The Dow Jones Industrial Average, S&P 500 and Nasdaq composite held modest gains in late-afternoon trading Thursday, although several top-rated growth stocks fell sharply. Chevron (CVX) and Nike (NKE) outperformed in the Dow Jones today, while earnings sell-offs for Micron Technology (MU) and Walgreens (WBA) weighed on the Nasdaq 100.
The Dow Jones was up 0.3%, while the S&P 500 marched to another new high, rising 0.5%. The Nasdaq added just 0.1%, but plenty of top-rated growth stocks were under selling pressure, including China stocks like UP Fintech (TIGR), 360 DigiTech (QFIN) and Futu (FUTU). Leading shipping stocks like Star Bulk Carriers (SBLK), Genco Shipping & Trading (GNK) and ZIM Integrated Shipping (ZIM) fell hard.
U.S. Stock Market Today Overview
Last Update: 2:52 PM ET 7/1/2021
In economic news, weekly jobless claims hit a fresh pandemic low, with claims falling 51,000 to 364,000. Meanwhile, the ISM Manufacturing index came in at 60.6, pretty much in line with the consensus estimate of 61.
Dow Jones Movers
Chevron stock gapped up and was holding slightly above its 50-day moving average. Truist Securities maintained a buy rating and raised Chevron’s price target to 144 from 130.
CVX stock has been moving sideways since March and only 5% off its high. Several oil and gas-related groups in IBD’s database outperformed, including the top-ranked exploration production group, which rose 2.7%
WTI crude oil futures settled at $75.23 a barrel, up 2.4%, even as OPEC+ ministers recommended a gradual increase in output of 400,000 barrels a day from August through December.
Walgreens was the big loser in the Dow Jones today, down 6%, despite reporting reporting a 94% surge in adjusted profit. Revenue increased 12% to $34 billion.
Buyers continued to push Nike higher after the stock gapped up last week on earnings. After soaring 20% last week, Nike stock was up nearly 2%.
Growth Stocks On The Move
Tempur Sealy (TPX) was a nice gainer in the MarketSmith Growth 250. The bedding manufacturer broke out of a flat base, rising 5% to 41.30.
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In the oil and gas space, Pioneer Natural Resources (PXD) gapped up and drew closer to a 173.04 buy point. Shares were up 3% to 167.85. Group peer Cimarex (XEC) added nearly 2% to 73.75 as it tries to clear a flat base with a 75.02 proper entry point.
The Innovator IBD 50 ETF (FFTY) gave back 1.5%, weighed down by a 14.5% decline in Novocure (NVCR), which released final safety and efficacy results from its Phase 2 pilot Hepanova trial in liver cancer.
After several IPOs scored bullish gains Wednesday, Krispy Kreme (DNUT) was up 14% to 19.41 after pricing last night at $17 per share. That was well below the proposed range of 21-24.
After soaring 48% Wednesday, biometrics security firm Clear Secure (YOU) added another 25% Wednesday. China-based Pop Culture Group (CPOP) soared another 100% Thursday after the company priced late Tuesday at $6 a share. Shares closed Wednesday at 30.30.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
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