Dow Jones Mostly Flat, But Apple Closes In On Buy Point; Tesla Holds Up Despite Cautious UBS Note

The Dow Jones Industrial Average was mostly flat in afternoon trading, but the S&P 500 hit another new high, helped by strength in semiconductor stocks like Qorvo (QRVO), Skyworks Solutions (SWKS) and Advanced Micro Devices (AMD).


Morgan Stanley (MS) was another strong gainer in the S&P 500, up 3%, after the company doubled its quarterly dividend to 70 cents a share and announced a $12 billion share buyback.

With about one hour left to go in the session, the Dow Jones industrials were up 0.1%. Top gainers in the Dow Jones today included Nike (NKE), which added 2% after an inside day Monday. The inside day came after Nike stock gapped up powerfully Friday on strong earnings.

Dow Jones Leaders

Apple (AAPL) and Goldman Sachs (GS) also outperformed in the Dow Jones. Apple stock added 1% as it closes in quickly on a 137.17 buy point. With an Accumulation/Distribution Rating of D+ and an up/down volume ratio of 0.8, Apple is not showing meaningful signs of accumulation. But Apple stock has rallied nicely after hitting a low of 123.13 in early June.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 34278.78 -4.49 -0.01
S&P 500 (0S&P5) 4287.65 -2.96 -0.07
Nasdaq (0NDQC ) 14504.77 +4.26 +0.03
Russell 2000 (IWM) 228.80 -1.64 -0.71
IBD 50 (FFTY) 46.43 +0.10 +0.22
Last Update: 2:48 PM ET 6/29/2021

Dow Jones stock Goldman Sachs backed off highs but still rose 0.7% after the company raised its quarterly dividend to $2 a share from $1.25. Several large U.S. banks raised their dividends Tuesday after the Federal Reserve last week lifted restrictions on dividends and share buybacks. Dow Jones

Leaderboard stock Microsoft (MSFT) added 1%. The Dow Jones leader is still in the 5% buy zone after a breakout from a shallow cup base with a 263.29 buy point.

Outside The Dow Jones

The S&P eased 0.1%; the Nasdaq composite edged higher and the Russell 2000 small-cap index gave back 0.7%. Volume was mixed, with Nasdaq volume higher compared to the same time Monday. NYSE volume was lower.

The stock market is in a confirmed uptrend with a relatively light distribution day count. Headed into Tuesday, the Nasdaq composite and S&P 500 showed three higher volume declines in recent weeks. Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Covid-19 vaccine maker Moderna (MRNA) was a top gainer in the Nasdaq 100, up nearly 6% to an all-time high. The strength comes after a recent breakout over a 189.10 buy point and support at the 21-day exponential moving average. Pinduoduo (PDD) also outperformed in the Nasdaq 100, along with other China stocks like (JD) and NetEase (NTES).

Tesla (TSLA) eased 1.3%, but the stock continues to hold gains nicely after jumping nearly 8% last week. Tesla stock help up well Tuesday despite cautious comments from UBS, which lowered Tesla’s price target to 660 from 730, citing slowing momentum in China.

Apple, These 3 Chipmakers Near Buys As Market Rally Keeps Rising

Inside The MarketSmith Growth 250

Inside the MarketSmith Growth 250, China-based brokerage UP Fintech (TIGR) looked poised for its sixth straight gain as it closes in quickly on a 30.03 buy point. Shares were up nearly 5% to 29.63. But UP Fintech’s latest cup with handle base is far from perfect after a 67% pullback from peak to trough. The weekly chart shows a a lot of erratic, wide and loose weekly price swings, which also makes the pattern flawed.

Jefferies Financial (JEF) gapped up to the top of a 15-week consolidation after reporting strong earnings, but the stock backed off highs. Shares still rose 6.5%.

Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.


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