Major indexes fell to session lows as the market closed today. The Dow Jones Industrial Average sold 1.7%, to levels last seen in November 2020.
The S&P 500 pared some of the morning’s 0.5% loss, but lost ground again to close 1.5% lower. The Nasdaq was higher for a while but reversed down 1.5%. The Russell 2000, which posted a gain during the day, closed down 0.6%.
Volume on the NYSE and on the Nasdaq was lower, according to early figures.
Crude oil fell nearly 2% to $79.64 a barrel.
The yield on the benchmark 10-year Treasury note rose 6 basis points to 3.80%.
Personal consumption rose 0.4% in August after dropping 0.1% in July. However, according to Peter Essele, head of portfolio management at Commonwealth Financial, a buildup in durable goods inventories is likely to affect large retailers.
Healthcare stocks rally
There was a flurry of good news for Therapeutic Akero (AKRO), which is up 14% today. Shares more than doubled on September 13 after a study showed his drug improved liver fibrosis. The California-based biotech company closed a common stock public offering of 8.8 million shares at $26 per share on September 19.
Intercept pharmaceuticals (ICPT) lost 15% after its clinical trial failed to meet a key metric. Dow Jones Healthcare Leaders UnitedHealth (A H), Johnson & Johnson (JNJ) and Merck (MRK) are below their 50-day lines.
IBD 50 shares are moving today
Among IBD 50 stocks, the 50-day line remains a key level under watch. Solar business Phase (ENPH) fell below its 50-day line. Vertex Pharmaceuticals (VRTX) is in a flat base with a buy point of 306.05 and is above its 50-day line.
stride (LRN) is in a cup basis with a buy point of 45.03, also above the 50-day line. Manufacturer of materials for the home PGT Innovations (PGTI) is up sharply and is approaching a buy point of 23.46. Its relative strength line is at a 52-week high. He is testing his 50 day line.
Leader of the Dow Jones and Warren Buffett’s first title Apple (AAPL) fell significantly below its 50-day line. western oil (OXY), another Buffett stock, and super microcomputer (SMCI) made a round trip after breaking out, which is a sign of selling. These stocks are on the lookout for new bases.
Devon Energy (DV) rises after forming a very deep handle in a cup with a buy point of 75.37. Stocks are below their 50-day line.
Dow Jones stock moves after earnings
NikeEarnings for (NKE) fell 20% to 93 cents a share, but beat estimates by a penny. Revenue of $12.69 billion increased 4% on a currency-adjusted basis. But the sportswear leader lowered its outlook due to high inventory and a difficult currency environment for its overseas operations. Shares of the Dow Jones component fell nearly 13%.
Micron (MU) failed to meet reduced expectations on Thursday and erased most of its gains on Friday. Sales of $6.64 billion fell 20% year-over-year and missed views of $6.73 billion for the quarter ended Sept. 1. Earnings fell 40% from a year ago to $1.45 a share.
The memory chipmaker has significantly lowered its outlook for the current quarter. He now expects earnings of 4 cents a share and revenue of $4.25 billion. A year ago, it earned $2.16 a share on revenue of $7.69 billion. Top analyst Kinngai Chan lifted the stock to buy pending on Thursday.
Several technology leaders have been at multi-year lows. Dow Jones component Microsoft (MSFT) is at a level last seen in May 2021. Google parent Alphabet (GOOGL) is at the February 2021 low; Nvidia (NVDA) is at the March 2021 low; Intel (INTC) last saw this level in August 2015, when Advanced micro-systems (AMD) is at the July 2020 low. You’re here (TSLA) shares traded flat ahead of its expected AI day later in the day.
Bitcoin is down 55.7% for the year. On a monthly basis, however, Bitcoin performed better than the S&P 500. The major stock index fell more than 9% in September, according to IBD MarketSmith, while the cryptocurrency fell 2.3%.
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