The Dow Jones Industrial Average moved higher, while growth stocks faltered. Moderna (MRNA), BioNTech (BNTX), and Johnson & Johnson (JNJ) tumbled as scientists argued against Covid vaccine booster shots. InMode (INMD) was seeking support after a pointy sell-off. UnitedHealth (UNH) was the highest blue chip, while Apple (AAPL) was trying to fight back after Friday’s battering. Breakouts were thin on the bottom amid the mixed action, however, Cimarex Energy (XEC) passed a buy point amid strength in energy stocks.
Nasdaq Gains As Growth Stocks Struggle The Nasdaq was the weakest of the main indexes, slipping back 0.4%. Outside of Moderna, the most important laggard was the Chinese online travel stock Trip.com (TCOM). China stocks as an entire were weak as Beijing beefed up regulations. The broader S&P 500 index posted a more moderate loss of 0.2%. Chemical stock Albemarle (ALB) was one among the large laggards here, dipping almost 6%. The S&P sectors were mixed, with energy and financials making the simplest gains. Health and technology were the worst laggards.
Small caps are a bright spot for investors, boosted by strength in financials. The Russell 2000 was up 0.4%. However, growth stocks were mauled by the bears, with the Innovator IBD 50 ETF (FFTY) falling 3%. Dow Jones Today: UnitedHealth Stock Fights Back The Dow outperformed the opposite main indexes, rising 0.4% While Apple stole the headlines, UnitedHealth (UNH) was the most important thing about Friday’s down day for the index thanks to weighting. It was bouncing back well Monday, however, rising quite 2%. it’s now just shy of the key 50-day moving average. Leaderboard stock Apple also managed to maneuver higher following Friday’s sell-off, though its gain of 0.1% was weak.
Nike (NKE) was far and away from the most important laggard on the Dow Jones today. It dipped almost 3%, losing ground on its 50-day line. Moderna Stock Tumbles After Covid booster Blow
Vaccine stocks were pummeled after a replacement research paper came out that did not provide backing for Covid booster shots. Moderna stock tumbled almost 7%, though it remains well beyond the 50-day moving average. BioNTech is now trying to find support at the 50-day line, a key technical benchmark, after slipping quite 7%.
Johnson & Johnson, which isn’t as heavily reliant on vaccine revenue, gave up around 1%. it’s now seeking support at its 200-day moving average. Scientists said during a paper published within the Lancet medical journal that clinical studies don’t support the advantage of boosting Covid vaccinations. Outgoing vaccine experts with the Food and Drug Administration, Marion Gruber and Philip Krause, were among the report’s authors. Gruber and Krause are said to be quitting in frustration at the Biden administration’s decision to launch booster shots on Sept. 20.
Leaderboard Stock Seeks Support After Plunge InMode stock fell badly. it had been off session lows, but still an enormous loser. While it had been trying to rebound off its 50-day line, it remained down around 10%. The heavy volume move caused the stock to slice into its short-term moving averages. Nevertheless, it remains extended after previously reaching a 20% profit goal. InMode may be a member of the distinguished IBD Leaderboard list of leading growth stocks, but previously saw exposure dialed back after it moved above a channel line. it had been not the sole Leader that came struggling during a tough day for growth stocks.
Airbnb (ABNB) fell back almost 3% following a bearish analyst call. it’s now trading around the top of its buy zone from a 152.86 entry. The stock was beaten back after Goldman Sachs initiated coverage with a sell rating and a 132 price target. The short-term vacation rental company found support at its 21-day exponential moving average and is now trying to retake its 10-day line. Oil Stock Passes Buy Point As Energy Powers Up Cimarex Energy used the broad strength in energy to maneuver above a buy point. The oil stock moved above a cup without handle entry of 76.49, MarketSmith analysis shows. it’s currently slightly below this buy point. The relative strength line is spiking, while this is often a first-stage pattern. Such early-stage bases have more chance of success, consistent with Investor’s Business Daily research.
The stock boasts an honest mixture of the stock exchange and earnings performance. it’s ran the maximum amount as 535% above its 2020 lows. Other oil stocks were also doing well Monday because of West Texas intermediate oil prices moving above $70 a barrel. Marathon Oil (MRO) and APA (APA) both gained quite 7% each. EOG Resources (EOG) was up around 4%. U.S. oil prices are testing resistance around the $70 level since Sept. 2. Oil is now up 15.2% from a late-August low. The VanEck Oil Services ETF (OIH) was up almost 5%. This allowed it to maneuver above its 50-day average for the primary time since July.