The Dow Jones Industrial Average lagged the Nasdaq, even as it inched higher. Moderna (MRNA) and BioNTech (BNTX) took a dive as a CDC panel examined Covid vaccine booster shots. Meanwhile, Apple (AAPL) was the top blue chip, and Facebook (FB) passed a buy point.
Nasdaq Gains As Growth Stocks Lead
The Nasdaq was the leading major index, rising 1%. PayPal (PYPL) was the top performer, the Long-Term Leader rising almost 4% amid reports it is looking into offering a stock-trading platform to U.S. customers.
The S&P 500 also fared well, posting a gain of 0.6%. Occidental Petroleum (OXY) was the big winner here, rising almost 7%.
The S&P sectors were nearly all making gains, with technology and consumer discretionary leading. Energy and financials were the only areas in the red.
U.S. Stock Market Today Overview
Last Update: 2:54 PM ET 8/30/2021
Small caps were lagging amid the weakness in financials. The Russell 2000 fell about 0.3%.
Growth stocks were surging higher however, with the Innovator IBD 50 ETF (FFTY) powering up 1.3%.
Dow Jones Today: Apple Stock Pops, AXP Lags
The Dow Jones Industrial Average was lagging the other major indexes, and actually turned slightly negative.
Apple stock was the top stock on the Dow Jones today, rising about 3%. The stock is currently in a buy zone from a 148.00 entry.
The company is gearing up for the iPhone 13 launch next month, while an Apple electric vehicle is also rumored to be in the works.
American Express was the biggest laggard meanwhile, falling more than 2%. It was the day’s biggest loser on the Dow, with Goldman Sachs (GS) the next worst performer.
Moderna Stock, BioNTech Lag As CDC Muses Covid Vaccine Boosters
Moderna stock and BioNTech stock tumbled as medical experts met to weigh the risks and benefits of the White House’s plan to push Covid vaccine booster shots.
The Centers for Disease Control Advisory Committee on Immunization Practices is meeting today with a view to making an official recommendation on whether the U.S. should start administering booster shots.
The Biden administration hopes to start booster shots on Sept. 20, and CDC backing is key.
Moderna stock was down about 3% on the stock market today. It recently hit a peak of 497.49 on Aug. 6, but the vaccine stock has dropped off recently. It well clear of its 50-day line however.
BioNTech has also been falling, following a strong run which saw it peak at 464 on Aug. 10. The stock was down more than 3% for the day.
Leaderboard Stock Breaks Out
MercadoLibre managed to break out of a new cup-with-handle buy point. The ideal entry here is 1,899.43.
The relative strength line is trending upward, a good sign. However, MELI stock has slipped back under its buy zone.
MercadoLibre is the largest e-commerce company in Latin America, but it faces competition from Amazon.com.
In the second quarter, earnings per share jumped 23%, which is quite impressive when considering that the company’s profits vaulted 258% in the year-ago quarter.
Fellow Leaderboard stock Generac (GNRC) was also faring well, It comes after Bank of America reiterated a buy rating on the stock. The analyst said Hurricane Ida, the fifth-largest hurricane to hit the U.S. mainland, could be a “positive catalyst” for the backup power firm.
Facebook Stock Leads Names Passing Buy
UBS analyst John Hodulik rates Facebook stock as a buy with a 416 target. He said the firm’s long record of execution has earned the stock a “long leash.”
“Net-net, we continue to see FB’s ability to drive strong top line growth supported by their broader social commerce initiative and their opportunity to monetize under-monetized surfaces (Instagram Reels, Explore & Marketplace),” he said in a July 28 research note.
Matson stock managed to rise past a cup-without-handle entry of 79.15, MarketSmith analysis shows.
However this is a third-stage pattern, which is not ideal. Nevertheless, the transportation services stock boasts a strong mix of earnings and stock market performance.
Verve Therapeutics slipped back under its buy point after trying to break out of a cup-with-handle base. The ideal entry point here is 71.44.
The Cambridge, Mass.-based genetic medicines firm is developing cardiovascular health treatments. The IPO stock has yet to turn a profit, and analysts do not see the firm making money in 2021 or ’22.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.
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