Dow Jones Slips Despite Apple’s Gain; Amazon Breaks Out; Retail Stocks Rally


    The big benchmarks remained mixed in afternoon trade Thursday, as Dow Jones stock Cisco held the industrials in the red.  Retailers, already in a positive mood after solid October data released on Tuesday, received another boost after strong earnings reports from Macy’s (M), Kohl’s (KSS), Victoria’s Secret (VSCO) and others. Chip stocks rallied as Taiwan Semiconductor (TSM) chased Nvidia (NVDA) up the Philadelphia semiconductor index.




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    The Nasdaq Composite held fast to a near 0.4% gain. Nvidia, JD.com (JD) and Moderna (MRNA) ran at the head of the Nasdaq 100 in afternoon trade. Peloton (PTON) dived nearly 9%.

    The S&P 500 managed a 0.35% advance, with Nvidia and Bath & Body Works (BBWI) leading the index.

    Amazon Breaks out, Apple Leads Dow

    Amazon.com (AMZN) was also high on both the Nasdaq and S&P 500, up 3.5% — boosted by Thursday’s overall retail rally, and after Starbucks (SBUX) announced it would immediately launch a partnership with Amazon Go in a 59th St. store in New York. The move sent Amazon shares into a buy range above a cup-with-handle buy point at 3,605.55. The buy range extends to 3,785.83.

    U.S. Stock Market Today Overview

    Index Symbol Price Gain/Loss % Change
    Dow Jones (0DJIA) 35886.23 -44.82 -0.12
    S&P 500 (0S&P5) 4704.96 +16.29 +0.35
    Nasdaq (0NDQC ) 15977.42 +55.85 +0.35
    Russell 2000 (IWM) 234.57 -1.29 -0.55
    IBD 50 (FFTY) 50.93 +0.39 +0.77
    Last Update: 3:15 PM ET 11/18/2021

    Starbucks stock slipped a fraction.

    The Dow Jones wrestled with modest losses, but Apple (AAPL) plowed 2.8% higher in its buy range above a 153.26 entry in its own cup-with-handle base.

    Atkore (ATKR) and Nvidia paced the IBD 50 list; both are extended above recent buy points and up more than 8%. Nvidia is an IBD Leaderboard stock.

    Behind Nvidia on the Leaderboard list, minimill steelmaker Nucor (NUE) swung 3% higher, moving nearer to a 119.42 buy point in what IBD MarketSmith analysis plots on a daily chart as a cup-with-handle base. Nucor announced it would add blast and prime steelmaking lines to its $1.7 billion plate mill under construction in Brandenburg, Ky. The company expects the line to provide 120,000 tons a year of high-quality steel to make it more competitive in military, infrastructure, heavy equipment and offshore energy products.

    Leaderboard peer Airbnb (ABNB) popped 2.5%, also approaching a cup-with-handle buy point, at 211.44. The stock had dropped more than 7% below the entry after an initial breakout attempt on Wednesday. Moves of more than 7% to 8% below the entry would trigger the automatic sell rule.

    After the close, Applied Materials (AMAT), Ross Stores (ROST), Williams-Sonoma (WSM) and Intuit (INTU) are scheduled to report results.

    Also due to report is Beacon Roofing Supply (BECN), which is trading about 7% below a 61.03 buy point in a 28-week saucer base.

    You can find Alan R. Elliott on Twitter @IBD_Aelliott

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