Dow Jones, Nasdaq Trade Near Highs Amid Disappointing Economic Data

The Dow Jones Industrial Average rose in today’s market as the indexes all continued trading near their intraday highs. The S&P 500 rose to hit a new high of 4,238.04. Meanwhile, the Dow also hit a new all-time high of 34,777.58.


Stock Market Today

At just past 3 p.m. ET, the Nasdaq composite gained 1%. The S&P 500 traded around 0.8% higher, while the Dow Jones posted a gain of 0.7%. The small-cap Russell 2000 index held a gain of 1.3%. Volume was running lower on the NYSE and the Nasdaq vs. the same time on Thursday.

The economy added only 266,000 jobs in April, which was far below analysts consensus estimate of 998,000. March job growth was also revised lower to 770,000 from an initially reported 916,000.

Amid the disappointing economic data, the Nasdaq advanced as the case for interest rates to stay low supported tech and growth stocks. A weak jobs report also moved the bond market Friday and sent the 10-year Treasury yield lower by 5 basis points to 1.52% before the opening bell. But the yield was higher in afternoon trading, up 1 basis point to 1.58%.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 34776.72 +228.19 +0.66
S&P 500 (0S&P5) 4235.05 +33.43 +0.80
Nasdaq (0NDQC ) 13768.24 +135.40 +0.99
Russell 2000 (IWM) 225.37 +2.78 +1.25
IBD 50 (FFTY) 46.00 +0.98 +2.18
Last Update: 3:18 PM ET 5/7/2021

As for growth stocks, the Innovator IBD 50 ETF (FFTY) rose over 2% after several days of declines. The ETF is still showing strength as it finds support at the 50-day line. CareDx (CDNA), B. Riley Financial (RILY) and Southern Copper (SCCO) helped boost the ETF on the upside with gains of more than 5% each.

Stocks In Or Near Buy Zones

Financial play Truist Financial (TFC) passed a flat base buy point of 61.36, according to MarketSmith analysis. The North Carolina-based company recently reclaimed support from the 50-day line and holds a year-to-date gain of 44%.

Elsewhere, recreational boat-maker MarineMax (HZO) is also in a buy zone after breaking out of a cup base. The ideal entry point is 64.09. The relative strength line has been higher in recent days, while the Relative Strength Rating is 96.

Revolve Group (RVLV) jumped over 12% in heavy volume on strong earnings. Shares broke out from a consolidation with a 55.93 buy point. The Gen Z clothing retailer reported earnings and revenue that topped Wall Street targets.

Dow Jones Today

In the Dow Jones industrials, several blue chips held gains of more than 1%. Boeing (BA) and Nike (NKE) led the upside with gains of over 2% each. Meanwhile, Goldman Sachs (GS) and Microsoft (MSFT) were up over 1%.

Goldman Sachs, up 1.3%, is trading inside a cup base with a 356.95 buy point, according to IBD MarketSmith chart analysis. Shares broke out past the proper buy point on Wednesday. The stock maintains a strong 86 RS Rating and a perfect 99 Composite Rating.

Elsewhere, shares of Microsoft gapped up and rose inside a 5% buy zone. The stock remains in buy range from a flat-base buy point of 246.23. Microsoft stock has faded from recent highs despite beating analysts expectations last week on the top and bottom lines. The buy zone tops out at 258.54.

Follow Fox on Twitter at @foxonstocks for more Dow Jones and market commentary.


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