Dow Jones Dips As Apple Drives Higher; Nike Runs Into Buy Zone; Donald Trump SPAC Dives Again

The Dow Jones Industrial Average fell even as Apple (AAPL) popped and Nike (NKE) ran back into a buy zone. The Donald Trump SPAC Digital World Acquisition (DWAC) continued to fall following calls for an SEC probe into the deal. Leaderboard stock Airbnb (ABNB) dipped amid rising Covid worries.


Meanwhile, a trio of stocks managed to pass entries despite the mixed action. Pfizer (PFE), Domino’s Pizza (DPZ) and Energy Recovery (ERII) moved above buy points.

Nasdaq Gains As Tech Stocks Excel

The Nasdaq benefited from continued enthusiasm for tech stocks. It was up about 0.5%. Intuit (INTU) was faring best here, shooting up more than 9% on an earnings beat, with strong growth in online accounting revenue a highlight.

The S&P 500 was struggling for momentum, dipping slightly into the red. Intuit was also the top performer here, while Apache parent APA Corp. (APA) weighed with a drop of more than 6%.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 35607.86 -263.09 -0.73
S&P 500 (0S&P5) 4702.25 -2.29 -0.05
Nasdaq (0NDQC ) 16074.13 +80.42 +0.50
Russell 2000 (IWM) 233.07 -1.79 -0.76
IBD 50 (FFTY) 50.93 -0.01 -0.02
Last Update: 2:50 PM ET 11/19/2021

The S&P sectors were mostly negative, but technology and consumer discretionary were both in the green. Financials and energy were the worst performers.

Small caps struggled amid the weakness among financials. The Russell 2000 was down about 0.8%. Small-cap value stocks were struggling even as small-cap growth stocks were hitting new highs.

The battle between the bulls and the bears was finely poised among growth stocks. The Innovator IBD 50 ETF (FFTY) was roughly flat.

Dow Jones Slips As Apple Stock, Nike Do This

The Dow Jones Industrial Average fell even as Apple continued to drive higher following reports it is looking to bring an electric car to market as early as 2025.

The iPhone maker is now extended past the buy zone of a cup-with-handle base, according to MarketSmith analysis. The ideal buy point was 153.26.

It has been boosted following a Bloomberg report which said the tech giant is refocusing its car project around full self-driving capabilities. There is speculation it will not even have a steering wheel.

But it was Nike that was running highest on the Dow Jones today. The stock gained almost 4% in solid volume as it ran past a 174.48 buy point. It had previously cleared the entry on Nov. 4.

The shoe and athletics gear firm has just notched its 20th straight year of dividend hikes after boosting its quarterly dividend by 11% to 30.5 cents per share.

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.

Boeing (BA) was the biggest Dow Jones laggard. It plunged more than 5%.

The decline comes after the aerospace giant walked away with aircraft orders and commitments at the Dubai Airshow. European rival Airbus (EADSY) walked away with a far more impressive 408. Coronavirus worries also weighed.

Airbnb Stock Dips As Covid Worries Rise

Airbnb stock fell as a new coronavirus lockdown Europe raised fears about another wave of infections.  Austria has announced a full national Covid-19 lockdown starting on Monday, while Germany has refused to rule one out.

ABNB stock was down around 4%, which saw it flash a sell signal from its latest entry of 211.44. It also dipped back below an alternate trendline buy point near 200.

Airbnb stock is a member of the prestigious IBD Leaderboard list of leading growth stocks.

The U.S. economy has been recovering from the Covid-19 pandemic, which triggered nationwide lockdowns more than a year-and-a-half ago.

The  Food and Drug Administration expanded eligibility for Covid vaccine booster shots Friday. It applies to all adults and enables them to get the vaccines made by either Moderna (MRNA) or Pfizer (PFE)-BioNTech (BNTX).

Moderna rose 5%, retaking its 200-day moving average. Pfizer pared its gain to 0.5% by midday. BioNTech was up nearly 4%.

Donald Trump SPAC Dives Again

The Trump SPAC Digital World Acquisition continued to fall Friday, following calls for the Securities and Exchange Commission to conduct a probe.

DWAC stock was down more than 7% for the day and is on track to fall 12% for the week.

It emerged Thursday that Sen. Elizabeth Warren had sent a letter questioning whether the company and Trump “may have committed securities violations by holding private and undisclosed discussions about the merger as early as May 2021, while omitting this information in U.S. Securities and Exchange Commission (SEC) filing and other public statements.”

Digital World Acquisition skyrocketed on the news it will serve as a vehicle to take the Trump Media & Technology Group public via a merger.

In addition to Truth Social, a social media site, the firm plans to offer a subscription-based video-on-demand service to be called TMTG+. The SPAC stock is still up bigly overall, gaining more than 450% so far in 2021. It’s been rangebound for a couple of weeks.

These Stocks Pass Buy Points

Pfizer was trading below its 51.96 buy point from a cup-without-handle base buy point. It had cleared the level early amid the rising coronavirus worries.

Strong earnings and stock market performance has earned the stock a near-perfect IBD Composite Rating of 97.

Domino’s Pizza also slipped back below its entry after briefly moving above a consolidation pattern buy point of 548.82.

Look to see if it can rally back above the entry going forward. The home delivery giant has seen its relative strength line spike higher of late.

Energy Recovery is in its buy zone after clearing a consolidation entry of 23.79 in strong volume.

The firm manufactures energy recovery devices for oil and gas, chemical and water industries. It boasts an Accumulation/Distribution Rating of A, which reflects strong buying among institutions of late.

Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.


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