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Dow Jones Dips, Nasdaq Flies; Meta Rockets Amid Mark Zuckerberg ‘Surprise,’ Apple Revenue Miss| Investor’s Business Daily

The Dow Jones Industrial Average closed lower even as the Nasdaq flew more than 3%. Meta platforms (META) rocketed when Mark Zuckerberg shared a surprise. apple (AAPL) popped in open trade but reversed in extended trade on earnings while Microsoft (MSFT) was a top blue chip.


New Leaderboard member US Global Jets (JETS) ETF climbed above a buy point. A trio of other notable names staged breakouts amid the bullish action. Sticky (WHEEL), The wallpaper (TPR) and Arrow electronics (ARW) all tested entries.

New data from the Ministry of Labor showed that claims for first-time unemployment fell to 183,000 against 186,000 last week. Analysts expected them to rise to 193,000. The labor market continues to show strength, with first-time hires last week coming in much lower than expected for the second week in a row.

Nasdaq Jumps, Small Caps Shine

Today’s action was key as the stock market often has a day-two reaction to Fed meetings. With Fed Chairman Jerome Powell’s virtuoso post-meeting press conference performance boosting markets yesterday, traders appeared to remain in risk-on mode today.

The Nasdaq was the strongest of the major indexes as it rose 3.3 percent. DocuSign (DOCU) did well here with a gain of 7.7%.

The S&P 500 rose 1.5% to hit its best level in five months. WW Grainger (GWW) was among the stars here as it gained 13% on the company’s quarterly results.

The S&P 500 sectors closed mixed. Consumer allowances, communications services and technology fared best, while consumer goods and energy were the worst laggards.

Small caps also impressed, with the Russell 2000 rising 2.1%. Growth stocks battled back to the end, with the Innovator IBD 50 ETF (FFTY) ending up 1%.

Dow Jones today: Microsoft, Apple Impress

The Dow Jones Industrial Average lagged behind the other major indexes despite some components performing well. It closed off lows but still fell 0.1%.

Microsoft stock was the best performer on the Dow Jones today, falling 4.7%. MSFT stock is now clear of its 200-day moving average for the first time since April, MarketSmith shows.

Apple shares also fared well, rising 3.7%. AAPL stock has also mounted the 200-day line and is up more than 20% so far this year.

Apple’s earnings sent the stock down more than 3% after hours. EPS fell 1.09% to $1.88 while revenue fell 5.5% to $117.15 billion. Wall Street had expected EPS to fall 8.1% to $1.93 as sales fell 2.2% to $121.21 billion, according to Zacks Investment Research.

iPhone revenue and Mac revenue were both lower than analysts’ estimates, although iPad sales were above estimates.

The downside of, UnitedHealth (UNH) and Merck (MRK) both lagged behind in the Dow. UNH plunged 5.3% while MRK fell 3.3%.

Meta Stock rockets; Mark Zuckerberg admits ‘surprise’

Facebook parent Meta Platforms rose after its latest quarterly report on Wednesday. While earnings were poor, revenue, sales guidance and number of Facebook users got the top views.

The Meta share closed slightly off the highs for the day on Friday, but still rallied 23.3%. This allowed it to break out of its 200-day moving average. There is no entry point in sight at this time.

Investors seemed particularly pleased that the firm announced a $40 billion share buyback. The Facebook and Instagram parent cut its forecast for expenses, including capital expenditures.

CEO Mark Zuckerberg seems to be finding his inner Ebenezer Scrooge, boasting during the earnings call that “reducing management layers” had improved the flow of information, which he believes will lead to better products and better employee retention.

“It was honestly kind of surprising to me, that when we started digging into this, the company felt better to me,” he said.

Zuckerberg already sees a big advantage. The tech mogul, who Bloomberg estimated was worth $57.2 billion at Wednesday’s close, will see his net worth increase significantly by the end of trading today.

New leader rises past buy point

The US Global Jets ETF flew away from a buy point amid bullish action in airlines.

It managed to pull away from a 20.79 handle entry, earning a spot on the prestigious IBD Leaderboard list in the process. The ETF climbed 3.1%, rising near the top of the buy zone.

The ETF has the majority of its holdings in both US and foreign airlines, but aerospace companies and travel companies also have meaningful positions in the fund.

Wednesday’s IBD stock, Delta Air Lines (DAL), closed above a buy point at 39.72, with the 5% buy zone extending up to 41.70. The day ended flat.

Among related stocks, Southwest Airlines (LUV) rose 3.4%, United Airlines (UAL) increased 4.2%, American Airlines (AAL) rose 2.2% and Alaska Airlines (ALK) jumped 3.3%.

Adjust technology Stock is sinking teeth into Monster Gain

Orthodontic stock Adjust technology (ALGN) was one of the best performers on the stock market today.

It rose 27.3% on its quarterly report after it beat Wall Street views on the top and bottom lines.

Investors also boosted Align stock after the firm announced it would buy back up to $1 billion of its stock over the next three years.

There is no entry in sight after the stock exploded, climbing more than 60% above its 50-day moving average.

ALGN stock is now up nearly 70% so far in 2023.

Outside the Dow Jones: 3 stock sample entries

Now is a good time to buy quality stocks, and a trio of notable names tested buy points on Thursday.

Pet Supplies Online Chewy is in a buy zone after clearing a cup-with-handle entry at 48.11. The relative strength line just hit a six-month high, a bullish sign.

Arrow Electronics jumped past a cup base entry of 129.66 after the earnings report. It has a top EPS rating of 95.

One reason to be cautious is that the future estimates are not that impressive. EPS falls by 29% in 2023 before increasing by 1% in 2024.

Tapestry is just below the entry after previously clearing a cup buy point of 47.15. This is a first-tier base, which means it is more likely to yield rich winnings.

Earnings are a key weakness, with an EPS rating of 52 out of 99. Earnings are seen growing 5% this year before climbing 15% in 2024.

Follow Michael Larkin on Twitter at @IBD_MLarkin for more growth stock analysis.


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