The Dow Jones Industrial Average traded in negative territory in today’s stock market. Meanwhile, the S&P 500 logged narrow losses and the Nasdaq moved higher with Intuit (INTU) and Micron Technology (MU) leading both indexes, and as solar and fintech stocks rallied.
Dow Jones In The Stock Market Today
In early afternoon trade, the tech-heavy Nasdaq was up 0.4% and scratching out record highs. The Dow Jones industrials slumped to a 0.8% loss, while the S&P 500 stumbled 0.15% lower. The small-cap Russell 2000 index shed 0.5%. Volume ran lower on the Nasdaq and higher on the NYSE vs. the same time on Thursday.
Tech stocks were higher thanks to strength in names like Amazon (AMZN), Facebook-parent Meta Platforms (FB) and Dow Jones stock Microsoft (MSFT), which were up 0.2%, 0.5% and 0.4%, respectively. Meanwhile, defensive sectors such as utilities and consumer staples also advanced.
Solar and financial software rose the most among the 197 industry groups tracked by IBD.
Health care stocks made key moves as the U.S. and Europe noted a jump in coronavirus cases, despite an increase in vaccinations. In Europe, stocks traded lower as a lockdown was ordered in Austria with other countries set to make similar moves.
Pfizer (PFE) stock reversed an early 2.5% gain to narrow losses. Earlier in the day, shares broke out past a 51.96 cup-without-handle buy point in heavy volume. The buy range goes to 54.56. Shares remain just below this entry.
Intuit scrambled 8.8% higher after reporting a strong fiscal first-quarter performance. Chipmaker Micron Technology surged 7.9%, boosted by Evercore ISI adding the stock to its Top Picks list. Nike (NKE) led the Dow Jones today, up 2.4% after increasing its quarterly dividend by 11% late Thursday.
Investors also seemed to move away from crude oil and other economically sensitive assets. West Texas Intermediate crude futures sold off 3.5% to $76.28 in afternoon trade, their lowest level since early October.
Growth Stocks To Watch
The growth-focused Innovator IBD 50 ETF (FFTY) rose 0.3%. The ETF successfully gained support at the 21-day exponential moving average this week. Stocks boosting the index on Friday included Roblox (RBLX) and Zim Integrated Shipping (ZIM), with gains of over 8% and 6%.
Over in the IBD 50, Zim traded up in heavy volume and is nearing a 62.30 buy point of a cup base, according to MarketSmith chart analysis. The stock is also actionable now for aggressive investors as it trades above the Nov. 3 high of 55.50. Zim was featured in Thursday’s IBD 50 Stocks To Watch.
Meanwhile, metaverse play Roblox also rose in heavy volume, and is on track to reach a new closing high. Shares of the IBD Leaderboard stock have soared past the 20%-25% profit-taking goal from a 103.97 consolidation breakout, so investors could take some profits here.
Follow Rachel Fox on Twitter at @rachelgfox more Dow Jones and stock market commentary.
YOU MIGHT ALSO LIKE:
Business News Governmental News Finance News
Need Your Help Today. Your $1 can change life.