The Dow Jones Industrial Average traded moderately lower in today’s stock market as the major indexes eased after hitting record highs last week. The Nasdaq led the indexes on the downside with a loss of over 1%.
Stock Market Today
At around 3 p.m. ET, the Nasdaq composite fell more than 1%. The S&P 500 traded around 0.5% lower while the Dow Jones posted a loss of over 0.3%. The small-cap Russell 2000 index lost 1.5% and was a market underperformer. Volume was running lower on the NYSE and on the Nasdaq, compared with the same time on Friday.
The major indexes all ended higher last week, for another straight weekly gain, after a slew of positive economic data boosted the market. The Nasdaq has recovered sharply in recent weeks and is now trading back near its record high from February.
However, shares pulled back on Monday, taking a break from the recent rally.
U.S. Stock Market Today Overview
Last Update: 3:06 PM ET 4/19/2021
On Monday, solar, software and automaker stocks led the downside among IBD’s 197 industry groups. Consumer electronics retailers, ship transporters and drugstore chain stocks were among the few outperformers.
Bank Stocks Breaking Out
On Monday, several bank stocks broke out from proper bases. But the Financial Select Sector SPDR ETF (XLF) was down slightly, trading 0.2% lower. While the index showed a decline, it still outperformed the major indexes.
HarborOne Bancorp traded inside a buy range after rising above a flat-base buy point of 14.43. The stock rose over 7% on Monday. HarborOne’s RS line has been climbing steadily in recent weeks but still remains slightly off highs.
Elsewhere, Capital Bancorp rose above a flat base 21.06 buy point. Shares gained more than 5% and traded near the upper edge of the buy zone. The company maintains a perfect 99 Composite and 99 EPS Rating. The RS line is also hitting new highs, a bullish sign.
Finally, First Republic Bank briefly broke out from a 180.45 buy point of a flat base. But shares fell back below this proper entry in early afternoon trading.
Stocks Near Buy Zones
MarketSmith Growth 250 stock Zebra Technologies (ZBRA) briefly broke out from a cup base with a 516.89 buy point. The stock traded back below the 5% buy zone, which topped out at 542.73, according to MarketSmith chart analysis.
Elsewhere, fellow MarketSmith Growth 250 stock and recent IPO debut Azek (AZEK) broke out from a consolidation with a 48.89 buy point. Shares declined over 1.5% and traded just below the 5% buy zone, which tops out at 51.33. The building construction products stock is up 25% year to date.
As for the Innovator IBD 50 ETF (FFTY), shares of the growth stock ETF fell roughly 2.6% as growth stocks lagged in Monday’s market. Stocks leading the downside in growth-focused ETFs were Cerence (CRNC) and Plby (PLBY) with losses of over 10% and 9%, respectively.
Dow Jones Today
Shares of Boeing posted a loss of over 2% Monday and it’s on track for a fourth straight decline. Shares topped a recent 244.18 buy point of a cup base but have since fallen back below this area. The stock has erased a 12% gain from the entry, triggering the round-trip sell signal.
Coca-Cola broke out past a 54.04 buy point of a cup with handle in heavy trade. Shares of the beverage giant fell back bellow the key 5% buy zone, which tops out at 56.74. Coca-Cola reported Q1 earnings and revenue that topped Wall Street targets.
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