The Dow Jones Industrial Average showed a mildly lower start in stocks today, down roughly 0.3% but keeping most of its moderate gains over the prior three sessions. Other indexes dropped harder. FAANG stocks showed mixed action in the early going. Moderna (MRNA), the Covid-19 vaccine leader, jumped more than 8% on Q4 results.
The biotech, a leader in messenger RNA technology, recently failed to break out of a new base. But it’s now getting solid buying support at the critical 50-day moving average. MRNA is also up sharply after surpassing a prior cup base with a 95.31 entry point.
Meanwhile, Teladoc (TDOC) sank for a fourth straight session after reporting a net loss of $3.74 a share in the fourth quarter. The online health-care provider posted accelerating top-line growth; Q4 revenue surged 145% to $383.3 million.
TDOC, testing its own 50-day line, is shaving gains from a big base that contains the elements of a double bottom and a handle entry at 236.76.
U.S. Stock Market Today Overview
Last Update: 10:14 AM ET 2/25/2021
Just after 10:15 a.m. ET, the Nasdaq and S&P 500 sank nearly 0.9% and 0.5%, respectively. Within the blue chip index, at least three components rose 1 point or more in the early going, including Covid-19 single-shot vaccine developer Johnson & Johnson (JNJ) and Nike (NKE). But the Dow Jones still fell fractionally.
The iShares Russell 2000 (IWM) ETF slipped 0.6% but is holding a small gain for the week.
Beyond Dow Jones
Watch how the stock market leader handles a possible second test of the 50-day moving average this week.
The commercial property REIT serving cannabis growers reported a sharp deceleration in bottom-line growth.
Funds from operations rose just 9% to $1.29 a share, down from year-over-year gains of 107%, 102% and 49%.
Revenue jumped by the triple digits again, up 110% to $37.1 million, a quarterly best.
The stock got early airplay in Thursday’s IBD Live show.
Also in Leaderboard, quarter-size position and consumer lending play Upstart (UPST) led the upside but remains volatile.
A chart annotation on the daily chart of Upstart highlighted an aggressive entry near 48-49.
On a portfolio-weighted basis, stocks on Leaderboard delivered a 58% return in 2020, vs. a 16.3% gain in the S&P 500 excluding dividends.
The U.S. Economy
Amid a pending Friday vote in the House of Representatives on President Joe Biden’s $1.9 trillion economic aid package, weekly jobless claims in the latest reported week fell to a still high 730,000.
Long-dated U.S. government bonds sold off again.
The yield on the key 10-year note jumped to a session high of 1.45%, reaching levels last seen in February 2020.
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