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Dow Jones Slips As Indexes Reverse Lower; Antitrust Ruling Hits Apple; Economic Data Points To More Inflation

The Dow Jones Industrial Average fell in today’s stock market, after turning positive briefly. A midday boost that put indexes in the green faded, leaving the market on track to close lower.




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Stock Market Today

The Nasdaq composite was down 0.3%. The Dow Jones also held a loss of 0.3%, while the S&P 500 followed suit with a 0.3% drop. The Russell 2000 index showed a loss of less than 0.1%. Data showed lower volume on the NYSE and higher volume on the Nasdaq vs. the same time on Thursday.

The major indexes remain on track to notch a fifth straight day of losses Friday.  Money moved into bonds, causing the U.S. Treasury 10-year note’s yield to move to 1.34%. Meanwhile, crude oil prices cruised higher with a gain of over 2%, up to nearly $70 a barrel.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 34733.80 -145.58 -0.42
S&P 500 (0S&P5) 4474.72 -18.56 -0.41
Nasdaq (0NDQC ) 15166.99 -81.26 -0.53
Russell 2000 (IWM) 222.76 -1.05 -0.47
IBD 50 (FFTY) 49.90 -0.35 -0.70
Last Update: 3:28 PM ET 9/10/2021

President Joe Biden spoke with Chinese President Xi Jinping by phone call late Thursday for the first time since February. A White House statement said the “two leaders discussed the responsibility of both nations to ensure competition does not veer into conflict.”

Data released Friday showed the producer price index rose by 0.7% in July from the month prior. It also jumped 8.3% on a year-over-year basis, the largest increased since November 2010. This suggests high inflation may likely persist while the pandemic places extra strain on global supply chains.

Dow Jones: Apple Stock Hit By Antitrust Lawsuit

Inside the Dow Jones, Apple (AAPL) and UnitedHealth (UNH) were among the worst performers with decreases of over 2% each.

Apple stock reversed lower and is on pace to notch a third straight day of losses. On Friday, the stock fell after a federal judge issued a decision largely siding with “Fortnite” developer Epic Games. The judge issued a permanent injunction that allows app developers to utilize third-party payment options in apps.

Apple currently prohibits developers from providing links that direct users from Apple’s in-app purchasing. This has a positive impact on app-driven companies like Spotify (SPOT), Zynga (ZNGA) and Roblox (RBLX), which rose 1.9%, 2.3% and 7.7%, respectively.

UnitedHealth fell well below its 50-day line. This was the first unsuccessful test of this key area of support since June. Shares are now below a 422.63 buy point of a cup-with-handle.

Meanwhile, Nike (NKE) and Intel (INTC) bucked the downtrend and held gains of 0.9% and 1.3% each.

Growth Stocks To Watch

As for top growth stocks in the stock market, the Innovator IBD 50 ETF (FFTY) traded 0.3% higher, beating the major indexes. The ETF traded above a 50.06 buy point. Stocks outperforming in the index included Celsius Holdings (CELH) and TaskUs (TASK), which gained more than 6% and 5%, respectively.

Celsius Holdings, a fitness drink maker, became further extended from the buy zone of an 80.10 entry. Shares have gained momentum this week and are headed for a weekly gain of over 6%.

Affirm (AFRM) gapped up and soared more than 35% in heavy volume to its highest level since February. The stock showed strong June-quarter revenue and gross merchandise volume that beat expectations as its expanding merchant base overcame slowing growth. However, the company has reported four straight quarters of losses and is expected to have another annual loss.

The consumer financing firm’s initial public offering in January raised $1.2 billion.

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

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