Dow Drops 200 Points; Nasdaq Rallies As Lucid, Rivian Rev Up

Stocks were mixed midday Friday, as the Dow Jones Industrial Average fell 200 points but the Nasdaq extended its gains.


The Nasdaq rose 0.7%, the S&P 500 climbed 0.2% and the Dow Jones industrials fell 0.5% in the stock market today. Small caps tracked by the Russell 2000 slipped 0.6%. Volume was mixed, higher on the NYSE and lower on the Nasdaq, vs. the same time Thursday.

Among exchange traded funds, Innovator IBD 50 (FFTY) advanced 0.7%. The IBD 50 ETF has been finding support along its 21-day exponential moving average. The Nasdaq 100-tracking Invesco QQQ Trust (QQQ) traded up 0.6%.

The U.S. economy continues 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 parts of Europe are shutting down or planning to do so again, and cases are rising again even in parts of the U.S.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 35680.76 -190.19 -0.53
S&P 500 (0S&P5) 4709.18 +4.64 +0.10
Nasdaq (0NDQC ) 16102.05 +108.34 +0.68
Russell 2000 (IWM) 233.43 -1.43 -0.61
IBD 50 (FFTY) 51.31 +0.37 +0.73
Last Update: 12:04 PM ET 11/19/2021

On Friday, the Food and Drug Administration expanded eligibility for Covid vaccine booster shots. The new authorization applies to all adults and to vaccines made by Moderna (MRNA) and from the Pfizer (PFE)-BioNTech (BNTX) team.

Moderna rose 4% to retake its 200-day moving average line. Shares remain nearly 50% off their 52-week high reached in August. Pfizer, which rallied nearly 3% to break out past the 51.96 buy point of a cup-without-handle base, pared its gain to 0.5% by midday. BioNTech was up nearly 4%.

Globally, Covid-19 cases are approaching 257 million, with over 5 million deaths, according to Worldometer. In the U.S., cases have topped 48 million with more than 789,000 deaths.

Growth Stocks To Watch

Rivian Automotive (RIVN) rebounded 13%, recovering part of Thursday’s nearly 16% dive. RIVN stock closed Thursday more than 30% off the Tuesday high. It’s still up 74% from a Nov. 10 IPO price of 78 a share. But investors need to remember they should be disciplined about buying recent initial public offerings by waiting for an IPO base to form before considering a purchase.

Among other hot EV stocks, Lucid Motors (LCID) surged 12% in fast trade, on track to snap a two-day losing streak. Despite recent heavy losses, LCID stock remains far extended past a 28.49 buy point in a cup-with-handle base.

Over in the IBD 50, Zim Integrated Shipping Services (ZIM) soared 7% in fast turnover. It’s closing in on a 62.30 buy point of a cup base, according to MarketSmith chart analysis. The stock is now above a Nov. 3 high of 55.50, which aggressive investors could use as an early entry. Zim was featured in Thursday’s IBD 50 Stocks To Watch.

Roblox (RBLX) vaulted nearly 7% in heavy volume, on track for a new closing high. Shares have soared past the 20%-25% profit-taking goal, so investors could lock in some gains. Video game developer Roblox, a so-called metaverse stock, is on the IBD Leaderboard Watchlist.

On Thursday, Morgan Stanley maintained an overweight rating and boosted its price target on Roblox to 150 from 88. Roblox on Tuesday held its analyst day and last week reported strong Q3 results.

Among other IBD 50 winners, Confluent (CFLT), On Holding (ONON) and Enphase Energy (ENPH) advanced more than 4% each.

On the downside, Unity Software (U) fell more than 4% in heavy trade. The stock remains close to its all-time highs.

Dow Jones Movers

Nike (NKE) rallied 3% in above-average volume to climb back above a 174.48 buy point it first cleared on Nov. 4. The athletic shoe and apparel giant boosted its quarterly dividend 11% to 30.5 cents a share, marking its 20th straight year of dividend hikes.

On Thursday, Nike said it’s created Nikeland, a virtual world on the Roblox gaming platform. Nikeland lets players customize their avatar with Nike products.

Apple (AAPL) gained 1.2% in big volume to a new high, on pace to extend its win streak to six. Shares are nearly extended from a 153.26 buy point of a cup with handle. The buy range goes up to 160.92.

Apple stock rose 3% Thursday, following a Bloomberg report that the company is pushing to debut a fully autonomous Apple car as early as 2025.

But Boeing (BA) lost 4.5% in fast trade to breach its 50-day moving average. Chevron (CVX), Merck (MRK) and Dow Inc. (DOW) gave up more than 2% each.

Chevron slid nearly 3% in heavy trade to undercut a 113.21 entry of a cup base. The oil giant’s stock also fell below its 21-day exponential moving average. But it hasn’t triggered a sell signal. Crude oil prices dropped more than 4% to $75.50 a barrel.

Follow Nancy Gondo on Twitter at @IBD_NGondo


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