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Goldman Sachs Leads Dow Jones; Nasdaq Tops 15,000 As Airbnb Stock Surges

A bullish gain for Airbnb (ABNB) helped lift the Nasdaq composite over the 15,000 level in late-afternoon trading Tuesday. The Dow Jones Industrial Average edged higher amid gains of more than 1.5% for Dow Jones stocks like Dow Inc. (DOW), Caterpillar (CAT) and Goldman Sachs (GS).




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Buyers flocked to meme stocks like Gamestop (GME) and AMC Entertaiment (AMC), sending shares higher by 29% and 26%, respectively.

Leaderboard stock Airbnb soared past a 152.86 buy point from a bottoming base. Travel-related stocks, including hotel operators and airline stocks, were strong across the board, one day after the Food & Drug Administration gave full approval to the Pfizer (PFE)-BioNTech (BNTX) Covid-19 vaccine.

Beaten-down China stocks like Pinduoduo (PDD), JD.com (JD), NetEase (NTES) and Baidu (BIDU) helped lift the Nasdaq 100 to a gain of 0.3%. Pinduoduo soared 20% after reporting a  107% jump in Q2 revenue. JD.com jumped 14%, also on strong earnings.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 35428.47 +92.76 +0.26
S&P 500 (0S&P5) 4491.40 +11.87 +0.26
Nasdaq (0NDQC ) 15016.75 +74.10 +0.50
Russell 2000 (IWM) 221.35 +1.73 +0.79
IBD 50 (FFTY) 46.72 +0.31 +0.67
Last Update: 2:48 PM ET 8/24/2021

The S&P 500 rose 0.3%, helped by a strong earnings report and breakout from Best Buy (BBY). The retailer reported a 74% jump in earnings, with revenue up 20% to $11.8 billion. Best Buy also raised its full-year same-store sales growth outlook to 9%-11%, up from prior guidance of 3%-6%.

Winners beat losers by nearly 2-to-1 on the Nasdaq. The ratio was nearly 3-to-1 on the NYSE.

Volume was slightly higher on the NYSE compared to the same time Friday. Nasdaq volume was slightly lower.

Dow Jones Today

The Dow Jones industrials were up 0.2%. Goldman stock was on pace for its third straight gain after finding support at the 21-day exponential moving average Friday. It’s back in the 5% buy zone from the 393.36 buy point. After a heavy-volume breakout, Goldman’s pullback came in light volume, which is just what you want to see.

Cisco Systems (CSCO) was on pace for its fourth straight gain after a bullish response to earnings last week. The stock on Thursday reversed sharply higher, resulting in a bullish outside day.

Salesforce.com (CRM) extended gains ahead of its earnings report Wednesday after the close.

Apple (AAPL), meanwhile, is still on breakout watch as it moves sideways just below the 150 level. The stock is finding support at its 10-week line.

Stock Market Movers

Palo Alto Networks (PANW) rallied after the security software firm reported better than expected earnings and sales and issued bullish sales guidance.

Group peer CrowdStrike (CRWD) gapped above its 50-day moving average on news it’s joining the Nasdaq 100. It’s replacing Maxim Integrated Products (MXIM), which is merging with Analog Devices (ADI). Chinese regulators OK’d the merger Monday.

Shopify (SHOP) found support at its 50-day moving average, rising more than 4%. The catalyst was news of an expanded partnership with TikTok for in-app shopping.

In the retail sector, new issue Torrid (CURV) surged 11% to a new high. Victoria’s Secret (VSCO) looked poised to end a four-session slide. Shares jumped 5.5%.

Torrid, which caters to plus-size women, is a member of the MarketSmith Growth 250, along with SentinelOne (S), which is still in buy range from a 55.39 entry.  The security software stock has been a strong performer since its late-June IPO at 35.

Inside the IBD 50, ShockWave Medical (SWAV) jumped more than 6%. It topped a 203.84 buy point but but was slightly below the entry in late trading.

Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.

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