The Dow Jones Industrial Average was largely unchanged around noon on Tuesday, before President Biden’s meeting with Wall Street CEOs to discuss his $ 1.9 trillion coronavirus stimulus plan. Apple (AAPL) fell modestly and Microsoft (MSFT) rose on the Dow Jones today, while artificial intelligence stocks C3.ai (AI) has exceeded a point of purchase.
Among the EV actions, Tesla (TSLA) fell after being targeted by Chinese regulators, while rival Nio (NIO) fired. General Motors (GM) also fell. Reddit stock GameStop (GME) continued to dive.
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Wall Street comes to President Biden
President Biden and Treasury Secretary Janet Yellen are preparing to meet with some of the most powerful executives on Wall Street to discuss the Covid-19 stimulus package. Among those present are JP Morgan (JPM) CEO Jamie Dimon and Walmart (WMT) chief Doug McMillon.
The White House said the president and business leaders will review the “critical need” of the massive spending package.
Larry Summers, who was former President Obama’s chief economic adviser, warned that the package is too big and could overheat the economy. Despite this, Democrats are trying to force him into Congress.
Nasdaq, S&P 500 Mixed
Nasdaq was the main index and the only one in positive territory. His gain was less than 0.1%, however. Main actions included Baidu (BIDU), which rose almost 7% and NetEase (NTES).
The S&P 500 dropped about 0.2% while stocks were under pressure. Clothes Stock Hanesbrands (HBI) did better, reaching more than 20%. Payments inventory Jack Henry (JKHY), which fell by almost 10%, and Take-Two Interactive (TTWO) were the biggest latecomers.
Overview of the US stock market today |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain / Loss | % Change |
| Dow Jones | (0DJIA) | 31359.07 | -26.69 | -0.09 |
| S&P 500 | (0S and P5) | 3910.93 | -4.66 | -0.12 |
| Nasdaq | (0NDQC) | 14016.85 | +29.21 | +0.21 |
| Russell 2000 | (IWM) | 228.07 | +0.76 | +0.33 |
| IBD 50 | (FFTY) | 48.01 | +0.29 | +0.61 |
Last updated: 11:48 am ET 2/9/2021 |
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The volume was mixed compared to the same time on Monday. It rose about 14% on the Nasdaq and fell 5% on the NYSE.
It was a difficult session for the S&P 500 sectors, with most falling. Communications technology and services were leading the way in the green.
Small caps also fought while bears fought bulls for supremacy. The Russell 2000 fell about 0.2%.
Growth stocks once again stood out, with the Innovator IBD 50 ETF (FFTY) rising 0.6%. 1-800-Flowers (FLWS) was the main stock of the IBD 50, with an increase of more than 8%. However education stock Chegg (CHGG) gave up on initial gains to drop more than 0.5%.
Apple Stock goes up, Dow Jones goes down
The Dow Jones Industrial Average also struggled, falling about 0.1%. Most of the components were in trouble.
Apple shares had one of the best performances, but yielded gains, as they fell about 0.2%. Microsoft’s stock fared better, climbing to the top of the buying zone, gaining around 0.4%. Your entry point for the consolidation pattern is 232.96.
Aerospace giant Boeing (BA) led after rising 2%. But Walt Disney (DIS), which surpassed a buying point on Monday, was the biggest laggard after giving up more than 1%. Disney reports earnings on Thursday after closing.
Tesla shares fall with attack by Chinese regulators
The shares of the IBD Leaderboard Tesla fell nearly 2% after undergoing scrutiny by Chinese regulators.
The company has been summoned by five Chinese regulatory agencies about its Model 3 cars made in Shanghai, said a statement released Monday by the State Administration for Market Regulation. They are concerned with problems, including “abnormal acceleration” and “battery fires”.
Tesla’s shares still have the best possible IBD Composite rating of 99, helped by the excellent price performance in 12 months.
Meanwhile, Chinese rival Nio has recovered, gaining more than 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, auto giant General Motors fell just over 1%. Previously, he left a cup base with positive EV news and is now in the profit-making zone. The point of purchase was 46.81.
AI Stock Break Out
The IPO C3.ai stock broke after crossing a 160.53 point of purchase. Its relative strength line is sharp, which is a positive sign
The shares have a weak IBD Composite Rating of 65, hampered by the fact that the company is not yet profitable. AI’s shares debuted in December at 42 per share.
The California company provides software as a service that allows the deployment of AI applications on a corporate scale.
Follow Michael Larkin on Twitter at @IBD_MLarkin for more information on growth and analysis actions.
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