Dow Jones Breaks Losing Streak As Nasdaq Closes Lower; This Energy Stock Scores Breakout
The Dow Jones Industrial Average rose in today's stock market and led the upside among the indexes. Meanwhile, the Nasdaq closed in the negative with a small loss.
Stock Market Today
The Nasdaq composite was down less than 0.1%. Meanwhile, the Dow Jones held a gain of 0.8% as the two key indexes diverged. Elsewhere, the S&P 500 posted a 0.2% gain after paring an afternoon loss. The Russell 2000 index showed strength with a gain of slightly less than 0.6%. Early data showed higher volume on the NYSE and on the Nasdaq vs. the close on Friday.
The Dow Jones finally broke its multiday losing streak, while the Nasdaq continued to suffer losses. At the end of last week, new data from the producer price index showed its largest year-over-year increase since 2010, indicating that inflation may persist. New data from the consumer price index, due tomorrow, is expected to show a rise of 5.3% in August over last year.
U.S. Stock Market Today Overview
Last Update: 4:36 PM ET 9/13/2021
Money moved out of bonds, causing the U.S. Treasury 10-year note's yield to move to 1.32%. Meanwhile, crude oil prices cruised higher with a gain of more than 1.2% to over $70 a barrel.
As for top growth stocks in the stock market, the Innovator IBD 50 ETF lost 2.7%. The ETF fell back below a 50.06 buy point and is now testing support at the 21-day exponential moving average. Stocks underperforming in the index included Dynavax and Affirm, which lost more than 16% and 11%, respectively.
Affirm faded gains and dropped over 10% after gapping up and rising more than 35% in heavy volume to its highest level since February on Friday. The stock showed strong June-quarter revenue and gross merchandise volume that beat expectations as its expanding merchant base overcame slowing growth.
Meanwhile, Cimarex Energy broke out from a cup base with a 76.49 buy point. Shares have been powering sharply higher since the end of August. But the stock closed just below the buy area on Monday. The buy zone tops out at 80.31.
Inside the Dow Jones, UnitedHealth and Boeing rose about 2% each, leading the blue chips on the upside. UnitedHealth attempted to regain its 50-day line after falling over 2.5% on Friday. Shares are now below a 422.63 buy point of a cup-with-handle. Meanwhile, Boeing remains underneath key support areas after falling below the 50-day line in August.
Apple traded slightly higher with a gain of 0.4% after a big drop of over 2% on Friday. The stock fell after a federal judge issued a decision largely siding with "Fortnite" developer Epic Games. The judge issued a permanent injunction that allows app developers to utilize third-party payment options in apps.
Nike, which fell 2% in heavy volume, led the downside on the Dow. The stock has formed a five-week flat base with a 174.48 buy point. Nike's earnings report is coming up, with results due Sept. 23 after the close.
Follow Rachel Fox on Twitter at @foxonstocks for more Dow Jones and market commentary.