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Dow Jones Falls While Nasdaq Suffers End-Of-Day Sell-Off; These IBD 50 Stocks Are Actionable Now

The Dow Jones Industrial Average led the downside in today’s stock market and closed down nearly 550 points. The blue chip index closed at its lows of the day. The Nasdaq composite reversed lower after trading briefly higher midday.




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Dow Jones In The Stock Market Today

At the market close, the Nasdaq composite fell 0.4%, after a whipsaw trading session. The Dow Jones traded down around 1.6% after paring an early morning gain. The S&P 500 lost nearly 1.2%. The Russell 2000 closed down 1%. Early data showed higher volume on the NYSE and on the Nasdaq vs. the close on Wednesday.

Stocks were hit with a sudden sell-off in the final moments of trading on Thursday as all the indexes closed lower. September was certainly a hard month for stocks, with all the major indexes closing out one of their worst months in 2021. The S&P 500 finished September more than 4% lower. This is the index’s worst month since March 2020. September has proven to be a hard month for stocks, historically speaking.

Earlier in the day Thursday, the Nasdaq had a brief pickup in momentum after getting hit hardest during this week’s sell-off. The Technology Select Sector SPDR (XLK) closed 0.8% lower after notching a gain of 0.2% in early afternoon trading.

Meanwhile, the Energy Select Sector SPDR (XLE), which has been a leader in recent weeks, fell 1.5%. Subsequently, U.S. oil had a whipsaw trading day as well. The commodity first reversed lower as much as 1% from a prior gain. Then it regained its footing and closed 0.2% higher, at around $75 a barrel. The energy ETF remains around the highest point since July.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 33843.33 -547.39 -1.59
S&P 500 (0S&P5) 4307.44 -52.02 -1.19
Nasdaq (0NDQC ) 14448.58 -63.86 -0.44
Russell 2000 (IWM) 218.64 -2.18 -0.99
IBD 50 (FFTY) 47.37 -0.21 -0.44
Last Update: 4:02 PM ET 9/30/2021

In economic news, the Labor Department reported that initial jobless claims rose by 11,000 to a seasonally adjusted 362,000 last week. This beat the Econoday consensus forecast of 335,000, although still around the pandemic-era’s lows.

Growth Stocks To Watch

Growth stocks showed a flash of strength on Thursday, putting a pause on this week’s declines. But like the rest of the market, the Innovator IBD 50 ETF (FFTY) faded in the final hour of trading and closed 0.4% lower. Shares of the growth-focused ETF have fallen back below the buy zone of a 50.06 buy point in a long consolidation pattern. But the index is trying for support at its 10-week line after falling over 7% this week

Stocks outperforming in the IBD 50 Thursday included medical products developer Inspire Medical Systems (INSP) and software company Datadog (DDOG) which rose nearly 4% and over 2%, respectively.

Several market leaders are testing support at their 10-week line. Should these stocks finds support, that could lead to new buying opportunities. Some of these stocks in the IBD 50 included HubSpot (HUBS), Avantor (AVTR), Dexcom (DXCM) and Shockwave Medical (SWAV).

A stock on the MarketSmith Growth 250 list broke out past its key buy point as well. Western Alliance Bancorp (WAL) broke out from a 109.94 consolidation buy point. But shares pared their earlier gain to only 0.1% and closed below the 5% buy zone. The Phoenix-based bank did break out in heavier-than-normal volume, which is a bullish sign. Also, the company is one that could benefit from the recent rise in interest rates.

However, the yield’s climb cooled off Thursday after a sharp pickup since last week. The yield on the 10-year Treasury note fell 2 basis points to 1.52%.

IBD’s market outlook recently changed to “uptrend under pressure,” which means investors should be extra caution when initiating new positions. Take notice of any sell signals and also take profits when possible.

Follow Rachel Fox on Twitter at @foxonstocks for more Dow Jones and market commentary.

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