Major stock indices are closing mixed. The Dow industrial average and S&P index both rose, with the S&P closing at a new record high. The NASDAQ index fell snapping its six day winning streak and its six day streak of consecutive record closes.
A snapshot of final numbers shows:
- Dow industrial average rose 179.37 points or 0.40% at 44502.44
- S&P index rose 4.02 points or 0.06% at 6309.62 to a new record high.
- NASDAQ index fell -81.49 points or -0.39% at 20892.69.
- Russell 2000 rose 17.62 points or 0.79% at 2248.75
Looking at some companies price action today.
- Shares of Alphabet rose $1.24 or 0.65% to $191.34. Shares have now risen for 10 consecutive days. Their earnings will be released after the close tomorrow.
- Tesla rose by $3.62 or 1.10% at $332.11. Its earnings will also be announced after the close tomorrow.
- After a one-day reprieve yesterday, shares of Netflix rotated back to the downside with a decline of -3.5% today to the lowest level since June 10. Shares are now down 11.3% from its all-time high on June 30
- Chip stocks were sold today with Broadcom down -3.34%, Nvidia down -2.54%, and AMD down -1.45%.
Technically, at session lows today, the S&P index tested the 50 hour MA (black line on the chart below) and bounced. Trending markets need technical reasons to sell. The holding of that MA today kept the buyers in full control. The sellers ARE NOT winning.
