The Dow Jones Industrial Average lagged even though the Nasdaq surged higher. AMC entertainment (AMC) The stock rallied again while GameStop (GME) tried to make up for some of Thursday’s heavy losses. Fellow meme share World Wrestling Entertainment (WWE) was slammed.
Nasdaq on Course for Big Win; S&P 500 fights
The Nasdaq rose 0.2%. The tech-heavy index is trying to hit its highest weekly close since mid-April. Fitness share for the home Peloton interactive (PTON) was the biggest winner with an increase of over 6%.
The S&P 500 struggled to move higher and managed to squeeze out a gain of less than 0.1%. Clothing inventory VF Corp. (VF) led and rose by almost 4%. Vertex Pharmaceuticals (VRTX) was the biggest loser, plummeting about 10% amid a disappointing drug study.
Overview of the US stock market today
|index||symbol||price||Gain loss||% Change|
|S&P 500||(0S & P5)||4241.38||+2.20||+0.05|
Last update: 2:50 p.m. ET 11/06/2021
The S&P sectors were mixed, with technology and consumer discretionary leading the way. Real estate and healthcare were the biggest stragglers.
Small caps had a constructive session with the Russell 2000 up 0.7%. The innovator IBD 50 ETF (FFTY) increased by about 0.5%.
Apple shares are not enough for Dow Jones
The Dow Jones Industrial Average underperformed the other major indices, even though it lost only a marginal 0.1%.
Apple was one of the most powerful components with an increase of around 1%. It did so despite news of bipartisan cartel reforms that could reshape the tech giant.
The stock is stuck below its 50-day moving average, and its poor market performance over the past 12 months has earned it a relative strength rating of 43.
It was slightly behind the day’s biggest leader, American Express, which was also up around 1%. Caterpillar (CAT) was again the biggest straggler with a decline of around 2%. It’s well on its way to closing the week down nearly 10%.
AMC stock pops as GME stock gains
AMC stock struggled back sharply after Thursday’s slump, gaining around 11%. Despite the gain, AMC stock is well on its way to ending the week in the red. The share remains up more than 2,000% over the course of the year.
The company is taking advantage of the rise in interest rates and announced on June 3 that it will sell up to 11.55 million shares.
GameStop made a more modest profit of around 1%. GME stock appears to be well on its way to seeing a weekly loss of around 10%. GameStop stock has been crushed after the company said it can sell up to 5 million shares from time to time in “on the market” offers.
WWE, a new addition to the list of meme stocks, was body-slamed on Friday and surrendered more than 4%. It is in the buy zone above an entry of 61.42. The share should achieve a weekly plus of around 9%.
Cover health investments (CLOV), another meme stock that exploded this week, rose more than 5%. It looks like the week will close with a gain of almost 70%.
Mixed luck for these outbursts
Singaporean e-commerce stock Sea has broken a cup buy point of 278.10. However, it has slipped back under the entry and the volume is weak. The relative strength line looks bullish; However, this is a late-stage base that makes it error-prone.
Sea is a holding company for companies like Shopee, SeaMoney, and Garena e-commerce companies.
Roper Technologies eventually broke out of a long consolidation with an ideal entry of 455.72. Earnings are the strongest color of this stock, with an EPS rating of 81 out of 99.
Roper is a diversified technology company that makes power system controls, scientific and industrial imaging software, and industrial products.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.
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