The Dow Jones Industrial Average fell over 250 points in today’s trading as investors turned cautious amid September selling. Major Dow tech leaders including Apple (AAPL), Microsoft (MSFT) and Salesforce (CRM) all gave up between 2% to 3% each.
The Nasdaq fell roughly 2.1% Thursday early afternoon before trimming some of that loss, while at around 1:30 p.m. ET the S&P 500 was down 1.1%. The Dow declined less than 0.9% and the Russell 2000 small-cap index lost 0.7%. Volume was running higher on both exchanges vs. the same time on Wednesday.
Stock Market Today
Thursday morning, the Labor Department announced that weekly jobless claims measured 860,000 which was just above the Econoday consensus estimate of 850,000. But on the bright side, this was down from the 893,000 announced a week ago.
Despite recent volatility in the markets, the tech-heavy Nasdaq is still up a strong 23.2% for the year through the Sept. 16 close. Meanwhile, the S&P 500 is up 4.8% year to date, while the Dow is down 1.8% through Wednesday’s close. Investors may read The Big Picture for detailed market analysis.
After a difficult trading week last week, investors should be aware that IBD downgraded its market outlook to “uptrend under pressure” last week. The market downgrade is an important distinction that means investors should be more careful buying breakouts, since they now have a lower chance of working.
U.S. Stock Market Today Overview
Last Update: 1:26 PM ET 9/17/2020
Among the best ETFs, the Innovator IBD 50 (FFTY) exchange traded fund fell over 2% Thursday afternoon, after being turned away at the 50-day line. Losses from big names like Workday (WDAY) and Netflix (NFLX) weighed heavily on growth-focused index with declines of 4.2% and 3.8%, respectively.
As for the Dow Jones, Apple, Goldman Sachs (GS) and Salesforce led the downside with losses of 2.6%, 2.7% and 3.5%, respectively. Caterpillar (CAT) and Dow (DOW) led the upside with gains of 2.6% and 1.6%, respectively
Outside Dow Jones: Leaderboard Stocks
Beyond the Dow Jones, most Leaderboard stocks traded lower Thursday amid the broad market sell-off.
Recent additions to Leaderboard include Taiwan Semiconductor (TSM) which fell below the 84.10 flat-base buy point. Additionally, Agnico Eagle Mines (AEM) gapped below its buy range after a breakout from an 84.76 flat-base buy point Monday. Neither stock has triggered an official sell signal yet and both stocks maintain excellent Composite Ratings and RS Ratings above 90.
Elsewhere, Adobe (ADBE) fell close to 3% Thursday before shaving that loss. The stock market leader is once again testing support at the all-important 50-day moving average. The stock also is back below its 470.71 buy point, repeating a round-trip sell signal. The stock had already rebounded off the 50-day line last week, but that support is weakening since the company’s earnings report was released Tuesday.
Finally, Tesla (TSLA) declined close to 5% on Thursday.
Tesla, which is one of the more volatile Leaderboard stocks, has been rebounding from its 50-day moving average since early September. Shares hit an all-time high on Sept. 1, reaching 502.49 before reversing lower. The stock remains about 12% off its 52-week high amid the recent action.
For further in-depth analysis on other growth stock leaders, check IBD’s Leaderboard.
Follow Rachel Fox on Twitter at @foxonstocks for more market insight and Dow Jones commentary.
YOU MAY ALSO LIKE: