMax, Difference (GPS) was the biggest loser, dropping about 7%. Paychex (PAYX) was a positive, gaining over 5%.
Snapshot of the US Stock Market Today |
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|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Switch |
| Dow jones | (0DJIA) | 34132.91 | -257.81 | -0.75 |
| S&P 500 | (0S & P5) | 4347.92 | -11.54 | -0.26 |
| Nasdaq | (0NDQC) | 14569.74 | +57.30 | +0.39 |
| Russel 2000 | (IWM) | 220.61 | -0.21 | -0.10 |
| MICI 50 | (FFTY) | 47.82 | +0.24 | +0.50 |
Last Modified: 2:44 PM EST 9/30/2021 |
||||
S&P sectors were virtually all red, with only communications services in positive territory. Industries and consumer staples were the worst laggards.
Small caps were also struggling, with the Russell 2000 losing 0.1%.
Growth stocks came out of the red, with ETF Innovator IBD 50 (FFTY) up 0.5%.
Microsoft action reverses as Dow Jones plunges
The Dow Jones Industrial Average fought back after being roughed up, but was still down around 0.8%. Almost all of the components were in the red.
Microsoft stock had gained ground, but was sucked in by the wider pressure. It gave up about 0.2%.
Software stock had formed a new flat base but is now well below the ideal buy point of 305.94.
Meanwhile, Intel managed to increase gradually, increasing by 0.2%, although it was down. But it was Salesforce.com (CRM) which managed to come up with the best gain on the Dow Jones today, although it was up just under 1%.
CarMax Stock flashes Sales signals
CarMax stock was hammered after earnings of $ 1.72 per share that largely missed analysts’ estimates. The revenues have managed to beat the views.
A key weakness was the sales of comparable used cars. The company posted an increase of 6.2%, which was lower than Wall Street expectations.
CarMax stock was down more than 11% and was selling in high volume.
KMX stock was in the buy zone of a cut base, but it lacked any gains.
The stock fell below its 50-day moving average, falling more than 7% below its ideal entry point.
Attempt to break bank stocks fails
Western Alliance Bancorp has attempted to break out of a consolidation pattern, according to MarketSmith analysis.
It is currently trading below its ideal buy point of 109.94, but could record its eighth consecutive session.
The action of regional banks offers a formidable mix of profits and price performance.
When the stock market is struggling, it’s a good idea to look for solid stocks for your watch list.
NOG dominates the stock market today
Northern Oil & Gas has seen its relative strength reach a new high, making it a good candidate.
It is near a base cup entry of 21.74 and in the top 3% of stocks in terms of market performance over the past 12 months. Energy stocks have been hot lately.
Please follow Michael Larkin on Twitter at @IBD_MLarkin to learn more about growth stocks and analysis.
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