Stocks were mixed midday Tuesday, as the Dow Jones Industrial Average pared an earlier 228-point dive and the Nasdaq reversed higher.
The Dow Jones industrials fell 0.4%, the S&P 500 slipped 0.1% and the Nasdaq climbed 0.2% in the stock market today. Small caps tracked by the Russell 2000 dropped 0.4%. Volume was lower on both major exchanges vs. the same time Monday.
Early Tuesday, the Labor Department reported a 0.3% uptick in the August consumer price index. That was lower than July’s 0.5% increase and economists’ forecasts for a 0.4% advance. On a year-over-year basis, the index was up 5.3%, in line with expectations.
The U.S. economy continues to recover from the Covid-19 pandemic, which triggered nationwide lockdowns over a year ago. Most states had relaxed restrictions as vaccinations continued to roll out and cases decreased.
U.S. Stock Market Today Overview
Last Update: 12:12 PM ET 9/14/2021
But cases are rapidly rising again and mask mandates are returning in some states as the delta variant spreads.
Cumulative Covid-19 cases worldwide have topped 226 million, with nearly 4.7 million deaths, according to Worldometer. In the U.S., cases have surpassed 42 million with more than 680,000 deaths.
Growth Stocks To Watch
Oracle (ORCL) lost 3.5% in heavy trade to gap down below its 50-day moving average for the first time since late June. Late Monday, the database software maker reported its quarterly results. Three analysts raised their price targets on the stock, though Goldman Sachs lifted its target to just 66 and maintained a sell rating.
But Moderna (MRNA) rallied 5.5% to recover most of Monday’s 6.6% loss. The Massachusetts-based biotech and other Covid-19 vaccine makers took a hit Monday, after a bevy of scientists argued against Covid booster shots. Moderna stock is about 135% extended from a 189.10 buy point of a cup with handle cleared in June.
Palantir Technologies (PLTR) gained more than 2% to climb back above 26.04 buy point of a cup with handle, according to MarketSmith chart analysis. It remains in potential buy range, which tops out at 27.34. Palantir stock has an 89 Relative Strength Rating, which puts it in the top 11% of all stocks.
Deckers Outdoor (DECK), whose brands include Uggs and Teva, rose 3% in above-average volume. It’s on pace for a fourth straight advance. Shares are about 3% away from a 444.58 buy point of a six-week flat base. Deckers, with a best possible 99 Composite Rating and 99 Earnings Per Share Rating, was featured in Monday’s IBD 50 Stocks To Watch. It’s also a Leaderboard stock.
Dow Jones Movers
Walgreens, on track to extend its losing streak to four, moved further below its 200-day line after testing support on Monday. It’s still working on a consolidation that began in April, with a 57.15 buy point.
Travelers continues to trade slightly below a 162.81 buy point of a flat base it briefly cleared last month. JPMorgan is about 4% away from a 163.93 buy point of a cup with handle.
Microsoft (MSFT), up 1.1%, was the Dow’s biggest gainer. Shares are about 14% extended from a 263.29 buy point of a cup base. The base was second stage, which means the software maker could still have runway ahead. Stocks often make their biggest advance out of such early stage bases. Microsoft is an IBD Leaderboard and IBD Long-Term Leader stock.
Apple (AAPL), which halted a three-session slide on Monday, climbed 0.5%. Shares remain in potential buy range from a 148 trendline buy point. Apple will launch its “California Streaming” online event at 10 a.m. PT. It’s widely expected to introduce the iPhone 13 series and Apple Watch Series 7 wearables. Apple is also an IBD Leaderboard stock.
Follow Nancy Gondo on Twitter at @IBD_NGondo
YOU MAY ALSO LIKE: