The Dow Jones Industrial Average fell even as Apple (AAPL) popped on an EV report. Leaderboard stock Nvidia (NVDA) rose on earnings and helped lift Advanced Micro Devices (AMD). The Donald Trump SPAC Digital World Acquisition (DWAC) fell amid calls for an SEC probe into the deal.
XMacy's (M) and Kohl's (KSS) helped lead retail stocks higher, and made department stores the top performing industry group of the day.
Nasdaq Gains As Growth Stocks Lead
The Nasdaq benefited from strength in tech stocks, closing with a gain of about 0.5%. Outside of Nvidia, JD.com (JD) was the best performer after posting a gain of about 6%.
The S&P 500 also rose, closing up about 0.3%. Gap (GPS) was among the strongest names here after rising over 4%. But the stock remains depressed.
The S&P sectors closed mixed, with technology and consumer discretionary making the best gains. Utilities and energy were the worst performers.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 35871.34 | -59.71 | -0.17 |
| S&P 500 | (0S&P5) | 4704.57 | +15.90 | +0.34 |
| Nasdaq | (0NDQC ) | 15993.71 | +72.14 | +0.45 |
| Russell 2000 | (IWM) | 234.89 | -0.97 | -0.41 |
| IBD 50 | (FFTY) | 50.94 | +0.40 | +0.79 |
Last Update: 4:04 PM ET 11/18/2021 |
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Small caps struggled, with the Russell 2000 falling 0.6%.
It was growth stock investors that had the best day, with the Innovator IBD 50 ETF (FFTY) closing up about 0.8%.
Dow Jones Falls Despite Apple Stock Boost
The Dow Jones industrials lagged the other major indexes. They closed the day with a loss of 0.2%
The Dow dipped despite Apple popping higher in its buy zone after reports it is looking to bring an electric car to market as early as 2025. A Bloomberg report also said the tech giant is refocusing the project around full self-driving capabilities.
The iPhone maker closed up nearly 3% to a record following the report. It is sitting in the buy zone of a cup-with-handle base, according to MarketSmith analysis. The ideal buy point is 153.26.
Cisco Systems (CSCO) weighed on the Dow, closing down about 5.5% even after paring losses. The stock was hit after the company issued earnings guidance for the next quarter at the low end of estimates.
Nvidia Earnings Lift Chip Leaders Higher
IBD Leaderboard play Nvidia closed with a gain of 8.3% after surging in heavy volume following an earnings and revenue top late Wednesday.
Nvidia stock is sharply extended from a 230.53 buy point according to MarketSmith chart analysis. It previously triggered the eight-week hold rule.
The chip giant also guided higher for the current period. Nvidia earned an adjusted $1.17 a share on sales of $7.1 billion for the period ended Oct. 31. Analysts had expected $1.11 a share on sales of $6.82 billion, according to FactSet.
AMD stock, which is also a Leaderboard member, rose in sympathy. It closed the day with a gain of 2.4%. AMD previously triggered the eight-week hold rule after rapidly hitting its latest 20% profit goal.
Trump SPAC Dips As Warren Demands SEC Probe
The Donald Trump SPAC Digital World Acquisition fell nearly 4% after Sen. Elizabeth Warren called for the Securities and Exchange Commission to conduct a probe.
In a letter, she questioned whether the company and Trump "may have committed securities violations by holding private and undisclosed discussions about the merger as early as May 2021, while omitting this information in U.S. Securities and Exchange Commission (SEC) filing and other public statements."
Digital World Acquisition skyrocketed on the news it will serve as a vehicle to take the Trump Media & Technology Group public via a merger.
In addition to Truth Social, a social media site, the firm plans to offer a subscription-based video-on-demand service to be called TMTG+. The SPAC stock is still up bigly overall, gaining more than 450% so far in 2021. It's been rangebound for a couple of weeks.
Why The Megacap Rally Is A Mixed Blessing; 5 Key Earnings Late
Macy's Earnings Help Lift Retail Stocks
Macy's closed the day with a mammoth gain of just over 21%. It gapped up reporting fiscal Q1 earnings and sales that cleared Wall Street expectations.
The department store stock hit a 52-week high and hit the 20%-25% profit-taking goal from a 28.51 buy point of an ascending base.
Kohl's also surged after posting strong Q3 results ahead of the open. It rose almost 11% in huge volume to break out past a 60.60 buy point of a double-bottom base. The department store stock closed in its buy zone, which tops out at 63.63.
Other retailers also helped cheer the bulls. Bath & Body Works (BBWI) rose over 5% in above-average volume, hitting a new high.
The specialty retailer topped earnings views in its first report since L Brands split into Bed & Bath Body Works and Victoria's Secret (VSCO).
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.
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