Major stock indexes held solid gains in afternoon trading Monday. Apple (AAPL), Goldman Sachs (GS) and Walt Disney (DIS) led the Dow Jones Industrial Average, while Amazon.com (AMZN), Facebook (FB) and Tesla (TSLA) did the heavy lifting in the Nasdaq 100.
But several leading growth stocks came under serious selling pressure. That hurt the performance of Innovator IBD 50 ETF (FFTY), which fell around 1%.
Apple, a member of Leaderboard, was up 3% to 136. It’s closing on quickly on its all-time high of 137.98. Apple first joined the Leaderboard portfolio on Dec. 1, when it broke out over a trend line.
Amazon gave a buy signal Monday as it broke out over a trend line, found by connecting the stocks’ highs since mid-October. Shares jumped around 3.5%.
Stock Market Today
The Dow Jones industrials, S&P 500 and Nasdaq composite showed gains ranging from 0.7% to 0.9%. Small caps lagged, with the Russell 2000 up 0.2%. All made new highs.
U.S. Stock Market Today Overview
Last Update: 1:14 PM ET 12/28/2020
Advancing stocks beat decliners on the NYSE by about 2-to-1. The ratio was less than 2-to-1 on the Nasdaq.
Sentiment was positive after President Trump signed off on a new coronavirus relief package that includes $600 checks for qualifying Americans. The House of Representatives plans to vote on a measure today to increase stimulus checks to $2,000, but that could have a hard time getting through the Republican-controlled Senate.
Among the best ETFs, the Renaissance IPO ETF (IPO) slumped 3.5%, while the Innovator IBD Breakout Opportunities ETF (BOUT) slipped 2%. The iShares Expanded Tech-Software Sector ETF (IGV) gave back 1%, and the VanEck Vectors Semiconductor ETF (SMH) eased 0.1%.
Outside The Dow Jones
Trade Desk (TTD) lagged badly in the IBD 50, down nearly 10%. It plunged below its 21-day exponential moving average and is now testing support at the 10-week moving average. It’s the third test of the 10-week line for the stock after a breakout from a cup-with-handle base in early June. If Trade Desk finds support again, it would be a riskier buy because of a big run-up already.
In other stock market news, Carvana (CVNA) and DraftKings (DKNG) got hit hard and flashed sell signals. Carvana plunged below its 21-day exponential moving average and nearly a double-digit gain from a 252.46 buy point. DraftKings fell more than 8% below a 53.82 buy point.
MicroStrategy (MSTR) was a big gainer in the MarketSmith Growth 250, up more than 16%. MicroStrategy holds bitcoin as its primary treasury reserve asset. The company on Dec. 21 said it owned 70,470 bitcoin at an average purchase price of approximately $15,964 per bitcoin. Bitcoin is now trading around $27,000.
After three straight declines, recent IPO Corsair Gaming (CRSR) made a nice stand at its 21-day line, rising 9%.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
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