The Dow Jones Industrial Average wobbled in late trading on Thursday. A basket of home construction stocks was highlighted, which has been doing well, while Cathie Wood shares sold off.
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Stocks were mixed after an opening rally trimmed losses in the late sell-off on Wednesday. The Dow Jones had a slight gain at 3 pm ET. Intel (INTC) and Microsoft (MSFT) rose on the Dow Industrials.
The S&P 500 added just 0.1%.
Accent (ACN) rose more than 5% after the earnings and lifted the index, along with Netflix (NFLX) and Regeneron Pharmaceuticals (REG.). Regeneron was lifted after its late-stage study of a “smoker’s lung” treatment yielded positive results.
The Nasdaq held a 0.9% gain on the hour. Among the many winners, monolithic power systems (MPWR) is up more than 2% and is at a base with an entry of 530.75. microchip technology (MCHP) is also on base with an entry of 87.86.
The small-cap Russell 2000 underperformed, falling more than 1%. The Innovator IBD 50 ETF (FFTY) rose 0.7%.
Volume on the NYSE and Nasdaq was higher compared to the same time on Wednesday.
Crude oil fell to $69.50 a barrel, while the yield on the 10-year Treasury note fell 9 basis points to 3.40%.
Dow Jones stocks on watch
Microsoft is back near an entry of 276.86. Apple (AAPL) rose 0.5% and remained above resistance around 157. Nike (NKE) rallied after selling off in reaction to Wednesday’s earnings report. Stocks are testing support at their 50-day line as a flat bottom takes shape.
Movie theater stocks are booming. Apple plans to spend a billion dollars a year on movies to attract users to Apple TV+. AMC (AMC) and IMAX (IMAX) was up more than 3% earlier but pared gains in the afternoon.
A basket of home construction stocks posted strong gains. IBD Classification Table houses of merit (MTH) is nearing a buy point of 117.32 on a cup-handle base. Dr Horton (DHI) is nearing its entry at 99.09. DHI is on IBD SwingTrader.
Pulte Group (PHM) is building a flat base with an entry of 60.99 and KB Home (KBH) is fast approaching the 41.02 entry. The iShares US Home Construction ETF (ITB) returned early gains, falling 0.2%.
Sale of Cathie Wood shares
Outside the Dow Jones, Cathie Wood stocks Block (SQ) was sold after short seller Hindenburg Research accused the payments software company of exaggerating its user numbers and underplaying the cost of acquiring new users.
Previously, Wood sold some coin base (COIN) on the ARK Fintech Innovation ETF (ARKF), just ahead of an SEC warning on securities violations. COIN plunged 15%. Bitcoin rose above $28,000.
Weekly jobless claims fell from 192,000 to 191,000. Econoday had forecast 195,000 filings for last week.
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