The Dow Jones Industrial Average fought back even as Microsoft (MSFT) stumbled amid weakness in technology. Tesla (TSLA) was holding firm even as Chinese rival Nio (NIO) took a dive on results.
A trio of stocks attempted breakouts despite the mixed action. Willscot Mobile Mini (WSC), CH Robinson Worldwide (CHRW) and Rada Electronic Industries (RADA) all tested buy points.
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Volume was lower on both the New York Stock Exchange and the Nasdaq. This is bad in the latter case as the index was lower.
Meanwhile, the yield on the benchmark 10-year Treasury note rose 15 basis points to 2.49%. Oil also rose, with West Texas Intermediate crude up 1.2% to nearly $114 per barrel.
In terms of the ongoing Ukraine war, Russia said the offensive is entering a new phase and that it will now be focusing on the eastern Donbas region. It remains to be seen whether attacks will be scaled back in other parts of the country however.
Nasdaq Forced Lower As Tech Stocks Struggle
The Nasdaq was being slapped lower amid weakness in technology. It fell 0.3%. Covid vaccine play Moderna (MRNA) was one of the worst laggards with a dip of more than 8%.
The S&P 500 battled out of negative territory to rise 0.3%. Mosaic (MOS) was shining here with a gain of about 4%.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 34797.68 | +89.74 | +0.26 |
| S&P 500 | (0S&P5) | 4535.73 | +15.57 | +0.34 |
| Nasdaq | (0NDQC ) | 14154.04 | -37.80 | -0.27 |
| Russell 2000 | (IWM) | 206.24 | +0.40 | +0.19 |
| IBD 50 | (FFTY) | 39.48 | -0.20 | -0.50 |
| Last Update: 2:56 PM ET 3/25/2022 | ||||
Curiously, most S&P sectors were in positive territory. Only technology and consumer discretionary were lagging, while utilities and energy were making the best gains.
Small caps looked to be fighting off the bears, with the Russell 2000 making a fractional gain.
Growth stocks were having worse luck though. The Innovator IBD 50 ETF (FFTY), a bellwether for growth stocks, tumbled 0.5%.
Dow Jones Today: Microsoft Stock Slips, Travelers Leads
The Dow Jones Industrial Average was also managing to overcome pressure, squeezing out a mild gain of 0.3%.
Insurance stock Travelers (TRV) was leading the way with a gain of 1.5%. It is currently extended beyond a 163.39 buy point, MarketSmith analysis shows. Chevron (CVX) had a near identical gain.
Leaderboard stock Microsoft was one of the worst laggards, though its loss of around 0.4% was slight.
But Salesforce.com (CRM) was the worst performer on the Dow Jones today. It is testing support at its 50-day line after dipping almost 2%.
Tesla Stock Steady As Rival Plunges
Tesla stock was managing to hold firm despite the fact rival Nio was plunging.
Tesla’s Chinese competitor was slammed almost 10% lower after delivering disappointing guidance. In addition it served up a wider-than-expected loss, though revenue was better than Wall Street projections.
Nio stock lost further ground on its 50-day and 200-day moving averages.
While Nio was plunging, Tesla stock managed to hold a marginal gain. It’s holding above the 1,000 level, continuing to build a cup base. It remains well shy of a 1208.10 entry though.
Tesla is a member of the prestigious IBD Leaderboard list of leading growth stocks.
Among related stocks, Ford (F) fell more than 2% and General Motors (GM) dipped more than 1%. Lucid Motors (LCID) and Rivian Automotive (RIVN) both slid more than 5%.
These Stocks Test Buy Points
Willscot Mobile Mini is in its buy zone after clearing a double-bottom base, MarketSmith analysis shows. The ideal entry point here is 39.74.
The storage solutions stock boasts top notch price performance over the last 12 months, but earnings are lagging. Nevertheless, Big Money has been piling in of late.
CH Robinson Worldwide is also actionable after clearing a cup-with-handle entry of 107.68. This is a first-stage base, which is a positive.
The logistics stock boasts good all-around performance and it has also been seeing rising institutional investment.
Rada Electronic Industries is now extended after it broke out of a very long cup base. The buy point here was 14.90.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.
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The post Dow Jones Up As Microsoft Stumbles; Tesla Stock Steady As Rival Dives; 3 Stocks Test Buy Points appeared first on Investor’s Business Daily.
