Stocks were narrowly mixed Monday afternoon, as the Dow Jones Industrial Average edged higher but the Nasdaq continued to lag.
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The Dow Jones industrials were barely positive, the S&P 500 edged slightly lower and the Nasdaq fell 0.3% in the stock market today. Small caps tracked by the Russell 2000 lagged, down 0.5%. Volume was mixed, higher on the NYSE and lower on the Nasdaq, vs. the same time Friday.
Among exchange traded funds, Innovator IBD 50 (FFTY) fell 1.8%, while the Nasdaq 100-tracking Invesco QQQ Trust (QQQ) slipped 0.3%. The IBD 50 ETF is still trading below a 52.56 buy point in a flat base, after finding support at its 50-day line last week.
The U.S. economy continues to recover from the Covid-19 pandemic, which triggered nationwide lockdowns over a year ago. A resurgence in cases fueled by the more contagious delta variant has been slowing down as vaccinations rise.
Globally, Covid-19 cases have topped 254 million, with over 5 million deaths, according to Worldometer. In the U.S., cases are approaching 48 million with nearly 784,000 deaths.
Growth Stocks To Watch
Lucid Group (LCID) gained 2% in faster-than-usual turnover, ahead of earnings due after the close. Shares are sharply extended from a 28.49 buy point of a cup with handle. Analysts expect Lucid to lose 25 cents a share on sales of $1.3 million, according to FactSet.
U.S. Stock Market Today Overview | ||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 36116.52 | +16.21 | +0.04 |
| S&P 500 | (0S&P5) | 4681.56 | -1.29 | -0.03 |
| Nasdaq | (0NDQC ) | 15819.77 | -41.19 | -0.26 |
| Russell 2000 | (IWM) | 238.24 | -1.26 | -0.53 |
| IBD 50 | (FFTY) | 50.24 | -0.91 | -1.78 |
Last Update: 1:38 PM ET 11/15/2021 | ||||
On Monday, MotorTrend Magazine named the luxury electric-vehicle maker’s Lucid Air sedan its 2022 Car of the Year, Barron’s reported. That marks the first time an automaker won the award for a new car just rolling off production lines, Barron’s said. The Newark, Calif.-based company started deliveries of its Lucid Air sedan in late October.
Rivian Automotive (RIVN), which made its highly anticipated debut last week, continued its win streak. Shares surged 12% Monday, and are now 89% above their IPO price of $78 a share, which raised $11.9 billion. Rivian is now planning major expansion projects.
Despite RIVN stock’s initial surge, remember that investors should be disciplined about buying new issues. Wait for an IPO base to form and offer the stock’s first buy point before considering a purchase.
Tesla (TSLA) skidded more than 4% in fast trade to fall below the 21-day exponential moving average. CEO Elon Musk sold about $6.9 billion worth of Tesla stock last week, filings show, believed to be among the biggest stock sales by a chief executive over a period of just several days.
Among other car-related stocks, Advance Auto Parts (AAP) advanced 2% to a new high. The auto parts retailer is expected to earn $2.87 a share on sales of $2.58 billion when it reports after the close, according to FactSet.
IBD 50 Action
Over in the IBD 50, CrowdStrike (CRWD) dived more than 12% in huge volume to breach its 50-day moving average, triggering a sell signal. Shares are now 14% below a 289.34 buy point of a cup base, according to MarketSmith chart analysis.
Morgan Stanley began covering the cybersecurity software maker with an underweight rating and 247 target price, Dow Jones reported. CrowdStrike closed Friday at 284.30.
Among other IBD 50 losers, AppLovin (APP), Confluent (CFLT) and Shockwave Medical (SWAV) sank more than 7% each. MP Materials (MP) and Sprout Social (SPT) lost over 6% each.
On the upside, Unity Software (U) was on pace to extend its win streak to a ninth straight session. Shares rallied 3% in heavy volume to a new high. The design software maker last week announced Q3 results that beat Wall Street targets on both the top and bottom lines.
Dow Jones Movers
Boeing (BA), up 5% in fast turnover, led the blue chip index. Shares gapped up and were on track to close above the 200-day line for the first time in three months. Boeing stock remains about 17% below its 52-week high. The jet maker landed several orders for freighter aircraft as the 2021 Dubai Air Show gets underway.
Icelease will be the launch customer for the 737-800 Boeing Converted Freighter with an order for 11 planes, MarketWatch reported. DHL Express and Emirates SkyCargo also placed orders for other planes.
Chevron (CVX) gained more than 2%, close to its highest level in nearly two years. Shares remain in potential buy range from a 113.21 entry of a cup base. UBS raised its rating on the oil giant to buy from neutral and boosted its price target to 125 from 110, according to MarketWatch. Crude oil futures have surged 64% this year amid supply and demand concerns.
Walmart (WMT) and Home Depot (HD), among major retailers reporting earnings this week, gave up about 0.3% apiece.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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