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Stocks were mixed on Friday at noon as the Nasdaq fell further, but the Dow Jones Industrial Average reversed higher as traders digested the jobs data.
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The Nasdaq was down 0.4%, the S&P 500 was down less than 0.1% and the Dow Jones Industrials turned positive in the stock market today. Small caps followed by the Russell 2000 slipped 0.3%. Volume was lower on both major exchanges compared to the same time on Thursday.
Among exchange-traded funds, Innovator IBD 50 (FFTY) fell 0.7%, while Invesco QQQ Trust (QQQ) followed by Nasdaq 100 (QQQ) fell 0.4%. The IBD 50 ETF, which tested its 200-day moving average last week, is still trying to regain the 50-day line.
On Thursday night, the Senate voted to increase the debt limit by $ 480 billion until early December, which would help avert a government default. The short-term deal is now before the House for approval, before being forwarded to President Joe Biden.
Early Friday, the Labor Department said the US economy created just 194,000 jobs in September, largely missing Econoday’s consensus estimates for growth of 475,000 jobs. Still, the unemployment rate fell to 4.8%.
Snapshot of the US Stock Market Today |
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|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Switch |
| Dow jones | (0DJIA) | 34762.61 | +7.67 | +0.02 |
| S&P 500 | (0S & P5) | 4397.69 | -2.07 | -0.05 |
| Nasdaq | (0NDQC) | 14601.41 | -52.61 | -0.36 |
| Russel 2000 | (IWM) | 222.56 | -0.70 | -0.31 |
| MICI 50 | (FFTY) | 47.00 | -0.35 | -0.74 |
Last updated: 11:58 AM EST 10/8/2021 |
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The US economy continues to recover from the Covid-19 pandemic, which triggered nationwide lockdowns over a year ago. A resurgence of cases fueled by the more contagious delta variant has recently started to slow as vaccinations increase.
Cumulative Covid-19 cases around the world are approaching 238 million, with nearly 4.9 million deaths, according to Worldometer. In the United States, cases topped 45 million with more than 730,000 deaths.
Growth stocks to watch
More in the IBD 50, Upwork (UPWK) and Diamondback Energy (FANG) led the rise with gains of over 4% each.
Diamondback Energy is now slightly extended from a buy point of 102.63 on a 13-week cup basis, according to MarketSmith chart analysis. The buy range peaked at 107.76. Diamondback’s relative strength line, which compares a stock’s performance to that of the S&P 500, is at a 52-week high – a bullish sign. The shale producer’s composite rating of 99 leads the US oil and gas exploration and production group, which has 58 stocks.
TaskUs (TASK) and CarGurus (CARG) added more than 3% each. TaskUs is trying to stem a 33% drop from its September 24 peak.
CarGurus, which broke a 33.45 point buy point of a cup with handle in Thursday’s 6% rally, added another 2.5% in quick revenue. It’s almost out of the buy range, which goes all the way to 35.12. The online auto market has a composite rating of 98 and an earnings per share rating of 99. CarGurus is a leader in the Internet content group of 70 stocks.
In Mode (INMD), down 6%, was the IBD 50’s biggest loser. Although it remains above its 50-day moving average line, it has been volatile lately. Stocks are over 20% of their September 24 high.
Generac (GNRC), Push Social (SPT) and Inspiring medical systems (INSP) have yielded more than 2% each.
Dow Jones Movers
Chevron (CVX) gained 2.5% as it continues to build the right side of a 22 week old consolidation with a buy point of 113.21. It’s about 4% from the entrance. Oil inventories were boosted as prices for mild light crude rose nearly 2% to $ 79.70 per barrel.
American Express (AXP) and IBM (IBM) added about 1% each. American Express is approaching a point of purchase of 178.90 cups with handle. The shares are about 2% of the new entry.
Corn Home deposit (HD) weighed on the blue chip index with a loss of 1.2%. The stock is testing its 50-day line and remains slightly below a flat base buy point of 338.65. Loop Capital downgraded the construction products giant to no longer buy and lowered its price target to 325 from 370.
Merck (MRK) slipped 1% to give up part of Thursday’s 1.6% gain. It is back in the buy range from a buy point of 79.33 on a flat basis. But as the stock created a breaking gap beyond the buy point last Friday, it also offers a higher entry.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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