The Dow Jones Industrial Average whipsawed in late trading Thursday. A basket of homebuilding stocks, which have been acting well, stood out while Cathie Wood stocks sold off.
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Stocks were mixed after an opening rally trimmed losses booked in Wednesday’s late sell-off. The Dow Jones held a slight gain at 3 p.m. ET. Intel (INTC) and Microsoft (MSFT) rose in the Dow industrials.
The S&P 500 added just 0.1%.
Accenture (ACN) raced over 5% higher after earnings and lifted the index, along with Netflix (NFLX) and Regeneron Pharmaceuticals (REGN). Regeneron rose after its final-phase study of a treatment for “smoker’s lung” gave positive results.
The Nasdaq held a 0.9% gain at the hour. Among the many gainers, Monolithic Power Systems (MPWR) rose over 2% and is in a base with a 530.75 entry. Microchip Technology (MCHP) is also in a base with an 87.86 entry.
The small-cap Russell 2000 underperformed, falling more than 1%. The Innovator IBD 50 (FFTY) ETF rose 0.7%.
NYSE and Nasdaq volume was higher compared to the same time on Wednesday.
Crude oil fell to $69.50 per barrel while the yield on the 10-year Treasury note fell 9 basis points to 3.40%.
Dow Jones Stocks On Watch
Microsoft is back near a 276.86 entry. Apple (AAPL) rose 0.5% and held above resistance around 157. Nike (NKE) rebounded after selling off in reaction to Wednesday’s earnings report. Shares are testing support at their 50-day line as a flat base takes shape.
Movie theater stocks are having a run. Apple plans to spend $1 billion a year for movies to attract users to Apple TV+. AMC (AMC) and IMAX (IMAX) rose over 3% earlier but pared back gains in the afternoon.
A basket of homebuilding stocks posted strong gains. IBD Leaderboard stock Meritage Homes (MTH) is approaching a 117.32 buy point in a cup-with-handle base. D.R. Horton (DHI) is nearing its entry at 99.09. DHI is on IBD SwingTrader.
PulteGroup (PHM) is building a flat base with a 60.99 entry and KB Home (KBH) is fast-approaching a 41.02 entry. The iShares U.S. Home Construction ETF (ITB) shed early gains, dropping 0.2%.
Cathie Wood Stocks Sell Off
Outside the Dow Jones, Cathie Wood stock Block (SQ) sold off after short seller Hindenburg Research accused the payments software company of exaggerating its user count and playing down the cost to acquire new users.
Earlier, Wood sold some Coinbase (COIN) stock in the ARK Fintech Innovation ETF (ARKF), just ahead of an SEC warning of securities violations. COIN plunged 15%. Bitcoin rose above $28,000.
Weekly unemployment claims fell from 192,000 to 191,000. Econoday had predicted 195,000 filings for last week.
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