Sales increased Thursday night with the Dow Jones Industrial Average at one point, dropping nearly 400 points to new session lows.
X
The Nasdaq sank 2.1%, the S&P 500 lost 1.2%, and Dow Jones industrials fell 1.3% in today’s operations. The small limits followed by the Russell 2000 reversed from a gain to a loss of 0.3%. Volume was mixed, lower on the NYSE but slightly higher on the Nasdaq compared to the same time on Wednesday.
Unemployment claims rose more than expected for the second consecutive week, reaching 1.416 million in the week ending July 18, according to the Labor Department. That beat the forecasts for roughly 1.3 million claims.
The rebound in the stock market remains intact, but has been the subject of some sales. A resurgence in tech stocks has lifted the tech-rich Nasdaq to an annual gain of 19%, while the S&P 500 is now up 1% and the Dow down 5% through Wednesday’s close. . The Russell 2000 remains 11% underwater this year.
While the stock market has been on a confirmed bullish trend since the April 2 follow-up day for the S&P 500, it has struggled as Covid-19 cases proliferate. (Read The Big Picture for a detailed analysis of daily market action.)
Covid-19 update
According to the Worldometer, global coronavirus cases are close to 15.5 million, with more than 632,000 deaths. In the U.S., confirmed cases increased more than 4.1 million, with the death toll now close to 147,000.
Summary of the US Stock Market Today |
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|---|---|---|---|---|
| Index | Symbol | Price | gain loss | % Change |
| Dow Jones | (0DJIA) | 26653.76 | -352.08 | -1.30 |
| S&P 500 | (0S and P5) | 3235.05 | -40.97 | -1.25 |
| Nasdaq | (0NDQC) | 10465.71 | -240.42 | -2.25 |
| Russell 2000 | (IWM) | 147.97 | -0.14 | -0.09 |
| IBD 50 | (FFTY) | 35.93 | -0.71 | -1.94 |
Last Updated: 2:52 PM ET 07/23/2020 |
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Since the United States economy began to reopen, several states have experienced record levels of new Covid-19 cases and hospitalizations as the number of cases increases. Texas, Florida and California are among the most affected states.
Dow Inc. (DOW) and Microsoft (MSFT), down 4% each, weighed on the Dow Jones Index. Although DOW shares are holding close to 30% of their all-time high since April 2019, it is now forming a flat base with a buy point of 46.03.
Microsoft pulled out despite easily surpassing fourth-quarter fiscal targets on Wednesday night. The software giant earned $ 1.46 a share on $ 38 billion in sales versus Zacks Investment Research’s forecasts of $ 1.38 at $ 36.6 billion. But the 7% EPS increase marked the slowest growth in eight quarters. And Microsoft’s sales outlook was light.
The IBD leaderboard and IBD long-term leader stocks are approximately 5% below the most recent all-time highs.
Apple falls from above
Leaderboard member Apple fell more than 4% in the afternoon trade. Stocks are spiking sharply from a 288.35-cup buy with a handle. The iPhone maker plans to report quarterly results next Thursday.
Internet retail, internet content and automakers led the way among IBD’s 197 industry groups. But the actions of department stores, energy and airlines outperformed.
Tesla (TSLA) reversed from an early profit to a 5% drop in fast trade, after the electric car maker’s second-quarter results crushed views on Wednesday night. The stock rebounded after hours, as Tesla reported an unadjusted profit of $ 104 million, the fourth consecutive quarter of reported performance.
Shares remain considerably extended from a purchase point of 869.92 cups with mango. They are up over 280% this year.
Twitter skyrockets
Twitter (TWTR) shot up 4% in high volume to re-cross a 37.04 cup buy point with a handle.
The social media giant delivered second-quarter earnings that lost visits. But its “monetizable” daily active users increased 34% to 186 million compared to the previous year, well above the expected 173 million.
Stocks that exceed settlement are included Tapes (CTAS) and PulteGroup (PHM) Uniform service provider Cintas rose 4% after its quarterly earnings report. The stock exploded past a buy point of 292.21 a cup with a handle, according to MarketSmith’s graphical analysis. Volume ran about 33% more than normal.
Pulte Home Builder and Credit Assessor Equifax (EFX) recovered around 5% each, also following their earnings reports. Pulte cleared a buy point of 38.87 from a cup with a handle, while Equifax briefly surpassed a 180.17 entry from a flat base.
At IBD 50, (TTD), PetMed Express (PETS), Advanced micro devices (AMD) Zoom Video (ZM) and Futu Holdings (FUTU) lost more than 4% each.
The Innovator IBD 50 ETF (FFTY) fell 2.2% in the stock market today.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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