The Dow Jones industrial average traded lower in today’s stock market while the Nasdaq held its profit at the end. Technical stocks recovered from their previous day’s losses. During the last hour of trading, the Dow Jones hovered near its lows, while the S&P 500 and Nasdaq were not yet off their lows of the day. Stocks generally sold to the end.
X
Stock Market Today
At the end of the day, the Russell 2000 index rose by a small capitalization of 0.3%. Meanwhile, the Nasdaq Composite closed 0.5% higher after rising more than 1.1%. The S&P 500 shrank its earlier gains to a loss of 0.5%, while the Dow Jones fell by 1.5%. According to preliminary data, the volume traded lower on the Nasdaq and higher on the NYSE compared to the end Thursday.
Investors have been consuming ever-increasing U.S. treasury yields over the past few days. Yields on the 10-year treasury, which is considered one of the safest assets to own, fell from 1.513% on Thursday to 1.48% on Friday. The return is now equal to the S&P 500’s dividend yield of 1.48%.
Meanwhile, household lawmakers today will accept a $ 1.9 billion stimulus bill. The package includes $ 1400 direct checks to most Americans. The current supplementary unemployment benefits are expected to expire in mid-March.
Cumulative Covid-19 cases continue to rise, but at a much slower pace than before, as nationwide closures approach the one-year mark. There are signs of hope as cases in some countries begin to flatten and vaccinations continue. Global affairs are approaching 114 million people with more than 2.5 million deaths, according to Worldometer.
In the US, cases rose above 29 million with about 521,000 deaths.
The Innovator IBD 50 ETF (FFTY) rose 2%, recovering some of its losses from the previous trading session. The growth-focused index declined on Thursday as growth stocks took a hit in favor of less risky assets.
Shares of the ETF found strong support in the 50-day line. Stocks that had the headline in the growth-focused ETF were Digital turbine (APPS) and Etsy (ETSY), with a profit of more than 11% per piece.
Dow Jones Today
The Dow Jones sold Friday as the majority of its shares traded lower. Salesforce.com (CRM) and Proctor & Gamble (PG) led the downside with losses of 6% and 2.2% respectively.
Shares of tech giant Salesforce broke below support on its 50- and 200-day lines, despite Q4 reporting reaching Wall Street targets early Friday. The stock is currently forming a 16-week consolidation with 271.02 buying points. According to MarketSmith’s chart analysis, this is approximately 19% lower than the entry.
Elsewhere, Microsoft (MSFT) and appeal (AAPL) rose on the front with a rise of 1.8% and 1.1%. Apple shares eventually broke a four-day losing streak. Shares of the iPhone maker slipped below the 50-day line last week. It is now about 15% less.
Meanwhile, Microsoft shares traded close to a 232.96 buy point of a consolidation while testing its ten-week moving average.
Finally, Johnson & Johnson (JNJ) gave up more than 2% in heavy trading because stocks are testing the 50-day test. An FDA panel is meeting today to vote on whether to recommend Johnson & Johnson’s coronavirus vaccination. The health giant’s vaccine would be the third available in the US if the FDA gave it the green light.
Johnson & Johnson shares remain within a 5% buying zone from a 157.10 buy point of a long flat base. The buying zone is at 164.96.
Investors should be aware of the increased risk with new investments at the moment, as the market is currently in ‘Uptrend under pressure’ mode.
YOU MAY ALSO LIKE THIS:
Market meeting at the turning point; What to do now
MarketSmith: research, graphs, data and coaching all in one place
Follow daily action on the stock market with the big picture
These are the 5 best stocks you can buy and watch now
What does a real handle look like?