The Dow Jones Industrial Average closed slightly lower Monday, after paring an early 135-point loss fueled by comments from Fed Chairman Jerome Powell.
XThe Nasdaq fell 0.4%, the Dow Jones industrials gave up less than 0.2% and the S&P 500 finished nearly flat in the stock market today. Small caps tracked by the Russell 2000 fell more than 0.3%. Early data showed higher volume on both major exchanges vs. Friday.
Fed Chief Powell said Sunday on "60 Minutes" he thinks it's "highly unlikely" the central bank will raise rates this year. He said the "outlook has brightened substantially" and the economy is at an "inflection point."
"One other piece of it though, we do look at asset prices," he said. "And I would say, you know, some asset prices are elevated by some historical metrics."
The stock market opened lower Monday, with the key indexes holding mild losses through most of the session.
Tech stocks boosted the Nasdaq composite to a 43.6% gain in 2020 for its fifth best year ever. The S&P 500 rose 16.3% and the Dow added 7.2% last year. After a strong start this year, the market is rebounding from a short correction. Read The Big Picture for detailed daily market analysis.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 33745.86 | -54.74 | -0.16 |
| S&P 500 | (0S&P5) | 4128.10 | -0.70 | -0.02 |
| Nasdaq | (0NDQC ) | 13850.00 | -50.18 | -0.36 |
| Russell 2000 | (IWM) | 221.88 | -0.71 | -0.32 |
| IBD 50 | (FFTY) | 45.58 | +0.06 | +0.13 |
Last Update: 4:08 PM ET 4/12/2021 |
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The Covid-19 pandemic has roiled the U.S. economy, as nationwide lockdowns pass the one-year mark. But many states are relaxing restrictions, and while cases are starting to plateau in some states, there are signs of hope as vaccinations roll out.
Cumulative Covid-19 cases worldwide are approaching 137 million, with more than 2.9 million deaths, according to Worldometer. In the U.S., cases have topped 31.9 million with nearly 576,000 deaths, although the number of new cases in the U.S. has slowed dramatically.
Dow Losers And Winners
Intel (INTC) slumped 4.2% after graphics chip maker Nvidia (NVDA) announced its first server chip. The "Grace" chip, based on technology from U.K. chip designer ARM, will be released in 2023. It's expected to compete directly with Intel, in 2023.
Intel stock, now 4% off its 52-week high, remains in potential buy range from a 65.21 entry of a double-bottom base. The buy range goes up to 68.45.
Boeing (BA), Salesforce.com (CRM) and Apple (AAPL), down more than 1% each, were also among the biggest blue chip losers.
Boeing stock, down 1.2%, is back in buy range from a 244.18 buy point of a cup base, according to MarketSmith chart analysis. The buy zone tops out at 256.39. On Sunday, a Boeing union voted to authorize a strike if a new contract isn't reached with the jet maker by April 17.
Apple stock, off 1.3%, snapped a seven-session win streak. The iPhone maker will delay some MacBook and iPad orders due to the global chip shortage, Japan's Nikkei news service reported last week. Shares reclaimed the 10-week moving average last week. They're about 10% away from a 145.19 buy point of a cup base.
On Feb. 18, Apple triggered the 7%-8% loss-cutting sell rule when it fell more than 7% below a 138.89 buy point of a cup with handle.
Outside The Dow Jones
Biotech, airline and consumer electronics stocks led the downside among IBD's 197 industry groups. But automakers, leisure products makers and air freight transport stocks outperformed.
In the automaker group, Tesla (TSLA) rallied nearly 4% to reclaim its 10-week average after spending nearly two-months below the line. Canaccord Genuity upgraded the electric vehicle stock to buy from hold with a 1,071 price target. Tesla stock may be building a new base. It remains well extended from a 466 buy point of a cup with handle.
Among notable breakouts today, Yeti (YETI) soared nearly 7% in heavy volume to break out past an 80.99 correct entry point. It's near the top of the buy zone, which tops out at 85.03. Yeti, discussed in IBD Live this morning, was added to IBD Leaderboard.
The maker of premium-priced coolers and other outdoor gear was featured last Tuesday as the IBD Stock Of The Day.
IBD 50 Reverses Up
The Innovator IBD 50 ETF (FFTY) reversed slightly higher despite big losses from New Fortress Energy (NFE) and 360 DigiTech (QFIN).
New Fortress Energy plunged 11.5% to breach its 50-day line. The stock is about 18% away from a 56.86 buy point of a double-bottom base. Recent IPO 360 DigiTech tumbled 6.5% as it tests support at its 50-day line. Shares are still extended from an 18.16 buy point of a cup base.
But a 20% surge in Plby Group (PLBY), as well as 3%-plus gains from MarineMax (HZO), Floor & Decor (FND) and Cerence (CRNC), helped offset the losses in the IBD 50.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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