Stocks sold off early Friday, with the Dow Jones Industrial Average down nearly 600 points to drop back below a key support line.
X
The Dow Jones industrials dropped 1.7% to breach the 50-day moving average. The S&P 500 was down 1.5% and the Nasdaq slid 1.2%. Small caps tracked by the Russell 2000 fell 0.8%. Volume was higher on both major exchanges vs. the same time Thursday.
Among exchange traded funds on Thursday, Innovator IBD 50 (FFTY) fell 1.5% to a five-month low. The iShares Russell 1000 Growth ETF (IWF) lost 0.8% to slip below its 50-day moving average while Invesco QQQ Trust (QQQ) gave up 0.5% and also fell beneath its 50-day line.
The U.S. economy has been struggling to recover from the Covid-19 pandemic, which triggered nationwide lockdowns more than a year and a half ago. A resurgence in cases fueled by the more contagious delta variant had been slowing as vaccinations rise.
But a new coronavirus variant with a large number of mutations is raising concerns. Though much is still unknown about the omicron variant, currently available vaccinations and boosters may offer some protection against the highly transmissible virus.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 35293.07 | -604.57 | -1.68 |
| S&P 500 | (0S&P5) | 4601.11 | -67.56 | -1.45 |
| Nasdaq | (0NDQC ) | 14996.14 | -184.30 | -1.21 |
| Russell 2000 | (IWM) | 211.52 | -1.66 | -0.78 |
| IBD 50 | (FFTY) | 42.24 | -0.63 | -1.47 |
| Last Update: 10:20 AM ET 12/17/2021 | ||||
Globally, Covid-19 cases have topped 273 million, with over 5 million deaths, according to Worldometer. In the U.S., cases surpassed 51 million with nearly 825,000 deaths.
Growth Stocks To Watch
Rivian (RIVN) gapped down and plunged 11% to the lowest level since its Nov. 10 IPO. Late Thursday, the electric vehicle maker reported a much-wider-than-expected loss while revenue came in roughly in line at $1 million, in its first earnings report since going public. Rivian said it will miss its 2021 production target by a “few hundred vehicles.” It also said new orders placed today likely won’t be filled until 2023.
General Motors (GM) sank more than 6% in heavy trade to gap down below its 200-day moving average. That triggered the 7%-8% loss-cutting sell rule from a 58.70 buy point of a double-bottom base. Late Thursday, the carmaker said Dan Ammann, CEO of GM’s majority-owned Cruise, is leaving the self-driving car technology company immediately.
But FedEx (FDX) gapped up and soared 8% in fast turnover. After the close Thursday, the shipping giant reported fiscal Q2 earnings and revenue that beat Wall Street targets. It also announced a $5 billion stock buyback. FDX stock remains below its 200-day line and is nearly 20% off its 52-week high.
Cerner (CERN) surged 13% in heavy volume to a new high, while Oracle (ORCL) lost 5%, also in busy trade. Oracle slipped back below a 99.05 buy point of a flat base. The database software giant is in talks to buy medical software maker Cerner in a deal that could be worth $30 billion, the Wall Street Journal reported.
Dow Winners And Losers
Financials led the downside on the blue chip index as Goldman Sachs (GS), American Express (AXP) and JPMorgan (JPM) fell about 3% each.
Johnson & Johnson (JNJ) was down nearly 3%, on track to snap a four-session win streak. The stock is shaping the right side of a cup base with a 180.02 potential buy point.
On Thursday, the Centers for Disease Control and Prevention recommended Covid-19 vaccines from Pfizer (PFE) and partner BioNTech (BNTX) or Moderna (MRNA), over J&J’s vaccine.
Visa (V), Chevron (CVX) and Caterpillar (CAT) also gave up almost 3% each.
IBM (IBM) and Merck (MRK), up a respective 1.2% and 0.2%, were the only Dow stocks avoiding the sell-off.
IBD Newsletters
Get exclusive IBD analysis and actionable news daily.
SIGN UP NOW!
IBD Newsletters
Get exclusive IBD analysis and actionable news daily.
- Financial Advisor Update
- How To Invest
- Market Prep
- Tech Report
Please enter a valid email address Please select a newsletter GO
Get these newsletters delivered to your inbox & more info about our products & services. Privacy Policy & Terms of Use
x
Thank You!
You will now receive IBD Newsletters
ALL DONE!
Something Went Wrong!
Please contact customer service
CLOSE
Follow Nancy Gondo on Twitter at @IBD_NGondo
YOU MAY ALSO LIKE:
IBD 50 Stock Near Buy Point Amid Strong Rebound
Find The Best Long-Term Investments With IBD Long-Term Leaders
Learn How To Time The Market With IBD’s ETF Market Strategy
MarketSmith Provides Investing Tools That Are Easy To Use
The post Dow Jones Dives 600 Points As J&J Weighs; Rivian Skids On Earnings But FedEx Soars appeared first on Investor’s Business Daily.
