Wednesday, March 22, 2023
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Dow Jones Dips As Apple Helps Nasdaq Fly; Meta Stock Rockets After Mark Zuckerberg ‘Surprise’

The Dow Jones Industrial Average also closed lower as the Nasdaq soared more than 3%. meta platform ,meta) Mark Zuckerberg shared a surprise. Apple ,AAPL) surpassed earnings Microsoft ,msft) was a top blue chip.


New leaderboard members US Global Jets (jet) ETF climbed above a buy point. A trio of other notable names staged breakouts amid bullish action. chewer ,CHWY, tapestry ,TPR) And Arrow Electronics ,arw) All tested entries.

New Labor Department data showed first-time jobless claims fell to 183,000 versus 186,000 in the previous week. Analysts had expected them to rise to 193,000. The labor market continues to show strength, with first-time claims last week coming in much lower than for the second week in a row.

Nasdaq Jumps, Small Caps Shine

Today's action was significant because the stock market often has a two-day reaction to Fed meetings. Traders remained in risk-on mode today, with a virtuous performance from Fed Chairman Jerome Powell's post-meeting press conference boosting markets yesterday.

The Nasdaq was the strongest of the major indices as it gained 3.3%. DocuSign ,Document) did well here with a gain of 7.7%.

The S&P 500 rose 1.5% and reached its best level in five months. WW Granger ,GWW) was one of the stars here as it gained 13% on the company's quarterly results.

S&P 500 Sectors closed mixed, Consumer discretionary, communications services and technology were the best performers while consumer staples and energy were the worst laggards.

Small caps also impressed with the Russell 2000 rising 2.1%. Innovator IBD 50 ETF (ffty) 1% is ending.

Dow Jones Today: Microsoft, Apple Impress

The Dow Jones Industrial Average underperformed the other major indices, despite strong performance from some components. It closed lower but still fell 0.1%.

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Microsoft stock was the top performer on the Dow Jones today as it popped 4.7%. MSFT stock is now clear of its 200-day moving average for the first time since April. MarketSmith shows.

Apple stock also performed well, rising 3.7%. AAPL stock has also climbed above the 200-day line and is up more than 20% so far this year.

Wall Street is expecting an 8.1% decline in EPS to $1.93 in sales, according to Zacks Research, as Apple's earnings fell 2.2% to $121.21 billion.

on the downside, unitedhealth ,uhhh) And merck ,mrk) both lagged in the Dow. UNH dived 5.3% while MRK fell 3.3%.

Meta Stock Rocket; Mark Zuckerberg admits ‘surprise'

Facebook parent Meta Platforms soared following its latest quarterly report on Wednesday. While earnings decreased, revenue, Sales guidance and number of Facebook users Top view,

Meta stock closed slightly lower from Friday's day's high but still gained 23.3%. This allowed it to explode clear from its 200-day moving average. Currently no entry point is visible.

Investors were particularly pleased that the firm announced a $40 billion stock buyback. The Facebook and Instagram parent slashed its forecast for expenses, including capital expenditures.

CEO Mark Zuckerberg appears to be finding his inner Ebenezer Scrooge, boasting during an earnings call that “reducing layers of ” has improved the flow of information, which he believes will lead to better products and better employee retention. will promote

“It was a little surprising to me, to be honest, that as soon as we started digging into it, the company made me feel better,” he said.

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Zuckerberg is already seeing a big advantage. tech mogul who Bloomberg estimates Worth $57.2 billion at Wednesday's close, his net worth will see a significant increase by the end of today's trading.

The new leader extended the previous buy point

The US Global Jets ETF moved away from a buy point amid bullish action in the airlines space.

It managed to dislodge the 20.79 handle entry, winning the coveted spot. ibd leaderboard list in the process. The ETF climbed 3.1%, rising near the top of its buy zone.

The ETF holds most of its holdings in both US and foreign airlines, but aerospace firms and travel firms also have meaningful positions within the fund.

Wednesday's IBD Stock of the Day, Delta Airlines ,Lentils), closed above the 39.72 buy point, extending the 5% buy zone to 41.70. It ended the day flat.

in the respective shares, Southwest Airlines ,LUV) increased by 3.4%, United Airlines ,ual) received 4.2%, American Airlines ,AAL) 2.2% popup and Alaska Air ,sliver) jumped 3.3%.

align technology Stock sinks teeth into monster gain

orthodontics stock align technology ,ALGN) was one of the best performers in the stock market today.

It climbed 27.3% in its quarterly report after beating Wall Street views on the top and bottom line.

Investors also pounced on Align stock after the firm announced it would repurchase up to $1 billion of stock over the next three years.

The stock has seen no entries after it burst, rallying more than 60% from its 50 days moving average.

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ALGN stock is up nearly 70% so far in 2023.

Dow Jones Out: 3 Stocks Test Entry

Now's a great time to buy quality stocks, and a trio of notable names tested buy points on Thursday.

Pet goods online retailer Chewy is in the buy zone after clearing 48.11's cup-with-handle entry. The relative strength line has just hit a six-month high, which is a bullish sign.

Arrow Electronics jumped from cup base entry of 129.66 after its earnings report. It boasts of a top notch EPS rating of 95.

One reason to be cautious is that forward estimates are not that impressive. EPS is seen declining by 29% in 2023 before rising by 1% in 2024.

Tapestry is just below its entry after clearing a one cup buy point of 47.15 earlier. This is a first stage basis, which means that the potential for a net rich profit is high.

Earnings are a major weakness, with its EPS rating coming in at 52 out of 99. Earnings are looking to rise 5% this year before climbing 15% in 2024.

Please follow Michael Larkin on Twitter @IBD_MLarkin For more analysis of growth stocks.

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