Dow Jones Drops As Apple Stock Rises; Donald Trump SPAC Falls Hard; Nike Rally

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The Dow Jones Industrial Average fell even as Apple (AAPL) fell and Nike (NKE) ran back into a buy zone. Donald Trump SPAC Digital World Acquisition (DWAC) took the dive following calls for an SEC investigation into the deal. Leaderboard stock Airbnb (ABNB) dropped amid rising concern over Covid.

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Meanwhile, a trio of stocks passed entries despite mixed action. Pfizer (PFE), Domino’s Pizza (DPZ) and Energy Recovery (ERII) moved above the buy points.

Nasdaq Increased As Tech Stocks Excel

The Nasdaq has earned a record amid continued enthusiasm for tech stocks. It ended with a gain of 0.4%. Intuit (INTU) is the top performer here, closing just over 10% on a beating revenue, with a highlight of strong growth in online accounting revenue.

The S&P 500 fought for momentum, ending 0.1%. Intuit was also the top performer here, while Devon Energy (DVN) went to the worst with a loss of 6.3%.

US Stock Market Overview Today Index Symbol Price Gain/Loss % Change Dow Jones (0DJIA) 35602.18 -268.77 -0.75 S&P 500 (0S & P5) 4697.98 -6.56 -0.14 Nasdaq (0NDQC) 1605.2000 +16057.243.2000 -0.91 IBD 50 ( FFTY) 50.64 -0.30 -0.59 Last Update: 4:04 PM ET 11/19/2021

S&P sectors ended the day mostly negative, with technology and equipment at their best. Financial and energy performed the worst.

Small caps struggled amid financial weakness. Russell 2000 closed about 0.9%. Stocks with small cap values ​​are struggling even as small cap growth stocks are entering new highs.

The bears ended up outscoring the bulls after a smooth session for growth stocks. The Innovator IBD 50 ETF (FFTY) closed 0.6%.

Dow Jones Slips As Apple Stock, Nike Do This

The Dow Jones Industrial Average struggled with a loss of 7%. It’s trending down the last three consecutive sessions.

It dropped even as Apple continued to drive higher following reports it was looking to bring an electric car to market as early as 2025. It ended up with a gain of 1.7%.

The iPhone maker is at the top of its buy zone from a cup-with-handle base, according to MarketSmith analysis. The ideal buying point is 153.26.

This was boosted following a Bloomberg report that said the tech giant had refocused its car project on full self -driving capabilities. There is speculation that it does not have a steering wheel.

But Nike is the highest running on the Dow Jones today. The stock closed higher as it gained an extra 2.1% in solid volume. This allowed it to sprint back above the 174.48 buy point. It had earlier cleared the entry in Nov. 4.

The shoe and athletics gear firm just finished its 20th consecutive year of dividend increases after boosting its quarterly dividend by 11% to 30.5 cents per share.

On Thursday, Nike said it had created Nikeland, a virtual world on the Roblox gaming platform. Nikeland lets players customize their avatar using Nike products.

Boeing (BA) is the Dow Jones ’biggest laggard. It fell 5.8%.

The drop came after the aerospace giant left with 98 aircraft orders and commitments at the Dubai Airshow. European rival Airbus (EADSY) left with a more impressive 408. Coronavirus concerns also weighed in.

Airbnb Stock Drops As Covid Concern Rises

Airbnb stock has fallen as the new coronavirus lockdown in Europe has raised fears about another wave of infections. Austria announced a full national Covid-19 lockout starting Monday, while Germany has refused to remove one.

ABNB stock closed 3.9%, which it saw flash a sell signal from its most recent entry of 211.44. It also dropped back below an alternative trendline buy point near 200.

Airbnb stock is a member of the prestigious IBD Leaderboard list of top growth stocks.

The U.S. economy is recovering from the Covid-19 pandemic, which triggered nationwide lockouts more than a year and a half ago.

The Food and Drug Administration expanded eligibility for the Covid vaccine booster shot on Friday. This applies to all adults and allows them to get vaccines made by either Moderna (MRNA) or Pfizer (PFE) -BioNTech (BNTX).

Moderna rose 4.9%, again reversing its 200-day moving average. Pfizer dropped, closing 1.2%. BioNTech got a strong increase of 5.7%.

Donald Trump SPAC is Diving Again

The Trump SPAC Digital World Acquisition collapsed on Friday. Its sliding follows calls for the Securities and Exchange Commission to conduct an investigation into the deal between Donald trump and Digital World Acquisition.

DWAC stock ended the session with a loss of 8.9% for the day. For the week it posted a painful loss of 13.5%.

It emerged on Thursday that Sen. Elizabeth Warren’s letter asking whether the company and Trump “may have committed securities violations by holding private and undisclosed discussions about the merger in May 2021, while deleting this information on the U.S. Securities and Exchange Commission (SEC) filings and other public statements. “

Digital World Acquisition had earlier risen on the news that it would serve as a vehicle to publicize Trump Media & Technology Group through a merger.

In addition to Truth Social, a social media site, the company plans to offer a subscription-based video-on-demand service to be called TMTG+.

SPAC stock is still rising significantly overall for the year, gaining 414% so far in 2021.

Market Rally Sends Mixed Messages; What to do now

These Stocks pass Purchase Points

Pfizer closed the day back at 51.96 its buy point from a cup-without-handle base point of purchase. It early cleared the level amid rising coronavirus concern.

Strong earnings and stock market performance earned the stock a near-perfect IBD Composite Rating of 97, out of 99.

Domino’s Pizza also slipped back below its entry after a short move above the consolidation pattern buy point of 548.82.

See if it can rally back to the top of the entry. The home delivery giant has seen its relative power line rise lately.

Energy Recovery had a better result as it closed its buy zone after clearing the consolidation entry of 23.79 in strong volume. It ended the day rising 3.4%.

The company manufactures energy recovery equipment for the oil and gas, chemical and water industries. It boasts an Accumulation/Distribution Rating of A, which shows strong buying in institutions of late.

Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.

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