Stocks were mixed at noon Tuesday as the Nasdaq rallied and the Dow Jones Industrial Average erased most of an initial 89-point decline.
The Nasdaq was up 0.5%, the S&P 500 was up 0.2% and the Dow Jones industrials fell less than 0.1% in the stock market today. The small cap tracked by Russell 2000 added 0.4%. Volume was lower on the NYSE and Nasdaq exchanges compared to the same time on Monday.
Tech stocks propelled the Nasdaq Composite to a 43.6% gain in 2020 for its fifth-best year in history. The S&P 500 was up 16.3% and the Dow 7.2% last year. After a good start this year, the market is now recovering from a brief correction. Read The Big Picture for a detailed daily market analysis.
The Covid-19 pandemic has rocked the US economy, as nationwide lockdowns exceed the one-year mark. But many states are relaxing restrictions and there are signs of hope as vaccines are rolled out and cases begin to stabilize in some states.
Overview of the US Stock Market
|Index||Symbol||Price||gain loss||% Change|
|S&P 500||(0S and P5)||4085.25||+7.34||+0.18|
Last Updated: 12:00 PM ET 6/4/2021
Cumulative Covid-19 cases worldwide are approaching 133 million, with nearly 2.9 million deaths, according to Worldometer. In the US, cases have exceeded 31.5 million and 569,000 deaths, although the number of new cases in the US has dramatically slowed.
Dow winners and losers
Nike (NKE) and Coca Cola (KO) earned more than 1% each.
Nike, up 1.5%, is close to recovering its 50-day moving average. Stocks have been consolidating for the past 15 weeks in a shallow pattern with a buy point of 148.05, according to MarketSmith’s graphical analysis. Nike shares are at 7% of the entry.
Last week, Nike won a lawsuit alleging that MSCHF Product Studio’s “Satan Shoes” collaboration with rapper Lil Nas X infringed on the shoe giant’s trademarks.
Coca-Cola, up 1.2%, is setting up a cup base with a purchase point of 55.03. It is about 3% below the entrance. Coca-Cola shares have a compound rating of 34, well below the desired low of 90 for leading stocks. A relative strength rating of 25, which is part of the overall composite score, means it lags behind 75% of all other stocks.
Walgreens Boots Alliance (AMB), Boeing (BA) and United health (UNH), down more than 1% each, were the biggest front-line losers.
Microsoft (MSFT) was down 0.1% but remains in the buying range after clearing a buy point of 246.23 on Monday. The purchase range of Microsoft shares reaches a maximum of 258.54. The software giant is a stock of IBD Leaderboard and IBD Long-Term Leader.
Outside the Dow Jones
Solar, oil and gas and apparel stocks led the rise among IBD’s 197 industry groups. Steel, software and telecommunications stocks lagged.
Cylinder head IBD 50 Green Brick Partners (GRBK) soared 10% in heavy trading to a 10-year high. The stock broke past a buy point of 25.15 from a 20-week cup base. It now extends from the entry, with the buy range topping 26.78. The Texas-based home builder was trading around 10:10 p.m. Green Brick was one of the stocks featured on Monday’s IBD Screen of the Day.
The Innovator IBD 50 ETF (FFTY) advanced 1%, led by Green Brick, Pinterest (PINS) and Yeti (YETI).
New edition GreenBox POS (GBOX) was up 18% to extend its Monday break beyond a 15.45 buy point from a six-week cup basis. Shares are now well spread from entry. The blockchain ledger-based payments firm doubled its processing volume estimates for this year to at least $ 1.2 billion. GreenBox went public on February 18.
Illumina (ILMN) increased 9% in rapid turnover as it approaches to regain its 50-day line. On Monday night, the maker of genetic testing systems said it expects first-quarter revenue to exceed $ 1 billion. It also forecasts full-year revenue growth of 25% to 28%, well above Wall Street’s growth target of 17%.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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