The Dow Jones Industrial Average has failed in its attempt to move higher as the stock market continues to struggle. Tesla (TSLA) CEO Elon Musk has submitted subpoenas to key former Twitter employees as the takeover battle takes another twist. coin base (coin) When riot blockchain (Riot) had mixed luck as Bitcoin rose. apple (AAPL) fell despite bullish analyst calls.
Early data showed trading volumes fell on both the Nasdaq and the New York Stock Exchange.
The benchmark 10-year Treasury yield rose 8 basis points to 3.11%. West Texas Intermediate crude surged more than 4% of his price to nearly $97 a barrel.
Stocks tried to rally after Friday’s shelling after Federal Reserve Chairman Jerome Powell delivered a hawkish speech at Jackson Hole.
Nasdaq Falls; Small Caps Struggle
The Nasdaq Composite had the toughest time of any major index. Attempts to break the low ended in failure as it closed at 1%. Octa (OKTA) was the worst performer, down 3.9%.
The S&P 500 also fell 0.7%, falling towards the close. Catalent (CTLT) is struggling here, down 7.4%.
S&P 500 Almost all industries are negativeEnergy and utilities were the only positive sectors, while real estate and technology fell the most.
The Russell 2000 closed down 0.8% as the bears swooped into small caps.
Innovator IBD 50 ETF (FFTYThe growth stock trailblazer) spent most of the session in positive territory before reversing in the second half and giving up 0.3%.
Dow Jones Today: Apple Stock Falls Despite Bullish Call
The Dow Jones Industrial Average fell 0.6% and closed nearly 200 points lower.
Apple shares fell 1.4%, disappointing, despite JP Morgan’s repeated overweight rating. Analysts say the iPhone “continues to maintain favorable lead times across geographies.”
However Salesforce (CRM) was the worst performing component as it skidded 3%.
Elon Musk legalizes Twitter
The ongoing takeover battle between Tesla CEO Elon Musk and Twitter took another twist on Monday.
An eccentric executive attorney issued a subpoena to Twitter whistleblower Peiter Zatko, according to court filings.
The development comes after Twitter’s former security chief claimed it intentionally underestimated and misrepresented the number of bots on its platform.
This is a key point in Musk’s claim that he should be able to walk away from the deal to buy the company. A trial on the matter is scheduled for October.
Shares of Twitter fell 1%. Seeking support at the 50-day moving average and losing footing at the 200-day line.
Coinbase Shares Drop, RIOT Rise as Bitcoin Rises
Coinbase gave up gains in the second half after being boosted by bitcoin price gains. COIN shares rose most of the session before closing down 0.6%.
The stock appears to be supported at the 50-day line. This is important as cryptocurrency exchanges have taken a hit after sharply lowering their full-year forecasts earlier this month.
With COIN’s stock price still down nearly 74% since early 2022, there’s a lot to do.
Bitcoin was about to fight back after falling after Fed Chairman Jerome Powell’s speech at Jackson Hole. In the last 24 hours he is trading above $20,000 after gaining 0.8%. According to CoinDesk.
Outside the Dow Jones: 3 strong stocks near buy points
Despite recent volatile behavior, investors should keep an eye on strong stocks.
ExxonMobil stock is notable because it is nearing entry in the consolidation pattern at 105.67, according to Reuters. marketsmith analysis.
Additionally, the relative strength line is near new highs, which is an encouraging sign.
XOM shares have an IBD Composite Rating of 97, which is almost perfect. Stock market performance is bullish. Up 59% year-to-date.
Improving earnings performance lends credibility to the bullish outlook. Exxon mobile stock.
UPS stock is another strong performer as it sees new entrants. 209.49 by points form a cup pattern with handles. On Aug. 10, he regained the 200-day moving average line, making a encouraging move. This now serves as an area of support.
The stock holds a strong overall rating of 88 out of 99. Earnings are a key strength, with EPS increasing an average of 18% over the last three quarters.
Finally, NRG Energy is trying to get to the 44 handle cup base entry. The RS line for stocks is rising this month, but stays away from the highs.
The power company’s overall rating is 91. The fund currently holds 65% of his shares, making him popular with institutional investors.
Follow Michael Larkin on Twitter. @IBD_M Larkin For a detailed analysis of growth stocks.
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