Stock Market Mixed As Dow Hits Record High, Techs Still Struggle


The stock market remained divided Monday afternoon, with the technology sector lower and just about every other sector higher.




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The Nasdaq, which has a much heavier weighting in techs, was off 1.5% as indexes faded starting around 1:15 p.m. ET. Rising yields (the 10-year Treasury note reached 1.6% today) appeared to hit techs more than other sectors.

Semiconductors were the Nasdaq’s biggest problem. IBD’s three chip-related industry groups were in the bottom five of 197 groups, and the VanEck Vectors Semiconductor ETF (SMH) was down 3.5%. The major Nasdaq stocks such as Apple (AAPL), Alphabet (GOOGL) and Tesla (TSLA) were all lower.

The S&P 500 reduced its gain to 0.3% after being up nearly 1%. It is back above its 21-day exponential moving average. The index was at session highs.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 32134.49 +638.19 +2.03
S&P 500 (0S&P5) 3878.77 +36.83 +0.96
Nasdaq (0NDQC ) 12857.02 -63.13 -0.49
Russell 2000 (IWM) 221.72 +4.01 +1.84
IBD 50 (FFTY) 43.64 +0.11 +0.25
Last Update: 1:26 PM ET 3/8/2021

The Dow Jones Industrial Average added 2% and made a record high. Walt Disney (DIS) gapped up after California officials signaled that the company’s Disneyland and California Adventure parks can re-open on a limited basis on April 1.

The small-cap Russell 2000, which sprung up from the 50-day moving average Friday, climbed back above the 21-day line. It was up 0.7% after also paring gains.

Innovator IBD 50 ETF (FFTY) reversed lower and was off 0.4%. While there were many IBD 50 stocks higher, and some substantially, chip stocks weighed. ASML (ASML), Taiwan Semiconductor (TSM), Skyworks (SWKS) and other chip stocks were down 3% or more.

Volume on the NYSE and Nasdaq was lower compared with the same time on Friday.

Retail Among Top Stock Market Sectors

Retail was one of the strongest sectors, as consumer shares appeared to climb on the reopening of the economy. IBD’s consumer electronics, department store, discount and apparel retail groups were in the day’s top 15. Apparel brands and leisure products also were top-15 groups.

PVH (PVH) was among the consumer-stock breakouts today. The parent company of Calvin Klein, Van Heusen, IZOD and other brands topped a 108.94 buy point.

Airlines led the transportation sector with a 6% surge. JetBlue (JBLU), Alaska Air Group (ALK) and Southwest Airlines (LUV) made 52-week highs and are up more than 20% from their latest breakouts.

The Dow transports led with a 1.8% jump. Financials extended gains, with a few more in the sector clearing buy points.

Electronic commerce technology provider Fiserv (FISV) broke out of a cup with handle base, rising past the 120.60 buy point in heavy trading.

Insurer Allstate (ALL) rose above the 113 buy point of flat base. Volume was tracking more than double Allstate’s average.

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