The Dow Jones Industrial Average erased most of a nearly 300-point dive by midday Monday, while the tech-heavy Nasdaq continued to lag.
XThe Nasdaq lost 0.8%, the S&P 500 shed 0.3% and the Dow Jones industrials gave up 0.2% in the stock market today. Small caps tracked by the Russell 2000 fell 0.7%. Volume was higher on both major exchanges — more so on the NYSE — vs. the same time Friday.
Among exchange traded funds, Innovator IBD 50 (FFTY) tumbled 1.5%, while the Nasdaq 100-tracking Invesco QQQ Trust (QQQ) lost 1.2%.
Early Monday, data released by China's National Bureau of Statistics showed China's economy slowed more than expected in July.
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. But mask mandates are returning in some areas as the delta variant spreads.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 35452.73 | -62.65 | -0.18 |
| S&P 500 | (0S&P5) | 4454.41 | -13.59 | -0.30 |
| Nasdaq | (0NDQC ) | 14704.12 | -118.78 | -0.80 |
| Russell 2000 | (IWM) | 219.67 | -1.46 | -0.66 |
| IBD 50 | (FFTY) | 45.13 | -0.67 | -1.46 |
Last Update: 12:22 PM ET 8/16/2021 |
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Cumulative Covid-19 cases worldwide have surpassed 208 million, with nearly 4.4 million deaths, according to Worldometer. In the U.S., cases have topped 37 million with more than 637,000 deaths.
Although the numbers of new cases and deaths in the U.S. have decreased dramatically, cases are back on the rise in some states due to delta.
Growth Stocks To Watch
Sonos (SONO) gapped up and soared 9% in heavy trade, after the International Trade Commission ruled Alphabet (GOOGL) infringed on some of Sonos' patents. Jefferies also upgraded its rating on Sonos to buy and boosted its price target to 50 from 43.
Sonos surged 11% last week, following its fiscal Q3 results, to start the right side of a 17-week consolidation. The Santa Barbara, Calif.-based company makes audio products for private residences.
In the IBD 50, Doximity (DOCS) rallied nearly 6%, on pace for a new closing high. The recent new issue has triggered the 20%-25% profit-taking rule from a 65.52 buy point of an IPO base.
But Sea Ltd. (SE), Moderna (MRNA), Bill.com (BILL) and Snap (SNAP), down more than 5% each, led the downside on the IBD 50.
Moderna gapped down and sank nearly 6% in heavy volume, on track for its fourth decline in the past five sessions. The Covid-19 vaccine maker's stock is 26% off last week's high but remains sharply extended from its most recent buy point.
Among IBD 50 stocks, Nvidia (NVDA) and DLocal (DLO) report quarterly earnings Wednesday after the close.
Nvidia, down nearly 3% Monday, has formed a flat base riding firm along its 10-week moving average. It's about 6% away from a 208.85 buy point, according to IBD MarketSmith chart analysis. Nvidia is an IBD Leaderboard stock.
Tesla (TSLA) skidded nearly 5% in fast turnover. The National Highway Traffic Safety Administration said it had launched a formal investigation into possible issues with the company's Autopilot partially automated piloting system. The agency said it's identified 11 Tesla crashes since 2018 involving flashing lights, flares and other issues while the Autopilot or Traffic Aware Cruise Control were engaged.
Tesla stock is just above an aggressive 700.10 buy point that formed deep within the stock's seven-month consolidation. The electric-vehicle maker is also an IBD Leaderboard stock.
Dow Jones Winners And Losers
Boeing (BA), Disney (DIS) and Salesforce.com (CRM) were the biggest losers, down more than 1.5% each.
Disney stock is approaching a 203.12 buy point in a consolidation, while an early entry at 186.39 is also in play. Shares briefly topped the entry on Friday following the company's strong Q3 results.
Several Dow Jones stocks report earnings this week, kicking off Tuesday morning with Home Depot (HD) and Walmart (WMT). Cisco (CSCO) reports after the close Tuesday.
Home Depot is close to a 333.55 buy point of a cup with handle. It's been weaving above and below the entry the past two weeks. The buy range goes up to 350.23. The stock was trading up about 0.6% after reversing from an early loss.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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Dow Jones Pares Losses As Home Depot Reverses Higher; Tech Stocks Drag Nasdaq - Investor's Business Daily
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