Dow Jones Holds Firm Despite Apple Downdraft; Affirm Soars On Earnings, Crocs Stays In A Buy Zone

Major stock indexes traded near the flatline in afternoon trading Wednesday, unfazed by another hot reading in U.S. wholesale prices for August. Apple stock took heat in the Dow Jones today, down 2.5% on a negative court ruling, while semiconductor-equipment stocks outperformed and buoyed the Nasdaq.


Chip stocks were off highs but Intel (INTC) led the Dow Jones, up nearly 2%. Nike (NKE), Dow Inc. (DOW) and McDonald’s (MCD) also outperformed in the Dow Jones. Apple (AAPL) stock was under pressure after a judge ruled that Apple can no longer force developers to use in-app purchasing.

Outside The Dow Jones

Roblox (RBLX) strengthened after the Apple news hit, presumably because of increased revenue opportunity. RBLX stock was up 4% to around 90 as it approaches a 91.05 buy point.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 34897.45 +18.07 +0.05
S&P 500 (0S&P5) 4497.68 +4.40 +0.10
Nasdaq (0NDQC ) 15272.41 +24.16 +0.16
Russell 2000 (IWM) 224.06 +0.25 +0.11
IBD 50 (FFTY) 50.44 +0.19 +0.38
Last Update: 1:16 PM ET 9/10/2021

The S&P 500 and Russell 2000 small-cap index edged up 0.1%.

NYSE volume was flat compared to the same time Thursday. Nasdaq volume was higher.

The Nasdaq composite and Nasdaq 100 added around 0.2%. Peloton Interactive (PTON) was the best gainer in the Nasdaq 100, up 10% on news of a new apparel brand. Peloton is still more than 30% off its high, and its 200-day moving average, currently around 119, is a potential resistance level to watch.

Semiconductor equipment stocks also did well in the Nasdaq 100. Applied Materials (AMAT) gapped up early and broke out over a trend line, but the stock pared gains. KLA (KLAC) tried to clear a 356.81 buy point, but it also gave back early gains.

Both AMAT and KLA got some airplay on Friday’s IBD Live show.

On the earnings front, Affirm (AFRM) was the star of the day, up more than 30%. Late Thursday, the company reported a 71% surge in quarterly revenue. It also gave bullish revenue guidance and guided gross merchandise volume above expectations.

In the security software group, Zscaler (ZS) reversed lower despite another strong quarter of growth and bullish revenue guidance. ZS was on track for its fourth straight decline in heavy volume.

IBD 50 Movers

Inside the IBD 50, Singapore-based Sea Ltd. (SE) snapped back after a three-session pullback. Shares fell sharply Thursday on news of a stock and debt offering, but the stock’s uptrend is still intact.

Crocs (CROX) also performed well in the IBD 50, up 3%. It’s still in buy range after a successful test of the 10-week moving average.

Inside the MarketSmith Growth 250, Match (MTCH) soared more than 6% after the company’s Tinder unit named Renate Nyborg as CEO. Nyborg is replacing Jim Lanzone, who’s leaving to become CEO at Apollo-owned Yahoo.

Get Timely Buy And Sell Alerts With IBD Leaderboard

Several Leaderboard stocks outperformed, led by TopBuild (BLD), which joined the Leaders list Thursday. BLD stock broke out over a 229.99 entry but closed well off session highs. Shares bounced back and were up 2% in afternoon trading.

Unity Software (U) continued its rapid ascent, but it’s extended after an earlier breakout over a 115.60 buy point. Unity joined Leaderboard on Aug. 11 and the position was increased Aug. 20.

Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.


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