The shares were mixed at noon on Tuesday, with the Nasdaq rebound and the Dow Jones Industrial Average erasing most of the initial 89-point drop.
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The Nasdaq rose 0.5%, the S&P 500 rose 0.2% and the Dow Jones industrials fell less than 0.1% in the stock market today. Small capitalizations monitored by Russell 2000 added 0.4%. The volume was lower on the NYSE and Nasdaq stock exchanges compared to the same time on Monday.
Technology stocks propelled the Nasdaq Composite to a 43.6% gain in 2020, its fifth best year of all time. The S&P 500 was up 16.3% and the Dow was up 7.2% last year. After a strong start this year, the market is recovering from a short correction. Read The Big Picture for a detailed daily market analysis.
The Covid-19 pandemic has clouded the US economy as national blockages pass the one-year mark. But many states are easing restrictions and there are signs of hope as vaccinations are implemented and cases are starting to stabilize in some states.
Overview of the US stock market today |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain / Loss | % Change |
| Dow Jones | (0DJIA) | 33510.06 | -17.13 | -0.05 |
| S&P 500 | (0S and P5) | 4085.25 | +7.34 | +0.18 |
| Nasdaq | (0NDQC) | 13769.24 | +63.65 | +0.46 |
| Russell 2000 | (IWM) | 225.78 | +0.81 | +0.36 |
| IBD 50 | (FFTY) | 45.45 | +0.44 | +0.98 |
Last update: 12h00 ET 06/04/2021 |
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Cumulative cases of Covid-19 worldwide are approaching 133 million, with almost 2.9 million deaths, according to the Worldometer. In the United States, cases exceeded 31.5 million and 569,000 deaths, although the number of new cases in the United States has declined dramatically.
Dow winners and losers
Nike (NKE) and Coke (KO) won more than 1% each.
Nike, up 1.5%, is close to resuming its 50-day moving average. The shares have been consolidating in the past 15 weeks in a superficial pattern with a buying point of 148.05, according to the analysis of the MarketSmith chart. Nike’s shares are about 7% of the entry.
Last week, Nike won a lawsuit alleging that MSCHF Product Studio’s collaboration on “Shoes of Satan” with rapper Lil Nas X infringed on the shoe giant’s trademarks.
Coca-Cola, with an increase of 1.2%, is forming a cup base with a purchase point of 55.03. It is about 3% below the entrance. Coca-Cola’s stock has a rating composed of 34, well below the desired minimum of 90 for the main papers. A relative strength rating of 25, part of the overall composite score, means that it is below 75% of all other actions.
Walgreens Boots Alliance (WBA), Boeing (BA) and United Health (UNH), with a drop of more than 1% each, were the biggest first-line losers.
Microsoft (MSFT) fell 0.1%, but remains in the buying range after clearing a 246.23 buying point on Monday. The range of Microsoft stock purchases reaches 258.54. The software giant is an IBD Leaderboard and an IBD Long-Term Leader stock.
Outside the Dow Jones
Inventories of solar energy, oil and gas and clothing led the rise among IBD’s 197 industrial groups. Steel, software and telecommunications inventories decreased.
IBD 50 stock Green Brick Partners (GRBK) skyrocketed 10% in heavy trade to a 10-year high. The stock surpassed a buying point of 25.15 on a 20-week canopy basis. It is now extended from the entry, with the purchase range reaching 26.78. The Texas-based construction company was negotiating around noon 27.10. Green Brick was one of the actions presented at Monday’s IBD Screen Of The Day.
The Innovator IBD 50 ETF (FFTY) advanced 1%, led by Green Brick, Pinterest (PINS) and Yeti (YETI).
New issue GreenBox POS (GBOX) rose 18% to extend its Monday breakout beyond a point of purchase of 15.45 for a six-week cup base. The shares are now well extended since the entry. The blockchain ledger-based payments company has doubled its processing volume estimates for this year, to at least $ 1.2 billion. GreenBox went public on February 18th.
Illumina (ILMN) increased its turnover by 9% as it approaches its 50-day line. On Monday, the maker of gene analysis systems said it expects first quarter revenue to exceed $ 1 billion. He also predicts annual revenue growth of 25% to 28%, well above Wall Street’s growth target of 17%.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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