The Dow Jones Industrial Average reversed downwards Friday, with about half of the Dow 30’s shares registering declines. Walt Disney (DIS) was the worst performing blue chip, despite the strong number of subscriptions. Tilray (TLRY) and other marijuana stocks were volatile – traded as high as a kite earlier in the week amid possible speculation by Reddit investors.
Meanwhile, megacap technology stocks Apple (AAPL), Microsoft (MSFT), Amazon.com (AMZN) and parent Google Alphabet (GOOGL) everyone lost ground.
X
Electric vehicle parts were also struggling to take action earlier. Tesla (TSLA), Nio (NIO) and Li Motors (LI) all plunged further down.
Nasdaq, S&P 500
Nasdaq was the main index with the worst performance, falling about 0.3%. Illumina (ILMN) had the best performance in the index, up 13%. PayPal (PYPL) also rose, more than 3%. It was boosted after Chief Executive Dan Schulman said the company could have 750 million active accounts by 2025, up from 377 million at the end of the fourth quarter. At least nine analysts have raised their price targets.
The S&P 500 was also lower, although it fell by less than 0.1%. Mohawk Industries (MHK) had an attractive performance, reaching almost 10%.
The volume was lower compared to the same time as Thursday, although the data was incomplete. It fell about 5% on the NYSE.
Overview of the US stock market today |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain / Loss | % Change |
| Dow Jones | (0DJIA) | 31391.01 | -39.69 | -0.13 |
| S&P 500 | (0S and P5) | 3914.63 | -1.75 | -0.04 |
| Nasdaq | (0NDQC) | 14006.06 | -19.71 | -0.14 |
| Russell 2000 | (IWM) | 226.71 | +0.09 | +0.04 |
| IBD 50 | (FFTY) | 48.85 | +0.28 | +0.58 |
Last updated: 10:12 AM ET 12/02/2021 |
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The S&P sectors were mixed, with an almost uniform division of winners and losers. The financial and materials sectors performed best.
Small caps were also managing to recover, with the Russell 2000 basically stable.
Growth stocks managed to get out of the red, with the Innovator IBD 50 ETF (FFTY) gaining 0.5%. Generac (GNRC) was the biggest winner in the IBD 50, rising almost 4%. It is extended from a purchase point of 234.65.
Disney shares rise and then reverse
The Dow Jones Industrial Average opened higher initially, but has now dropped about 0.2%. It remains very clear in its 50-day moving average.
Disney’s earnings and sales have surpassed, while Disney + subscribers now reach 94.9 million. Disney shares rose early, but reversed and fell about 1%. It rose above an 183.50 flat-base buying point earlier in the week. He had been optimistically recovering from his 50-day line. Disney’s stock purchase zone reaches 192.68.
Mixed marijuana stock
Aurora Cannabis (ACB) fell by about 6.4%. The decision comes after the company released its earnings on Thursday. The Canadian marijuana producer has surpassed revenue forecasts. Aurora shares fell 23.5% on Thursday, but are still in positive territory for the week.
Marijuana stocks plummeted on Thursday after huge gains, but the stock was mixed on Friday. Tilray’s shares were up almost 6%. It is still above its 10-day line.
Megacap Stocks
Apple’s shares fell nearly 1%. The shares have been consolidated just below a point of purchase of 138.89 cup with cable. AAPL shares have now fallen below their 21-day exponential moving average, but remain above their 50-day / 10-week lines.
The shares of MSFT, a Dow Jones, S&P 500 and a Nasdaq component like Apple, fell about 0.6%. It is still in a shopping zone.
FANG’s trillion dollar two shares, Amazon and Google, lost 0.4% and were virtually flat, respectively. AMZN’s inventory is building up as it returns to its 50-day line. GOOGL’s shares are being traded steadily after reaching record highs last week.
These growth stocks plunge after gains
Datadog (DDOG) shares fell more than 5%. It comes after the company has surpassed profit views, but has presented a profit orientation below some estimates. It is now outside the purchase range of 111.59 cups with cable, according to MarketSmith. The DDOG stock purchase zone ends at 121.37.
Cloudflare (NET) also fell, falling 7%. The company had narrowly managed to outperform profits and provide online guidance. The shares offset a consolidation buying point of 88.87 on Monday, but are now below it.
Claim (AFRM) shares fell more than 9%, despite the company’s earnings and revenues having surpassed the fiscal views of the second quarter. The revenue guidance for the third quarter was aligned. He fell from a buy zone to a loss zone. He had escaped an IPO base with a buying point of 138.08.
Tesla Stock Falls, Nio Stock Reverses
IBD Leaderboard Tesla’s stock has dropped more than 2% and is approaching its 50-day line. Earlier this week, the electric vehicle manufacturer was found to have been summoned by five Chinese regulatory agencies about its Model 3 cars made in Shanghai. They are concerned with problems that include what regulators call “abnormal acceleration” and “battery fires”.
Chinese rival Nio also changed gears, falling about 1.3%. Nio’s stock has been trying to clear a trend line by touching the highs since Jan. 11. A previous leak from a cup base with a purchase point of 57.30 failed because it erased a double digit gain from the purchase point.
Meanwhile, the auto giant General Motors (GM) managed to find the right gear after opening lower. It is now around 1%. He left a cup base on January 12 with positive EV news. The point of purchase was 46.81.
Follow Michael Larkin on Twitter at @IBD_MLarkin for more information on growth and analysis actions.
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