The Nasdaq composite led a mixed stock market Monday on a day of headlines for Tesla (TSLA) and Apple (AAPL). Crude oil futures slid.
The Nasdaq rose 0.5% to maintain a nearly two-week ascent. The S&P 500 erased early losses and was up a fraction. The Dow Jones Industrial Average fell 0.3%. Small caps also were down, with the Russell 2000 off 0.6%.
Volume fell on the Nasdaq and rose on the NYSE compared with the same time on Friday.
Tesla rose 5.4% after the company said it plans a new stock split.
“Tesla will ask shareholders to vote at this year’s annual meeting to authorize additional shares in order to enable a stock split,” the company said in its Twitter account. The size of the split was not mentioned. Tesla split its stock 5-for-1 in August 2020. Also, Tesla halted work at its Shanghai factory because of a Covid-19 surge.
Report: Apple To Cut IPhone SE Production
U.S. Stock Market Today Overview
|Last Update: 10:06 AM ET 3/28/2022|
Apple fell 0.3% after paring opening losses, on track to snap a nine-day win streak. A Nikkei Asia report said the company plans to make about 20% fewer iPhone SEs next quarter. Apple cited weaker demand for the lower-cost model, the report said.
But in good news for Apple, the company’s “CODA” won the Oscar for best picture. It is the first time a streaming service wins the top Oscar.
Although it didn’t win best picture, Netflix (NFLX) also came away with an Oscar. Jane Campion won best director for “The Power of the Dog.” Netflix shares rose 1% as they try to bottom out from a harsh decline.
Microsoft (MSFT) rose 1.9%, another boost to the Nasdaq, S&P 500 and tech sector.
Murphy USA (MUSA) rose above the 195.78 buy point of a cup-with-handle base in active trading. Murphy USA, which was discussed in IBD Stock Spotlight last week, is a chain of lower-cost gas stations. The buy range goes to 205.57.
Brown & Brown (BRO) broke out of a flat base in heavy volume. The buy range goes from the 70.85 entry to 74.39. The company is part of a group of insurance stocks that have been outperforming.
IBD 50 On Par With Stock Market
Innovator IBD 50 ETF (FFTY) rose 0.4%. Vertex Pharmaceuticals (VRTX) broke out of a cup-without-handle base. Volume was tracking about 50% above average, although the relative strength line has backed away from highs.
Tesla led the IBD 50, while shipping leaders Costamare (CMRE) and Zim Integrated Shipping (ZIM) rose more than 4%.
The price of U.S. crude oil tumbled 6.5% to $106.48 a barrel after rising nearly 9% last week. Energy Select Sector SPDR (XLE) fell 2.6%, making it the weakest S&P sector ETF.
Murphy Oil (MUR) gapped down to a loss of nearly 12%, threatening to end a solid advance from its Jan. 5 breakout.
Consumer Discretionary Select Sector SPDR (XLY) climbed 1.2%.
Stocks rose in China despite that authorities placed Shanghai in a lockdown to control a wave of Covid-19 cases. The Shanghai Composite edged up 0.1% while the Hong Kong Hang Seng rose 1.3%. But the Tokyo Nikkei 225 fell 0.7%.
In Europe, the London FTSE 100 was up 0.4% in afternoon trading. The Paris CAC 40 jumped 1.4% and Germany’s DAX climbed 1.5%.
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