The Dow Jones Industrial Average was leading a broad stock market fight-back amid improving jobless claims data. Cisco Systems (CSCO) and International Business Machines (IBM) were the leading blue chips, while Moderna (MRNA) stock was plunging despite reporting its first-ever profit.
There were also a number of stocks staging breakouts. Cathie Wood's ETF pick Deere (DE) passed a buy point. So did supermarket play Ingles Markets (IMKTA).
XThe Labor Department reported a drop to 498,000 initial jobless claims in the week ended May 1. This beat forecasts for a decline to 533,000 claims.
That was also down from the prior week's 590,000 claims, and the first week of fewer than 500,000 claims since the start of the pandemic.
Nasdaq, S&P 500 Turn Positive
The Nasdaq briefly rallied out of the red, but was basically flat. Pinduoduo (PDD) was the top performer, rising almost 4%.
The S&P 500 fared better, turning in a gain of around 0.3%. Corn flakes behemoth Kellogg (K) was the big winner here, gaining around 8% as earnings and revenue surpassed estimates.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 34405.15 | +174.81 | +0.51 |
| S&P 500 | (0S&P5) | 4181.11 | +13.52 | +0.32 |
| Nasdaq | (0NDQC ) | 13574.84 | -7.59 | -0.06 |
| Russell 2000 | (IWM) | 220.80 | -1.60 | -0.72 |
| IBD 50 | (FFTY) | 44.79 | -1.19 | -2.59 |
Last Update: 1:16 PM ET 5/6/2021 |
||||
The S&P sectors were largely positive. Consumer staples and communication services were leading, while health was the biggest laggard.
Small caps struggled, with the Russell 2000 falling around 0.7% on the stock market today. Growth stocks were faring even worse, with the Innovator IBD 50 ETF (FFTY) down around 2.6%.
Home Depot Stock Helps Dow Jones
The Dow Jones Industrial Average was the leading major index, posting a gain of 0.5%.
Cisco Systems was the best performing component, turning in a gain of around 2.5%. The gain saw Cisco stock break a downtrend.
IBM stock was following closely behind, turning in a gain of around 2%.
Amgen (AMGN) was the biggest laggard, falling around 0.6%.
Moderna Plunges Despite Profit
Moderna stock was battered lower after its first full quarter of Covid vaccine sales lagged forecasts. This overshadowed the fact it managed to post a profit for the first time ever. It has also been plunging on fears the Biden administration could waive patent protection for Covid vaccines.
Moderna posted adjusted EPS of $2.84 per share. That swung from a 35-cent loss in the year-earlier period, and was well clear of analyst views. However $1.94 billion in revenue, including $1.73 billion in sales of its Covid vaccine, was lower than expected. Wall Street was looking for $2.06 billion in sales.
Guidance for 2021 was a bright spot however. The firm expects $19.2 billion in sales this year based on its already-scheduled deliveries. Moderna also boosted its outlook for doses manufactured to 800 million this year. It's still working to hit 1 billion.
The biotech stock has plunged after nearly reaching a cup-base buy point at 189.36, according to MarketSmith analysis. It is down more than 2% for the day, and has surrendered more than 11% for the week.
Deere Stock Leads Breakouts
Farm equipment maker Deere has passed a cup-with-handle buy point of 386.16, MarketSmith analysis shows.
Deere is a favorite of popular stock picker Cathie Wood. It has won a spot on two of her ARK ETFs, ARK Autonomous Technology & Robotics (ARKQ) and ARK Space Exploration & Innovation (ARKX).
Deere was the IBD 50 Stocks To Watch pick for Wednesday.
North Carolina-based supermarket play Ingles Markets is also in a buy zone after breaking out of a flat base. The ideal entry point here is 65.75. Earnings are this stock's key strength, with its EPS Rating a strong 93 out of 99.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.
YOU MIGHT ALSO LIKE:
These Are The Best Robinhood Stocks To Buy Or Watch Now
Moderna Crashes As Sales Lag Estimates In First Profitable Quarter
Get Full Access To IBD Stock Lists And Ratings
What's New In IBD Leaderboard? Check Out Top Growth Stocks Here
These Are The 5 Best Stocks To Buy And Watch Now
"stock" - Google News
May 07, 2021 at 12:46AM
https://ift.tt/3b7Jvxm
Dow Jones Leads Stock Market Rebound; Moderna Stock Dives Despite Doing This - Investor's Business Daily
"stock" - Google News
https://ift.tt/37YwtPr
https://ift.tt/3b37xGF
Bagikan Berita Ini
0 Response to "Dow Jones Leads Stock Market Rebound; Moderna Stock Dives Despite Doing This - Investor's Business Daily"
Post a Comment