Key indexes finished mixed Friday, as the Nasdaq hit a new high and the Dow Jones Industrial Average closed off the day's lows.
XThe Nasdaq climbed 0.1% in the stock market today, while the S&P 500 gave up 0.3% and the Dow Jones industrials fell 0.6%. Small caps tracked by the Russell 2000 outperformed, up 0.9%. Early data show mixed volume, higher on the NYSE but lower on the Nasdaq, vs. Thursday.
President Joe Biden has signed multiple executive orders since his Jan. 20 inauguration. Many are aimed at controlling the coronavirus pandemic. Meantime, House Speaker Nancy Pelosi plans to send an article of impeachment against ex-President Trump to the Senate on Monday, according to Senate Majority Leader Chuck Schumer.
Tech stocks boosted the Nasdaq to a 43.6% gain in 2020 for its fifth best year ever. The S&P 500 rose 16.3% and the Dow added 7.2%. Read The Big Picture for detailed daily market analysis.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 30996.98 | -179.03 | -0.57 |
| S&P 500 | (0S&P5) | 3841.47 | -11.60 | -0.30 |
| Nasdaq | (0NDQC ) | 13543.06 | +12.15 | +0.09 |
| Russell 2000 | (IWM) | 214.97 | +2.44 | +1.15 |
| IBD 50 | (FFTY) | 46.19 | +0.07 | +0.15 |
Last Update: 4:10 PM ET 1/22/2021 |
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On Nov. 4, after Election Day, IBD's market outlook returned to "confirmed uptrend" as the major indexes staged big rallies. That gave the green light to buy leading stocks that are breaking out of solid bases.
Covid-19 Update
Meantime, Covid-19 cases continue to rise globally. Worldwide cumulative coronavirus cases have topped 98.4 million, with over 2.1 million deaths, according to Worldometer. In the U.S., confirmed cases since the beginning of the pandemic surpassed 25.2 million, with a death toll close to 421,000.
As countries rush to get more vaccines approved, Johnson & Johnson (JNJ) climbed 1.1% to a new closing high. The drug giant has enough data to start analysis on its Covid-19 vaccine in a week or two, Dr. Anthony Fauci announced Thursday. Fauci is Biden's chief medical advisor.
J&J's vaccine would require only one dose. The Pfizer (PFE)/BioNTech (BNTX) and Moderna (MRNA) vaccines, which are already being distributed, require two doses. Johnson & Johnson aims to have "enough vaccines for 100 million Americans by spring, by this April or so," J&J board member Dr. Mark McClellan told CNBC on Thursday.
J&J stock is now extended from a 155.57 buy point of a flat base cleared last month, according to MarketSmith chart analysis.
Stock Market ETF Strategy And How To Invest
Dow Losers And Winners
IBM (IBM) and Intel (INTC) weighed on the Dow after they reported earnings late Thursday.
IBM stock plunged 10%, gapping down below its 50-day and 200-day moving averages for the first time in two months. Big Blue's Q4 earnings topped views, but sales missed. Shares are nearly 25% off their 52-week high.
Intel sank 9% in heavy volume, despite delivering Q4 results that beat forecasts on both the top and bottom lines. The chip giant also guided higher for the current period. Intel stock has been shaping the right side of a long cup base with a 65.21 buy point.
Among Dow winners, Salesforce.com (CRM), Home Depot (HD) and Apple (AAPL) gained nearly 2% each.
Apple surpassed a 138.89 handle buy point, which it briefly climbed past on Thursday. Shares are well extended from aggressive early entries at 125.40 and 122.09. Morgan Stanley on Thursday reiterated its overweight rating on Apple and hiked its price target to 152 from 144.
Analysts expect the iPhone maker to earn $1.40 a share on $102.62 billion in sales when it reports fiscal Q1 results Wednesday after the close.
Super regional banks, software and biotech stocks led the upside among IBD's 197 industry groups. Hotel, travel bookers and chip stocks lagged.
Growth Stocks On The Move
Friday's breakout stocks included Cambium Networks (CMBM), which surged 9% to clear a 32.48 cup-base entry. The potential buy range topped out at 34.10. The wireless broadband infrastructure provider has a 98 Composite Rating, of 99, and a 97 Relative Strength Rating. Cambium is a MarketSmith Growth 250 stock. Average dollar volume is on the thin side at roughly $15 million per day.
Over in the IBD 50, Digital Turbine (APPS) and Ligand Pharmaceuticals (LGND) rallied a respective 10% and 6%.
The Innovator IBD 50 ETF (FFTY) edged 0.2% higher despite 2% or bigger losses from Chegg (CHGG), Taiwan Semiconductor (TSM) and Pacira BioSciences (PCRX).
Follow Nancy Gondo on Twitter at @IBD_NGondo
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