The Dow Jones industrial average rose to a record high, even as other indices struggled amid a rise in ten-year treasury yields. appeal (AAPL) and Microsoft (MSFT) were the largest blue-chip laggards since technology was toppled by the bears. In contrast, Leaderboard inventory Wells Fargo (WFC) charged higher as financial shares rose.
Discount Dealer Five below (FIVE) and Dollar General (DG) tumbles to earnings, while IBD 50 member Williams-Sonoma (WSM) led the shares to pass buying points.
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The key ten-year yield for treasury bonds rose above the 1.7% mark. Rising returns have hurt growth stocks, especially technology.
This comes after the Federal Reserve announced on Wednesday that it was holding interest rates amid a strengthening economy. It also increased its inflation for 2021 to 2.4%.
Nasdaq, S&P Slip As Tech Struggles
The Nasdaq was hit lower by the bears and plunged more than 2%. Octa (OKTA) was the largest backlog, with more than 6%.
The S&P 500 performed better, but still fell by about 1%. Enphase Energy (ENPH) was the largest backlog, declining by almost 8%.
US stock market overview today |
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|---|---|---|---|---|
| Index | Symbol | Price | Profit / loss | % Change |
| Dow jones | (0DJIA) | 33012.38 | -2.99 | -0.01 |
| S&P 500 | (0S & P5) | 3935.12 | -39.00 | -0.98 |
| Nasdaq | (0NDQC) | 13203.68 | 321.52 | -2.38 |
| Russell 2000 | (IWM) | 228.34 | -3.97 | -1.71 |
| IBD 50 | (FFTY) | 46.80 | -0.83 | -1.74 |
Last updated: 14:58 ET 18/3/2021 |
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The volume was higher than the same time Tuesday. Trading on the Nasdaq rose by about 4% and jumped by 14% on the NYSE.
The S&P sectors were mixed, with more losers than winners. Finance was at the forefront, while energy and technology were at the biggest backlog.
Small caps were bruised by the bears, with the Russell 2000 up nearly 2%.
Growth stocks also struggled. The Innovator IBD 50 ETF (FFTY) fell almost 2%.
Apple Stock, Microsoft tumbles as Dow Jones rallies
In contrast, the Dow Jones industrial average rose to record highs, although it fell back to about break-even point.
Apple shares continued to struggle amid the pullback in technology. It dropped almost 3% and dropped back to the 200-day moving average. It has previously found support in the most important technical measure.
AAPL share is five weeks below the ten-week moving average. Apple shares earlier caused the loss-cutting selling rule of 7% to 8% after falling more than 7% below a buy point of 138.89 of a handle with a handle.
Microsoft shares were also one of the biggest laggards and fell below a 232.96 buy point after giving up more than 2%. It is now seeking support on its 50-day moving average.
Microsoft is an IBD Leaderboard share and has achieved 5% for the year so far.
Underline the strength of bank shares, JPMorgan Chase (JPM) and Goldman Sachs (GS) was one of the leading Dow Jones shares.
Wells Fargo Share Cost
The Wells Fargo rankings were one of the financial stocks that benefited from the rise in returns.
Wells Fargo is not available, after a brief consolidation. It is fast gaining a profit of 20% on the buy point of 35.20, where some profits can be achieved.
Wells Fargo shares received a boost after it was reported that Federal Reserve officials had ‘privately indicated’ that they accepted Wells Fargo’s proposal to restore risk management and governance practices.
However, the stock’s IBD Composite Rating of 46 reflects how bad it is. The Fed placed limits on Wells Fargo’s size in 2018 due to a false account scandal.
Other bank shares also rose, with Bank of America (BAC) swelling almost 4% and American Bancorp (USB) increases by almost 4%.
Discount retailers dip
Dollar-general also declined after missing earnings estimates, although revenue came above views. Comparative store sales were also better than expected.
The share in Dollar General declined and still gave up more than 5%, despite the losses they reduced. Its 50-day line recently sank below the 200-day moving average.
Five Below was looking for support at its 50-day line after dropping more than 3%. It slipped lower, despite the fact that earnings and revenue figures were poor.
IBD 50 stock leads to outbreaks
Williams-Sonoma was by far the best IBD 50 player on Thursday, with more than 19%. The catalyst was a strong earnings report.
MarketSmith’s analysis shows that it has a 151.26 point of purchase from a cup base. It moved in a heavy volume.
The Williams-Sonoma stock has a composite rating of 98, with the highest earnings performance.
WSM’s strong results may well predict Warren Buffett’s share RH (RH), which reports next week.
Meanwhile Brazilian mining giant Vale (VALE) passed a cup with a purchase point of the handle of 17.78, although it retreated below its buying zone. It has a composite valuation of 98. Commodity prices are rising again as the world economy begins to open again
Follow Michael Larkin on Twitter @IBD_MLarkin for more information on growth stocks and analysis.
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