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Dow Jones Drops As Apple, Microsoft Weigh; Stock Market Hit Hard Despite Growth Stock Winners

Key market indexes traded near session lows midday Friday, with the Dow Jones Industrials down 200 points as Microsoft and Apple weighed.




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The Nasdaq tumbled 1.1%, the S&P 500 fell 0.8% and the Dow Jones industrials gave up 0.6% in the stock market today. Small caps tracked by the Russell 2000 eased 0.3%. Volume was higher on both major exchanges vs. the same time Thursday, due to today’s quadruple witching.

Among exchange traded funds, Innovator IBD 50 (FFTY) stumbled 0.9%, while the Nasdaq 100-tracking Invesco QQQ Trust (QQQ) fell 1%.

The U.S. economy continues to recover from the Covid-19 pandemic, which triggered nationwide lockdowns over a year ago. Most states had relaxed restrictions as vaccinations continued to roll out and cases decreased. But cases are rapidly rising again and mask mandates are returning in some states as the delta variant spreads.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 34560.07 -191.25 -0.55
S&P 500 (0S&P5) 4438.26 -35.49 -0.79
Nasdaq (0NDQC ) 15017.52 -164.41 -1.08
Russell 2000 (IWM) 221.57 -0.62 -0.28
IBD 50 (FFTY) 50.27 -0.43 -0.85
Last Update: 11:58 AM ET 9/17/2021

Cumulative Covid-19 cases worldwide are approaching 227 million, with nearly 4.7 million deaths, according to Worldometer. In the U.S., cases have topped 42 million with more than 682,000 deaths.

Growth Stocks To Watch

Snap (SNAP), up nearly 3%, led the IBD Leaderboard list. The stock is working on a flat base with an 80.95 buy point, according to MarketSmith chart analysis. It’s about 8% below the entry. Game developer Zynga (ZNGA) on Friday announced plans to launch “ReVamp,” a multiplayer social deception game, on the Snapchat social media site.

Also on Leaderboard, InMode (INMD) advanced 2% in heavy trade to a new high. Shares have rebounded from Monday’s 10% plunge, which handed InMode the biggest single-day point loss of its entire run. Taking full profits still remains an option. Early Friday, the medical aesthetics company announced a 2-for-1 stock split.

Invesco (IVZ) gapped up and soared 6% in fast turnover to move firmly above its 50-day moving average. The stock is starting the right side of a potential base that’s mostly below the 50-day line. Late Thursday, the Wall Street Journal reported that the investment manager was in talks with State Street (STT) regarding a possible merger. State Street shares were down more than 2%.

BeiGene (BGNE) gapped up early Friday but pared its gain to 4%. Shares jumped past a 389.07 buy point of a seven-month consolidation in heavy volume. European regulators recommended the China-based biotech’s Brukinsa to treat a rare type of Non-Hodgkin lymphoma. Earlier this week, BeiGene said the FDA granted fast-track status to Brukinsa for certain lymphoma patients.

AutoNation On The Move

Over in the IBD 50, AutoNation (AN) led with a 6% gain, on track for a fifth straight advance. The car dealership operator’s stock is approaching a 125.31 buy point of a cup base. It’s about 1% away from the entry.

Among other IBD 50 winners, Global-e Online (GLBE) and TaskUs (TASK) gained about 3% each. Snap and InMode are also IBD 50 stocks.

On the downside, SentinelOne (SONE) lost 5%, while Moderna (MRNA), SiTime (SITM), Carvana (CVNA) and ASML (ASML) gave up more than 3% each.

Dow Jones Losers

Dow Inc. (DOW), down 3%, was the biggest loser on the Dow Jones average. The stock has trended lower the past three weeks and is trading near the bottom of a four-month consolidation. MarketSmith puts the stock 19% below a 71.48 buy point.

Visa (V) fell 2%, while Apple (AAPL), Microsoft (MSFT) and Intel (INTC) gave up about 1.5% each.

Apple is headed for its first close below the 50-day line since June 11. It’s also trading just below a 148 trendline buy point. The Leaderboard stock’s latest base was third stage, which is not ideal for big gains. The relative strength line has turned lower recently, a sign of weakness.

Microsoft is on pace to halt a four-session win streak. Shares are still finding support at the 10-week line. They remain well extended after a breakout from a cup-base entry of 263.29. Microsoft is a Leaderboard and IBD Long-Term Leader stock.

Follow Nancy Gondo on Twitter at @IBD_NGondo

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