Dow Jones Reverses, Tech Stocks Slide As Powell Defends Fed Policy; Tesla Skids, AMC Stock Surges

4 months ago 26

The Dow Jones Industrial Average concisely dropped 150 points earlier reversing higher Thursday, arsenic Fed main Jerome Powell testified successful beforehand of the U.S. Senate. Tesla looked to adhd to 2 days of losses, portion AMC banal surged higher successful midday trade.


Among the Dow Jones leaders, Apple (AAPL) moved down 0.7% Thursday, portion Microsoft (MSFT) besides mislaid 0.7% successful today's banal market. McDonald's (MCD) broke retired past a caller bargain constituent Wednesday, but is backmost beneath the entry.

Tesla (TSLA) was connected way to adhd to 2 consecutive days of losses, falling 0.7% Thursday midday.

Dow Jones banal UnitedHealth (UNH) and concern slope Morgan Stanley (MS) reported net up of the marketplace open.

Among the apical stocks to bargain and watch, PayPal (PYPL), Roku (ROKU) and Shopify (SHOP) are successful oregon adjacent caller bargain zones.

Microsoft, PayPal and Shopify are IBD Leaderboard stocks. Roku is an IBD SwingTrader stock. PayPal was featured successful this week's Stocks Near A Buy Zone column.

Dow Jones Today: Powell Comments

The Dow Jones Industrial Average rallied 0.1% Thursday, portion S&P 500 mislaid 0.4%. The tech-heavy Nasdaq declined 0.7% successful midday trade.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 34900.49 -32.74 -0.09
S&P 500 (0S&P5) 4358.22 -16.08 -0.37
Nasdaq (0NDQC ) 14565.22 -79.73 -0.54
Russell 2000 (IWM) 217.56 -1.31 -0.60
IBD 50 (FFTY) 42.87 +0.06 +0.14
Last Update: 10:30 AM ET 7/15/2021

Federal Reserve Chairman Jerome Powell testified successful beforehand of the Senate Banking Committee Thursday, defending the Federal Reserve's casual wealth policy. "This is simply a daze going done the strategy associated with the reopening of the system and it's driven ostentation good supra 2%, and of people we're not comfy with that," Powell said.

On Wednesday, Powell reassured investors that the Federal Reserve's casual monetary policies volition continue.

Stock Market Rally

The S&P 500 was conscionable shy of grounds highs Thursday morning, portion the Nasdaq looked to drawback a two-day slide. The Dow Jones industrials are trading conscionable beneath the all-time precocious acceptable successful aboriginal May.

Wednesday's Big Picture file noted, "While the IBD outlook for stocks remains successful the best-possible signifier — namely a confirmed uptrend — immoderate nasty reversals crossed maturation stocks should springiness readers capable crushed to tread cautiously with caller buys for now."

For much banal marketplace commentary, cheque retired IBD's The Big Picture.

Stock Market ETF Strategy And How To Invest

AMC Stock Reverses

AMC Entertainment (AMC) reversed from crisp losses to rally implicit 6% Thursday midday, connected gait to drawback a four-day losing streak. Shares breached their 50-day enactment level during Wednesday's 15% dive.

AMC banal is much than 50% disconnected its all-time high, which was acceptable backmost connected June 2 astatine 72.62.

Dow Jones Stocks To Buy And Watch: McDonald's

Dow Jones edifice elephantine McDonald's is trading beneath a 238.28 bargain constituent successful a level base, according to IBD MarketSmith illustration analysis, aft Wednesday's breakout attempt. Shares were down 0.7% Thursday.

McDonald's was featured successful Friday's IBD Industry Themes column, on with Chipotle Mexican Grill (CMG). Chipotle banal is successful a caller bargain range.

Dow Jones Earnings: UnitedHealth

Dow Jones wellness insurer UnitedHealth bushed the Street's net and income estimates aboriginal Thursday. Shares turned somewhat higher successful midday trade.

UNH banal is tracing a cupful basal with a 426.08 bargain point.

Stocks To Buy And Watch: PayPal, Roku, Shopify

IBD Leaderboard banal PayPal is successful the 5% bargain portion past a cup with handle's 296.11 buy point pursuing past week's breakout. The 5% bargain country goes up to 310.92. Shares fell 1.4% Thursday and are squarely successful bargain range.

On June 17, the apical payments processor broke retired supra a 277.96 introduction successful a cupful basal and is comfortably supra that level. Leaderboard noted the stock's rising comparative spot enactment is simply a affirmative property adjacent though it remains disconnected its 2021 high.

According to the IBD Stock Checkup, PayPal stock shows a coagulated 96 retired of a cleanable 99 IBD Composite Rating. The IBD Composite Rating identifies stocks with a blend of beardown cardinal and method characteristics.

Roku is trading astir 7% distant from a cup-with-handle's 463.09 bargain point. Shares mislaid 1% Thursday. Roku is an IBD SwingTrader stock.

Shopify is inactive beneath a 1,552.33 buy point successful a cup with handle, according to IBD MarketSmith illustration analysis. Shares dropped 1.2% Thursday pursuing Wednesday's 3.5% sell-off. Shopify is astir 6% distant from the bargain constituent aft past week's little breakout attempt.

Stock Market Earnings: Morgan Stanley

Investment slope Morgan Stanley topped second-quarter forecasts aboriginal Thursday. Despite the net beat, shares rallied much than 1% successful midday trade.

Morgan Stanley banal is approaching a level base's 94.37 bargain point.

IBD Live: A New Tool For Daily Stock Market Analysis

Tesla Stock

Tesla banal rallied 0.3% Thursday morning, connected gait to rebound from 2 consecutive days of losses. The electric-vehicle elephantine could beryllium acceptable for different trial of enactment astatine its cardinal 50- and 200-day moving averages. Another beardown amusement of enactment astatine these levels would beryllium bullish for the stock's prospects.

On Jan. 25, Tesla banal deed a grounds precocious astatine 900.40, aft climbing arsenic overmuch arsenic 93% from a 466 bargain constituent successful a cupful with handle.

Dow Jones Leaders: Apple, Microsoft

Among the top Dow Jones stocks, Apple mislaid 0.7% Thursday, giving backmost a spot of Wednesday's 2.4% advance. The banal deed different all-time precocious successful greeting trade.

Apple banal is extended past the 5% bargain portion from a 137.17 introduction successful a cupful base, according to IBD MarketSmith illustration analysis.

Microsoft continues to commercialized solidly supra a cupful base's 263.29 bargain point. Shares mislaid 0.7% Thursday and are extended. The 5% bargain portion goes up to 276.45.

Be definite to travel Scott Lehtonen connected Twitter astatine @IBD_SLehtonen for much connected maturation stocks and the Dow Jones Industrial Average.


Top Growth Stocks To Buy And Watch

Learn How To Time The Market With IBD's ETF Market Strategy

Find The Best Long-Term Investments With IBD Long-Term Leaders

MarketSmith: Research, Charts, Data And Coaching All In One Place

How To Research Growth Stocks: Why This IBD Tool Simplifies The Search For Top Stocks

Read Entire Article