Key market indexes were positive midday Tuesday, as the Nasdaq led and the Dow Jones industrials held part of an early 343-point gain.
The Nasdaq rose 0.7%, the Dow Jones industrials gained 0.6% and the S&P 500 added 0.5% in the stock market today. Small caps tracked by the Russell 2000 climbed 0.5%. Volume was lower on both major exchanges vs. the same time Monday.
The stock market is trying to recover from Monday’s big sell-off, sparked by China property default fears. Investors are worried that Beijing will let China Evergrande Group fail, resulting in losses for shareholders and bondholders.
Today, the Federal Reserve kicks off its two-day monetary policy meeting. Investors will be looking for insight into the Fed’s plans regarding bond purchases and interest rates. A new policy statement comes out Wednesday.
U.S. Stock Market Today Overview
Last Update: 12:06 PM ET 9/21/2021
The U.S. economy continues to recover from the Covid-19 pandemic, which triggered nationwide lockdowns over a year ago. Most states had relaxed restrictions as vaccinations continued to roll out and cases decreased. But cases are rapidly rising again and mask mandates are returning in some states as the delta variant spreads.
Cumulative Covid-19 cases worldwide are approaching 230 million, with more than 4.7 million deaths, according to Worldometer. In the U.S., cases have topped 43 million with nearly 695,000 deaths.
Growth Stocks To Watch
Upstart (UPST) led the IBD 50 with an 8% surge to a new high in heavy trade. Shares are more than 60% extended from a 192.09 buy point of a cup base cleared last month, according to MarketSmith chart analysis. The consumer lending platform, which came public in December, is expected to turn its first annual profit this year.
InMode (INMD) soared nearly 7% in fast turnover to a new high. It’s well extended after a June breakout from a cup with handle and several pullbacks to the 10-week moving average.
But Bill.com (BILL) tumbled 6% in heavy volume, breaching its 21-day exponential moving average, on pace for a third straight slide. Shares are about 11% off their recent high. The back-office software maker for small and midsize businesses set a $1 billion stock offering. Bill.com also plans to offer $500,000 in convertible debt.
Outside the IBD 50, Uber Technologies (UBER) gapped up nearly 9% in fast turnover. If the gain holds, it would be Uber stock‘s first close above its 50-day line since early June. Shares remain more than 30% below their 52-week highs. The ride-hailing giant said it expects an adjusted profit in the current quarter. That would mark its first adjusted earnings.
Dow Jones Movers
American Express (AXP), up 1.7% led the upside on the blue chip index. It’s been shaping a flat base with a 179.77 buy point since late July, but has been stuck below its 50-day line for the past five weeks. Shares are about 9% away from the buy point.
Johnson & Johnson (JNJ) advanced 0.8% as it continues to test the 200-day line. J&J stock has fallen back below a 173.75 buy point of a flat base cleared last month. The health care giant said U.S. trial participants who got a booster shot of its Covid-19 vaccine two months after the first dose had 94% protection against symptomatic illness.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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