The Dow Jones Industrial Average fell late, while the Nasdaq fell. Twitter (TWTR) turned around, with an analyst saying it’s time to sell because of Elon Musk’s takeover of “circus”. Tesla (TSLA) also slid lower, while Nike (NKE) was a top blue chip performer.
A number of stocks tested inputs despite the uncertain action. Star Bulk Carriers (SBLK), Owl Rock Capital (ORCC) and Service Corporation International (SCI) all moved over purchase points.
Volume was mixed, rising on the New York Stock Exchange but declining on the Nasdaq according to early data.
Meanwhile, the yield on the benchmark 10-year government bond rose around 14 basis points to 2.83%. Oil jumped, and West Texas Intermediate crude rose about 2% to more than $ 106 per barrel. barrel.
Investors digested economic data. Retail sales increased 0.5% in March compared to the previous month, broadly in line with economists’ expectations. Excluding cars, sales increased 1.1%, also in line with the views. The number of applications for unemployment rose last week to 175,000 from 167,000 the week before. However, this was below the 185,000 that economists had expected, according to Econoday data.
Nasdaq diver who gives spikes
Nasdaq took a dive as yields rose again. The technology-heavy index closed the day down by 2.1 per cent. China’s e-commerce stocks Pinduoduo (PDD) performed worst, falling almost 9%.
The S&P 500 also gave ground and fell 1.2%. State Street (STT) was also a laggard here as it fell 8.5%.
Overview of the US stock market today
|Index||Symbol||Price||Profit / loss||% Change|
|S&P 500||(0S & P5)||4392.62||-53.97||-1.21|
Last update: 16:08 ET 14/4/2022
The S&P sectors were mostly negative. Energy and supplies were the only areas in the green, while technology and communications services were the worst areas.
Small caps were also exposed to a bear attack, with Russell 2000 falling 1%.
Growth stocks offered no crumbs of comfort. Innovator IBD 50 ETF (FFTY), a bell for growth stocks, fell 1.1%.
The Dow Jones fights while Nike Stock leads
The Dow Jones Industrial Average closed the day down by more than 100 points due to late pressure. It slipped 0.3% lower.
The sportswear stock Nike performed best thanks to a gain of 4.7%. The NKE stock will now look to regain its 50-day moving average.
It was narrow in front Larva (CAT), which rose 4.4 per cent.
Apple (AAPL) and Sales force (CRM) were the worst laggards. AAPL shares closed 3% while Salesforce fell 3.2%.
Twitter shares mixed among Elon Musk ‘Circus’
Twitter shares were whipped during a twisted session. A wave of late sales caused it to close 1.7% lower.
The stock initially jumped on the news Elon Musk has offered to take the company privately before turning lower.
Musk offers 54.20 cash per. share to buy the rest, which he does not own, giving him 100% of the company, which he said is his “best and last offer” in a letter to Twitter chairman Bret Taylor.
Stifel analyst Mark Kelley downgraded the Twitter stock from team to sale on Thursday, warning that a “complete Elon circus” could result in a brutal withdrawal if he chooses to sell his 9.2% stake.
He also said that the takeover bid has set a “near-term ceiling on equities” and that the share price has now been detached from fundamental conditions.
Meanwhile, Musk said during a Ted2022 speech on Thursday that he has the assets to buy Twitter. He also said he “does not care about the economy at all” and that he is focused on having a reliable and inclusive public platform.
Meanwhile, the Wall Street Journal has reported that Twitter executives are considering implementing a so-called poison pill plan to prevent Musk from increasing its share significantly.
Tesla stock dives, loses key level
It looks like the Tesla stock may have been caught in the maelstrom as it slid down Thursday.
Investors may be worried that Musk is losing focus on the EV giant as he tries to take over Twitter.
The Tesla stock ended the session with a fall of 3.7% and finds that its relative strength line is faltering. It slipped just below the 1,000 level and its 21-day exponential moving average.
A wild card for Tesla owners is that earnings must be reported on April 20th.
One approach highlighted by Investors Business Daily is to use opportunities as a strategy to reduce the risk around earnings. It is a way of exploiting the upside potential of a stock’s movement around earnings, while reducing the downside risk.
A game plan and 5 shares for a split market rally; Tesla earnings due
Shipping Games among stocks Test of purchase points
Star Bulk Carriers clears its 10-week moving average bullish. This is used to offer an entry of 28.75 where the buying zone peaks at 31.62.
The Greek shipping giant impressed by showing strength during a broad withdrawal in transport names. It is now seeking to move higher again.
Its bullish behavior has given SBLK a place on the prestigious IBD Leaderboard list of top stocks.
Meanwhile, Owl Rock Capital is active after the stock climbed free of a 15.24 flat-base entry.
The stock is showing a rising relative strength line, which is an encouraging sign, especially during the current volatility of the stock market.
Owl Rock provides direct loans to mid-market companies. After several weak quarters, EPS rose 21% in Q4.
Hot industries come and go, but funerals will always be in demand. As such, Service Corporation International can be an attractive option for investors seeking stability in an uncertain market.
The stock is just below its entry level after previously moving free of a cup base buying point of 71.81. The overall performance is strong and its IBD Composite Rating comes in at 94 out of 99.
While earnings are seen to decline by 34% in 2022, it is expected to return in 2023, with growth of 10% seen by analysts.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analytics.
YOU CAN ALSO LIKE:
MarketSmith: Research, charts, data and coaching in one place
These are the 5 best stocks to buy and see now
This is the ultimate Warren Buffett stock, but should you buy it?
Software growth stocks to buy, watch or sell
This is the ultimate Donald Trump stock: Is DWAC a buy