The Dow Jones Industrial Average slipped lower, even as component Apple (AAPL) passed a new buy point. Tesla (TSLA) stock also rose in a buy zone, even as Chinese rival Nio (NIO) lagged.
A few stocks were trying to stage breakouts, despite the mixed action in the stock market today. Signature Bank (SBNY), Brunswick (BC) and XPO Logistics (XPO) all moved above buy points. But all three names later retreated.
Stocks were mixed despite initial weekly jobless claims fell for a third straight week. They dipped to 375,000 in the week ended Aug. 7, according to the Labor Department. That was below the prior week’s upwardly revised 387,000 and also under analyst views for for 378,000 claims.
Producer prices rose 1% in July, above economist forecasts for a 0.6% increase. On a year-over-year basis, prices soared 7.8% vs. projections for a 7.3% gain.
Nasdaq Leads As Small Caps Lag
The Nasdaq composite fared best out of the major indexes, rising just over 0.3%. Covid vaccine play Moderna (MRNA) made the biggest move, rising more than 2%. Micron Technology (MU) was the biggest laggard, falling over 6%.
The S&P 500 was turning in a more modest gain of around 0.2%. Pharma stock Organon (OGN) led here, rising more than 11%.
U.S. Stock Market Today Overview
Last Update: 2:56 PM ET 8/12/2021
The S&P sectors were mixed, with health care and technology making the best gains. Industrials and energy were the biggest laggards.
Small caps were being mauled worst by the bears, with the Russell 2000 falling 0.3%.
In contrast, growth stocks shining brightest. The Innovator IBD 50 ETF (FFTY) was up nearly 0.9%. The fund managed to post a gain of 2.3% jump last week.
Dow Jones Lags As Apple Stock Offers Entry
The Dow Jones Industrial Average fared worst among the major indexes, slipping just under 0.1%.
The index was lagging, even as Apple stock outperformed. It is now offering a new buy point after passing a trend line. The ideal entry point here is 148, and it is buyable up to 155.40.
Its latest entry comes after Apple stock broke out of a cup base in late June. The tech giant is gearing up for the iPhone 13 launch next month.
The move saw Apple stock added to the prestigious Leaderboard list of leading growth stocks.
Apple led ahead of Salesforce.com (CRM), which rose almost 2%. American Express (AXP) was the worst laggard, dipping just over 1%.
Tesla Stock Boosted As Nio Falls
Tesla stock revved up almost 2% higher Thursday, It is now on track to break a two-day losing streak.
Shares are moved further above a 700.10 aggressive buy point deep inside a correction. A much deeper base also continues to take shape.
Earlier this week Tesla stock got a boost after Jefferies upgraded the stock to buy from hold. It also hiked its price target from 700 to 850. Analyst Philippe Houchois said the company is leading other automakers on earnings momentum and capital allocation.
On Jan. 25, Tesla stock hit a record high at 900.40, after climbing as much as 93% from a 466 buy point in a cup with handle.
Nio stock was having less luck, falling almost 4%. This caused it to lose ground on its converged 50-day and 200-day lines.
The Stocks Pass Buy
Signature Bank stock managed to move past a consolidation pattern buy point of 264.10. However it has now retreated back below the entry.
The regional bank stock, which operates in the New York metropolitan area, has a Composite Rating of 95. Stock market performance is actually outstripping earnings.
Marine propulsion products stock Brunswick also fell back under an entry, this time from a cup with handle base. The ideal buy point is 107.56.
Its 50-day line is slipping downwards, which is a concern.
XPO Logistics also staged a breakout, rising past a flat base entry of 89.38. However it is currently under its buy point.
The base is a second stage pattern, which is a positive. The RS line is also bending higher.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.
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