Dow Jones Advances As Apple Falls To Key Level; Microsoft Jumps On Buyback Plan

The Dow Jones Industrial Average briefly rallied 130 points before paring gains Wednesday, as Apple stock fought for support at a key level. Microsoft jumped on stock buyback news, while Tesla stock looked to snap a win streak in today’s stock market.


Among the Dow Jones leaders, tech titan Apple (AAPL) dropped 0.7%, while Microsoft (MSFT) moved up 1.3% Wednesday. Nike (NKE) is tracing a new base, but is below a key technical level.

Tesla (TSLA) looked to snap two-day win streak Wednesday, sliding 0.5% in morning trade. The EV leader is just above a new entry. PayPal (PYPL) traded down 0.4% Wednesday, as it continues to offer a new buy point.

Among the top stocks to buy and watch, Palantir Technologies (PLTR), Shopify (SHOP), Yeti (YETI) and ZoomInfo (ZI) are in or near new buy zones.

Microsoft, PayPal and Tesla are IBD Leaderboard stocks. Yeti is an IBD IPO Leader. Nike was featured in this week’s Stocks Near A Buy Zone column. ZoomInfo was Tuesday’s IBD 50 Stocks To Watch pick.

Dow Jones Today

The Dow Jones Industrial Average moved up 0.15% Wednesday morning. The S&P 500 fought to hold a gain of less than 0.1%, while the tech-heavy Nasdaq traded down 0.3% in early action.

Among exchange traded funds, the Innovator IBD 50 (FFTY) added 0.1% Wednesday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) faded 0.5%. Meanwhile, the SPDR S&P 500 ETF (SPY) flattened after an early advance.

Stock Market Rally Continues

The Nasdaq is on pace to extend a five-day losing streak with mild losses Wednesday. The S&P 500 continues to look for support at its key 50-day line, while the Dow Jones Industrial Average is falling further below its own 50-day line.

Tuesday’s The Big Picture column commented, “IBD slices and dices the stock market into 197 industry groups. A few of these groups have shrunk to just a modicum of stocks and deserve less attention. But on Tuesday, selling was clearly pronounced in oil and gas exploration, telecom services and infrastructure, chemicals, banking and steel shares. At least three dozen industry groups centered around these areas slid 2% or more.”

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Dow Jones Stocks To Buy And Watch: Nike

Dow Jones leader Nike is tracing a flat base with a 174.48 buy point, according to IBD MarketSmith chart analysis. But shares are below their key 50-day moving average line. Retaking support at that critical level would be bullish for the stock’s immediate prospects. Shares were down 1% Wednesday.

Through Sept. 10, Nike was the No. 8 performer on the Dow Jones Industrial Average, advancing more than 15%. Goldman Sachs (GS) was the top Dow Jones stock with a year-to-date gain of 53% through Sept. 10.

Stocks To Buy And Watch: Palantir, Shopify, Yeti, ZoomInfo

Palantir Technologies is just above its cup-with-handle’s 26.04 buy point, according to IBD MarketSmith chart analysis, amid Wednesday morning’s 0.2% fall. The 5% buy area tops out at 27.34.

Shopify continues to trace a flat base that shows a 1,650.10 buy point, but is falling further below its 50-day moving average. According to IBD Stock CheckupSHOP stock boasts a 98 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating identifies stocks with a blend of strong fundamental and technical characteristics.

SHOP stock lost nearly 1% Wednesday.

IPO Leader Yeti is approaching a flat base’s 105.72 buy point, gaining 0.3% Wednesday morning. Bullishly, the stock’s relative strength line is near new highs, indicating strong stock market outperformance. The RS line should hit a new high on the breakout day, confirming the stock as a market leader.

Yeti was featured in last week’s IPO Leaders column.

Tuesday’s IBD 50 Stocks To Watch, ZoomInfo, is  trying to break out past a 67.73 buy point in a flat base following Tuesday’s breakout attempt, but is below the buy point. Shares lost 1.3% in morning trade.

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PayPal Stock

PayPal stock lost 0.4% Wednesday, threatening to fall after Tuesday’s 0.6% gain. The top stock is right at its 50-day moving average line.

PayPal is trading about 7% away from a flat base’s 310.26 buy point. Meanwhile, an aggressive entry looms at 296.80, or a dime above Wednesday’s high.

Tesla Stock

IBD Leaderboard stock Tesla stock dropped 0.5% early Wednesday, on pace to snap a two-day win streak. Tesla is in buy range above an alternate entry at 730. In recent weeks, shares regained their 700.10 aggressive buy point deep inside a correction. Meanwhile, a deep, large base continues to take shape.

On Jan. 25, Tesla stock hit a record high 900.40, after climbing as much as 93% from a 466 buy point in a cup-with-handle.

Dow Jones Leaders: Apple, Microsoft

Among the top Dow Jones stocks, Apple moved down 0.7% Wednesday, on pace to add to Tuesday’s losses. On Tuesday, the stock dropped 1% in the wake of the company’s iPhone 13 debut.

Apple stock is just below a 148 trendline buy point, while it battles for support at its key 50-day line.

Software giant Microsoft jumped 1.3% Wednesday after the company hiked its quarterly dividend by 11% to 62 cents a share. The tech giant also announced a $60 billion Microsoft stock buyback program. Shares are about 15% above a cup base’s 263.29 buy point and near new highs.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.


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