The Nasdaq composite took a modest step back in afternoon trading Tuesday after a bullish four-session rally. The Dow Jones Industrial Average held a 0.3% gain, boosted by gains of least 1.5% by Boeing (BA) and Disney (DIS).
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The Nasdaq composite and Nasdaq 100 each fell 0.5%. Stock market bulls wouldn’t mind seeing both indexes pause after strong gains last week. It’s a distinct possibility for the composite, which has its sights set on the 16,000 level. Round numbers like this can often turn into resistance levels.
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Semiconductor stocks like Marvell Technology Group (MRVL), Micron Technology (MU) and Leaderboard stock Nvidia (NVDA) lagged in the Nasdaq 100, while beaten-down names like Activision Blizzard (ATVI), Starbucks (SBUX) and eBay (EBAY) outperformed.
Dow Jones Today
Boeing was a top gainer in the Dow, but the aerospace giant is still on a downtrend and below its 50-day moving average. Technically, Boeing broke out of a downtrend on Nov. 15, but sellers quickly knocked the stock below the 200-day moving average.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 36401.31 | +98.93 | +0.27 |
| S&P 500 | (0S&P5) | 4788.53 | -2.66 | -0.06 |
| Nasdaq | (0NDQC ) | 15799.74 | -71.52 | -0.45 |
| Russell 2000 | (IWM) | 223.09 | -1.03 | -0.46 |
| IBD 50 | (FFTY) | 45.62 | -0.47 | -1.02 |
| Last Update: 1:16 PM ET 12/28/2021 | ||||
Walt Disney also outperformed in the Dow Jones today, but like Boeing, it’s still on a downtrend.
Walgreens (WBA) added 1.4% amid strong buying demand in recent weeks. WBA stock is close to rising above its Sept. 3 high.
Outside the Dow Jones
The S&P 500 was lower by less than 0.1%. Airline stocks outperformed in the benchmark index, but sellers hit Dexcom (DXCM), Moderna (MRNA), Pfizer (PFE) and Nucor (NUE) hard. Pfizer slightly pierced last week’s low of 57.16 as it nears a test of the 21-day exponential moving average.
Retailer Dollar General (DG) was one of the top gainers in the S&P 500, up nearly 2%, as it closes in on a breakout try over a 231.83 buy point.
IBD Growth Screens
Overall, growth stocks succumbed to profit taking. After soaring nearly 5% last week, the Innovator IBD 50 ETF (FFTY) was down 1%. The exchange traded fund tracks the performance of the IBD 50 index, which focuses on growth stocks.
Top gainers in the IBD 50 Tuesday included Kinsale Capital Group (KNSL). But the thinly traded insurer is past the 5% buy zone after a breakout over a 217.09 buy point.
IBD 50 stock Simply Good Foods (SMPL) is still in buy range from a 41.45 entry, but it’s been a low-volume breakout so far and earnings are next week.
But Silvergate Capital (SI), SiTime (SITM) and Alpha & Omega Semiconductor (AOSL) lagged badly in the IBD 50, with losses of 4.5% to 6%.
Inside the MarketSmith Growth 250, Allegro Microsystems (ALGM) turned tail after a breakout attempt from a wide-and-loose, 15-week consolidation.
Wide and loose refers to volatile price swings in ALGM’s weekly chart, which mars the stock’s overall technical picture.
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Valvoline (VVV) was up 1.4% to 37.05. It’s near the top of a flat base with a 37.51 entry.
Meanwhile, marijuana REIT Innovative Industrial Properties (IIPR) popped above its 50-day line early Tuesday, but the stock fell off highs.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
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The post Dow Jones Aims For 5th Straight Gain As Boeing, Disney Lead The Way; Pfizer Stock Poised For Key Test appeared first on Investor’s Business Daily.
