The Dow Jones Industrial Average fell even as the Nasdaq rose as tech stocks outperformed. Apple (AAPL) and Microsoft (MSFT) were the top-performing blue chips. AMC Entertainment (AMC) rallied, even as other meme stocks such as GameStop (GME) struggled for momentum. Small caps were getting mauled by the bears.
Nasdaq Rises As Tech Stocks Charge
The Nasdaq was the top performing major index, rising 0.7%. Advanced Micro Devices (AMD) was the top performer, rising 6%.
The broad-based S&P 500 was not faring as well, and was basically flat. Solar stock Enphase Energy (ENPH) was leading, with a gain of more than 6%. Occidental Petroleum (OXY) fared worst, dipping around 7%.
The S&P sectors were mixed, with technology and health care leading the upside. Industrials and financials were the biggest laggards.
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Small caps were being mauled by the bears, with the Russell 2000 falling 1.4%. Growth stocks were having better luck, with the Innovator IBD 50 ETF (FFTY) basically flat.
Apple Stock Not Enough For Dow Jones
The Dow Jones Industrial Average was down around 0.6% and remains below its 50-day moving average.
Apple stock was among the best performers, rising just over 1%. The move saw the iPhone giant pull further clear of its 50-day moving average.
It has some way to go before it reaches a flat base buy point of 137.17, MarketSmith analysis shows.
Microsoft was also faring well, rising just over 1%. The Leaderboard stock is trying to reach a new buy point of 263.29.
AMC Stock Rallies As Other Meme Stocks Struggle
AMC stock was rallying strongly Thursday after the previous day’s steep drop. It surged around 10%, bucking the trend in a tough day for meme stocks.
The stock is faring well in 2021, despite its wild price swings. The stock is up more than 2,400% since the start of the year. The firm has been taking advantage of the spike in interest, raising $587 million after selling 11.55 million shares. They sold for an average price of around 50.85 per share.
GameStop, the best-known meme stock, rallied out of the red and was up just over 1%. The computer game retail stock is trying to break out of a short downtrend.
WWE stock, one of the latest additions to the meme stock roster, was body slammed however, dropping almost 2%. Unlike many meme stocks, the fake fighting play has solid earnings. Its EPS Rating comes in at 77.
This Leader Makes Bullish Move
Leaderboard stock Nvidia was making strong progress Thursday, rising around 5%. It is extended past an ideal buy point of 648.67.
The stock got a boost after Jefferies hiked its price target for the chip stock to 854 from 740.
“We see NVDA as a major beneficiary of the 4th Tectonic Shift in Computing, in which parallel processing captures share in the computing market,” analyst Mark Lipacis said in a note to clients.
He believes the firm’s decade-long investment in the CUDA parallel computing platform has resulted in a “multi-year competitive advantage.”
Old Favorite Among Breakouts
One-time Leaderboard stock PagSeguro Digital was among the stocks trying to stage breakouts Thursday.
The Brazilian payments stock is currently just below its entry after rising past a cup with handle buy point of 54.25, MarketSmith analysis shows.
The stock’s overall performance is not ideal however, which is reflected in its IBD Composite Rating of 61.
Figs was trading below its entry after briefly rising above an IPO base buy point of 36.19. Investors should treat this with caution, as IPO stocks are prone to wild price swings.
Wintrust Financial floundered after trying to break out of a cup with handle base. It has reversed lower, and is now well below its 82.25 buy point.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.
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