Key market indexes moved lower midday Friday, as the Dow Jones Industrial Average and S&P 500 headed for a fifth straight loss.
The Nasdaq edged 0.1% lower, the S&P 500 dipped 0.2% and the Dow Jones industrials gave up 0.3% in today’s stock market. Small caps tracked by the Russell 2000 were nearly flat. Volume was mixed, lower on the NYSE and higher on the Nasdaq, vs. the same time Thursday.
On Thursday night, President Joe Biden spoke with Chinese President Xi Jinping over the phone in their first conversation since February. A White House statement said the “two leaders discussed the responsibility of both nations to ensure competition does not veer into conflict.”
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.
U.S. Stock Market Today Overview
Last Update: 12:04 PM ET 9/10/2021
But cases are rapidly rising again and mask mandates are returning in some states as the delta variant spreads.
Cumulative Covid-19 cases worldwide have topped 224 million, with more than 4.6 million deaths, according to Worldometer. In the U.S., cases are approaching 42 million with nearly 675,000 deaths.
Growth Stocks To Watch
Affirm (AFRM) gapped up and soared more than 28% in fast turnover to its highest level since February. The consumer financing firm reported strong June-quarter revenue and gross merchandise volume that topped views as its expanding merchant base overcame slowing growth.
Affirm’s initial public offering in January raised $1.2 billion. AFRM stock hit an all-time high 146.90 on Feb. 10, then swooned.
Maravai LifeSciences (MRVI), the biggest IBD 50 loser Friday, gapped down and sank 10% in heavy trade. The San Diego, Calif.-based biotech priced a previously announced stock offering at 50 a share.
Shares tumbled below the 50-day moving average and are on track for a third straight decline. Though Maravai remains slightly above a 45.89 buy point of a cup base, the breach of the 50-day line is a sell signal.
On the upside, Asana (ASAN) and Shockwave Medical (SWAV) gained more than 3% each. Asana marked a new high and is sharply extended from a 43.82 buy point of a cup base. Shockwave is extended past a 203.84 buy point of an eight-week consolidation, according to MarketSmith chart analysis.
Dow Jones Movers
Apple reversed from an early gain and is now on pace for a third straight loss. In a case against Epic Games, a judge ruled that Apple can no longer force developers to use in-app purchasing. Apple currently prohibits developers from providing links that direct users from Apple’s in-app purchasing.
UnitedHealth tumbled well below its 50-day line for the first time since June. Though it had previously tested the line, it found support each time. The stock has now fallen below a 422.63 buy point of a cup-with-handle.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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