The Dow Jones Industrial Average fell to session lows in the afternoon of trading, down 1% or about 325 points, but Microsoft’s shares were a bright spot, helped by a Morgan Stanley price target rise. Microsoft (MSFT) is a member of Leaderboard and also a long-term leader of IBD.
X
Shares of Apple fell more than 1% in the Dow Jones today after the company announced a new line of iPhones, a new low-cost iPad and the Apple Watch Series 7.
apple (AAPL) fell hard on Wednesday after a judge ruled that developers can use external paid links for purchases from the app. Previously, Apple forced companies like Epic Games to use Apple Pay. Apple shares are now below the 50-day moving average, typically a key support level.
General information on the US stock market |
||||
|---|---|---|---|---|
| index | Symbol | Price | Gain / Loss | % Change |
| Dow Jones | (0DJIA) | 34555,52 | -314.11 | -0.90 |
| S&P 500 | (0S and P5) | 4440.88 | -27.85 | -0.62 |
| Nasdaq | (0NDQC) | 15034,86 | -70.72 | -0.47 |
| Russell 2000 | (IWM) | 220.13 | -2.75 | -1.23 |
| MII 50 | (FFTY) | 49.00 | +0.64 | +1.32 |
Last update: 14:44 ET 14/09/2021 |
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Dow Jones shares under pressure during late trading were included JPMorgan (JPM), 2% less. Financial stocks were leaders early on Tuesday, but JPM shares retreated lower after turning back to the 160 level.
Outside the Dow Jones
With about an hour to go, the S&P 500 fell 0.6%, the Nasdaq compound fell 0.5% and the Russell 2000 small-cap index collapsed 1.2%. The volume of NYSE and Nasdaq was lower compared to the same time on Monday.
The stock market remains on a confirmed uptrend with a relatively light day count of distribution, but the Nasdaq seems poised to test the 50-day moving average, a key support level.
Futures rose ahead of the opening bell after the last reading of the consumer price index suppressed inflation fears. The next political meeting of the Federal Reserve will be from 21 to 22 September.
The Nasdaq 100 rose, driven by strong performance from Modern (MRNA) i Atlassian (TEAM).
MRNA stocks have been consolidating for just over five weeks, but it still needs to form a full base before a new entry appears. That said, some might choose to start a small position if Moderna rises above Friday’s high.
The Atlassian reached a new all-time high, but it’s priced very broadly. The software leader has not looked back after losing gains in late July.
IBD 50 Movers
The innovative IBD 50 ETF (FFTY) rebounded slightly after falling by a significant 2.7% volume on Monday. The exchange traded fund increased 1.3% in light volume in late trading.
They include the most prominent winners of the IBD 50 index of the main growth stocks Crocs (CROX), which soared 12% on Tuesday after the company made bullish comments on its Investor Day and also announced a repurchase of shares. Group of equals Outdoor decks (DECK) jumped 4% in the news. He is a new member of Leaderboard.
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InMode (INMD) i ZoomInfo (ZI) also outperformed the IBD 50. InMode jumped 3.5% after Monday’s 9.6% haircut. InMode’s weekly chart shows a solid test of the ten-week moving average, although it is advanced late. ZoomInfo software shares retreated highs after exceeding an entry of 67.63. Shares still rose more than 4% and previously exceeded 67.73 buy points.
The MarketSmith Growth 250 also offered many strong winners, including the recent IPO Proximity (DOCS), which jumped 7%. The emerging leader of IBD’s medical software group has been a big winner since leaving an IPO base last month.
Another new issue, DLocal (DLO) has maintained quite a few gains after the shares took place in August with strong gains. Shares have been supporting its 21-day exponential moving average.
Follow Ken Shreve on Twitter @IBD_KShreve for more analysis and knowledge of the stock market.
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