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Dow Jones Gains; Netflix Stock Pounces After Apple App Store Boost; 3 Stocks Pass Buy Points

The Dow Jones Industrial Average edge higher in afternoon trading Thursday after weekly jobless claims hit a new post-pandemic low. Netflix (NFLX) passed a buy point after Apple (AAPL) relaxed App Store rules on content subscriptions. Boeing (BA) was among the top blue chips, though Chevron (CVX) fared best amid an energy rally. Meanwhile, Leaderboard stock DocuSign (DOCU) fell ahead of earnings.




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Finally, a trio of stocks tried to stage breakouts amid the positive action. Signet Jewelers (SIG) charged past a buy point on earnings, while Abbott Laboratories (ABT) also rose above an entry.

Ahead of Thursday’s open, the Labor Department reported jobless claims fell 14,000 to 340,000 in the week ended Aug. 28. That was the lowest level since the pandemic took hold in the U.S. in March 2020. Econoday consensus forecasts called for initial claims of 350,000.

Nasdaq Flat As IBD 50 Reaches Milestone

The Nasdaq was trading virtually flat after giving up early gains. Walgreens Boots Alliance (WBA) was a surprise name among the top gainers, while Autodesk (ADSK) lagged worst with a drop of more than 5%.

The S&P 500 also lost ground heading into the close, though it remain up about 0.1%. Power infrastructure stock Quanta Services (PWR) was the top gainer, rising almost 12% on news of an acquisition.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 35383.64 +71.11 +0.20
S&P 500 (0S&P5) 4530.22 +6.13 +0.14
Nasdaq (0NDQC ) 15315.21 +5.83 +0.04
Russell 2000 (IWM) 228.93 +1.49 +0.66
IBD 50 (FFTY) 49.96 +0.74 +1.50
Last Update: 2:56 PM ET 9/2/2021

A slight majority of the S&P sectors were positive, with energy and health posting the biggest gains. Technology and communications services lagging.

Small caps outperformed once again, with the Russell 2000 squeezing out a gain of 0.7%.

But growth stocks were making the most bullish moves with the Innovator IBD 50 ETF (FFTY) up 1.5%. The IBD 50 index itself is also at new highs.

Dow Jones Today: Boeing Stock Gains

The Dow Jones Industrial Average was the strongest of the major indexes, though its rise of 0.2% was modest.

Boeing stock was one of the top gainers on the Dow Jones today, rising about 1.3%. However it remains stuck beneath is 50 and 200-day lines.

But Walgreens Boots Alliance outperformed, rising about 2.5%. Visa (V) was the biggest laggard, with the payments stock slipping almost 3%.

Netflix Stock Pounces On Buy Point On App Store Boost

Netflix stock moved higher following reports Apple is relaxing content subscription rules on its App Store.

The stock, whose hits include the likes of “Tiger King,” pounced on a consolidation pattern buy point of 593.39, according to MarketSmith analysis.

However the stock has fallen away from session highs, and is currently trading just below that entry.

Spotify Technology (SPOT) and Match.com (MTCH) also got a boost. Both the  former stock and the dating play were up almost 7%.

Leaderboard Stock Slips Ahead Of Earnings

DocuSign stock reports earnings after the close. It was looking for support around its 50-day moving average as it came under pressure, dipping almost 2%.

While it was slipping, DocuSign stock was managing to hold clear of its latest entry point of 291.29.

DocuSign provides electronic means to sign and authorize documents. The stock has been boosted by strong demand amid the Covid-19 pandemic. .

Meanwhile, fellow Leaderboard member Mercado Libre (MELI) made a more impressive move past its 1,899.43 buy point, with volume running above average. The position was increased due to bullish price action.

Signet Jewelers Among Stocks Passing Buy

Signet Jewelers stock moved into a buy zone after posting a strong earnings beat. Signet stock cleared a cup base entry of 81.10.

The relative strength line hit a new high, which is a positive. Upside volume has also been running well above average.

Earnings of $3.57 per share came in well above Wall Street views for $1.69 per share. Revenue of $1.79 billion in revenue also cleared expectations for $1.64 billion.

Abbott Laboratories stock had less luck. It slipped back under its entry after moving above a consolidation entry of 128.64 according to MarketSmith analysis.

While it is a top-notch earner, stock market performance over the past 12 months has not been ideal.

XP (XP) was also in a buy zone. The Brazil-based brokerage is actionable after moving above a 51.69 entry.

Volume running at more than 100% above average, a positive sign, and it is a first stage base. The stock boasts a perfect EPS Rating of 99.

Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.

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