The Dow Jones Industrial Average lagged after President Joe Biden announced a new climate change target. However, the Nasdaq rallied on better-than-expected jobless claims data before pulling back, while Visa (V) passed a buy point as it led the blue chips.
Teradata (TDC) exploded on strong guidance, while Atkore (ATKR), Pool (POOL) and TransUnion (TRU) were among a cluster of stocks passing buy points. However, Leaderboard stock Lam Research (LRCX) slipped back into its buy zone despite posting strong earnings.
Biden Makes Climate Pledge; Strong Jobs Data
President Biden unveiled a new emissions target Thursday as a two-day virtual climate summit at the White House kicked off. The aim is to make emissions 50% to 52% lower in 2030 compared to levels in 2005.
“No nation can solve this crisis on our own. All of us, and particularly those of us that represent the world’s largest economies, we have to step up,” he said. “The signs are unmistakable, the science is undeniable and the cost of inaction keeps mounting.”
Emissions were projected to fall 21% in 2020 compared to the 2005 baseline. However, this is partly because of the Covid-19 pandemic. Emissions have been tracking higher this year again as the economy reopens.
Meanwhile, the Labor Department reported jobless claims dropped to 547,000 last week, falling from the prior week’s 586,000 claims. The 547,000 figure was better than consensus estimates.
Nasdaq, S&P 500 Struggle
The Nasdaq was the leading major index, but it fell out of positive territory to give up around 0.2%. China stock Pinduoduo (PDD) was leading with a gain of almost 5%, while Micron Technology (MU) was the biggest laggard as it fell more than 4%.
U.S. Stock Market Today Overview
Last Update: 1:20 PM ET 4/22/2021
The S&P 500 reversed lower, slipping a slender 0.4%. Chemical stock LyondellBasell Industries (LYB) was among the big laggards, ceding more than 4%. Equifax (EFX) was the standout performer after gaining more than 17%.
The S&P sectors were mixed. Industrials and real estate were leading, while consumer staples and materials lagged.
Small caps moved higher once again. While it ceded some early gains, the Russell 2000 was up around 0.3%.
Growth stocks were faring even better. The Innovator IBD 50 ETF (FFTY) also fell back, but was still up around 1%.
Dow Jones Lags As Visa Stock Passes Buy
The Dow Jones Industrial Average was the biggest loser, falling around 0.6%.
Chemical stock Dow (DOW) was the worst-performing component, giving up more than 5%.
Visa managed to pass a flat-base buy point of 228.33. The payments stock remained in buy zone, though it gave up some gains. It was up around 0.8%
Boeing (BA) was also another top Dow Jones performer. It closed in on its 50-day moving average as it rose 0.6%.
Teradata Stock Makes Monster Move
The database and analytics software surged after it issued preliminary Q1 earnings data well clear of prior guidance.
The stock has been benefiting from a boom in cloud computing amid coronavirus lockdowns.
While it fell from session highs, the stock is still up around 26%. It is now eyeing a consolidation pattern buy point of 59.68.
It holds a good, not great, IBD Composite Rating of 82. Earnings are expected on May 6.
These Growth Stocks Pass Buy Points
Infrastructure play Atkore passed a flat-base buy point of 75.6po0, according to MarketSmith analysis. However it has slipped back below its buy point. It holds a near-perfect Composite Rating of 98.
The Harvey, Ill.-based outfit makes electrical conduits, cable frames and related products used in larger commercial construction projects, energy generation and data centers.
Swimming pool equipment supplier Pool is in buy zone after passing a cup base buy point of 401.39. It gapped up in above-average volume on strong earnings.
TransUnion raced out of buy zone after passing a cup with handle buy point of 97.72. Stock market performance is a major weakness however, with its RS Rating sitting at 38.
Leaderboard Stock Falls Despite Strong Report
Lam Research fell more than 2%, giving up some of the gains it made Wednesday ahead of its report.
LRCX stock is now back in buy zone after previously clearing a consolidation pattern buy point of 603.70.
Lam Research crushed analyst estimates for the March quarter. It also posted upbeat guidance.
The Leaderboard stock holds a perfect 99 Composite Rating and sits at the summit of the Electronics-Semiconductor Equipment Industry Group.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.
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