The Dow Jones Industrial Average was near session lows in today’s stock market while the Nasdaq composite faded to a modest loss. As Covid-19 cases continue to rise globally, the major indexes have drifted sideways after hitting new highs last week.
According to Worldometer, confirmed Covid-19 cases in the U.S. since the beginning of the pandemic are now close to 12.1 million, with the death toll over 258,000. As cases and deaths surge across the U.S., California and Ohio have ordered nightly curfews from 10 p.m. to 5 a.m. to curb social gatherings.
In late afternoon trading, the Dow Jones was down 0.8%. The S&P 500 traded 0.6% lower, while the Nasdaq eased 0.2%. The Russell 2000 small-cap index traded about 0.1% lower. Volume was mixed, trading lower on the NYSE and higher on the Nasdaq vs. the same time on Thursday, according to early data.
After a strong week of gains last week, the S&P 500 and Dow are on track to end this week down 0.4% and 0.5%, respectively. Meanwhile, the Nasdaq is on track to end the week with a 0.7% gain.
Stock Market Today
Among IBD’s 197 industry groups, utilities and communication services were among the only sections to post gains on Friday. Leading on the downside were oil and gas stocks, as well as transportation companies.
The Innovator IBD 50 ETF (FFTY) was up 0.9%, beating the major indexes. Shares of the growth-focused ETF are gaining momentum off the 50-day moving average. Top performers in the index on Friday included Digital Turbine (APPS) and computer software maker Cerence (CRNC), up 8.1% and 7.9% respectively.
Another IBD 50 stock, Futu Holdings (FUTU), triggered the eight-week hold rule, which occurs when a stock shoots 20% or higher in less than three weeks after the breakout. Shares of Futu have risen 24% from a 41.09 cup-based buy point in just six days.
Elsewhere in the market, several coronavirus plays gained as cases continue to rise. Stocks like Zoom Video Communications (ZM), Teledoc Health (TDOC) and Peloton Interactive (PTON) rose 6.4%, 4.3% and 5.2%.
Dow Jones Today
As for the Dow Jones, the majority of the 30 components traded lower. Stocks leading the index on the upside included Nike (NKE) and Chevron (CVX), which rose 0.8% and 0.3% respectively. On the downside, Boeing (BA) and American Express (AXP) led with losses of 2.2% and 1.5%.
Elsewhere, shares of Salesforce sold off 1% but are still up nearly 5% so far this week. The stock found support at the 50-day moving average recently. While the stock remains off its recent highs, it is nearing a prior buy point of 270.26 from a double-bottom base.
The company is set to report October-quarter earnings on Tuesday after the close of the market.
Meanwhile, Walmart stock fell back below its 5% buy zone of a 151.43 flat-base buy point. Walmart gained 2% on Thursday but sold off 1% on Friday. While the RS line is also trending higher, it remains off its recent highs.
Follow Rachel Fox on Twitter at @foxonstocks for more market insight and Dow Jones commentary.
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