The Dow Jones Industrial Average reversed to close lower as bears won the day. 3M (MMM) was the leading blue chip, while Apple (AAPL) fell amid a broad pullback in tech stocks. Some gas stocks reversed lower after passing buy points amid the Colonial Pipeline cyberattack crisis.
Meanwhile, EV stocks were getting battered. Tesla (TSLA) and Nio (NIO) reversed lower, though more traditional names General Motors (GM) and Ford (F) fared better. Finally there were a number of breakouts, with Medifast (MED), Meritage Homes (MTH) and Southern Copper (SCCO) all making bullish moves.
XNasdaq, S&P 500 Lag
The tech-heavy Nasdaq was lagging badly, down around 2.6%. Chinese e-commerce stock Pinduoduo (PDD) was the biggest laggard, giving up more than 9%. The S&P 500 posted a more moderate loss of 1%. Align Technology (ALGN) was the biggest loser there, giving up more than 7%.
The S&P sectors were mixed. Utilities and consumer staples fared best, while technology was the biggest laggard.
Small caps were getting mauled by the bears, with the Russell 2000 falling around 2.5%. Growth stocks also struggled, with the Innovator IBD 50 ETF (FFTY) slipping around 2.3%.
Apple Stock Falls, Dow Jones Dips Late
The Dow Jones Industrial Average fared best, but bulls will be disappointed it closed lower after being in the green for much of the day. At one point it hit a record high, but closed down 0.1%.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 34745.16 | -32.60 | -0.09 |
| S&P 500 | (0S&P5) | 4188.51 | -44.09 | -1.04 |
| Nasdaq | (0NDQC ) | 13401.86 | -350.38 | -2.55 |
| Russell 2000 | (IWM) | 219.74 | -5.65 | -2.51 |
| IBD 50 | (FFTY) | 45.00 | -1.05 | -2.28 |
Last Update: 4:08 PM ET 5/10/2021 |
||||
Apple stock was among the biggest losers on the index, falling more than 2%. It closed a hair below its 50-day moving average. Falling below this key benchmark is a sell signal.
The relative strength line has been falling of late for Apple stock. Recent poor performance has seen its IBD Composite Rating fall to 71.
Meanwhile, blue chip conglomerate 3M led, posting a gain of more than 2%. The stock is extended after breaking out past a flat-base buy point of 187.37.
Gas Stocks Reverse Amid Colonial Pipeline Hack Attack
A couple of gas plays tried to make bullish moves. Callon Petroleum (CPE) passed a consolidation pattern buy point of 42.41. However it has retreated back below this entry, and ended up closing down 3.4%.
Pioneer Natural Resources (PXD) broke out of a cup base. It is now back below its ideal buy point of 169.59 after slipping 0.3%. It has a very strong IBD Composite Rating of 93.
The stocks are rising as the Colonial Pipeline remains offline following a cyberattack. The major supply line carries 2.5 million barrels a day, representing 45% of the East Coast's supply of diesel, gas and jet fuel.
The operator took itself offline on Friday after the ransomware. Work to restore service is continuing.
The DarkSide cybercriminal gang apologized for the attack in a public statement. "Our goal is to make money and not creating problems for society," it said on its website.
Tesla Stock Hits Skids
Tesla stock was falling away from the key 50-day moving average after giving up more than 6%. The stock has fallen around 30% from its high of 900.40.
Chinese rival Nio was also plunging, giving up more than 7%. It sank below its 200-day moving average, and is almost 50% down on its high of 66.99.
More traditional auto stocks offering EV exposure were faring better. GM stock fell almost 3% and is testing its 50-day line. Ford stock fell almost 1%.
Medifast shares have charged past a cup-base buy point of 279.56. It has rocketed away from its 50-day line after posting strong earnings last week.
Medifast is Monday's IBD 50 Stocks To Watch pick.
Meritage Homes stock is in a buy zone after passing a cup-base buy point of 117.16. The 50-day moving average has just moved above the 200-day line, which is a bullish indicator.
Southern Copper came close to breaking past a consolidation pattern buy point of 83.25, according to MarketSmith analysis. It has a perfect Composite Rating of 99.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.
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