The Dow Jones inched higher while the S&P 500 hit another record high amid mild action. Shoe Carnival (SCVL) spiked then fell back into a buy zone following earnings, while Johnson & Johnson (JNJ) slipped despite positive news on a second dose of its Covid-19 vaccine. American Express (AXP) was a leading blue chip, while Apple (AAPL) lagged.
A number of stocks attempted to stage breakouts. Builders FirstSource (BLDR) and Quanta Services (PWR) both passed buy points.
Nasdaq Inches Up As S&P 500 Hits Record
The Nasdaq was lagging the other major indexes, rising about 0.2%. Okta (OKTA) was the top gainer here, rising more than 5%. Biogen (BIIB) was the biggest laggard, falling around 2%.
The S&P 500 managed to hit another record high, though its gain of 0.3% was light. Penn National Gaming (PENN) was the biggest winner here, popping more than 7%.
The S&P sectors were mixed, with slightly more winners than losers. Financials and energy were leading the way. The SPDR S&P Regional Banking ETF (KRE) was one of the top performing funds of the day. Real estate and health care were lagging the most.
U.S. Stock Market Today Overview
Last Update: 1:20 PM ET 8/25/2021
Small caps outperformed the major indexes once again, with the Russell 2000 up 0.9%. It continues to make progress after briefly falling under the 200-day moving average last week.
Growth stocks were not far behind however, with the Innovator IBD 50 ETF (FFTY) rising 0.7%. It is continuing to pull away from the key 50-day moving average.
The Dow Jones Industrial Average was running neck-and-neck with the S&P 500. It gained just over 100 points, rising 0.3%.
Apple stock was one of the main laggards, slipping around 1%. It remains clear of its 50-day moving average. The Leaderboard stock also managed to hold above its new trend line buy point of 148, and shares have found support at the 10-week line.
J&J Stock Struggles Despite Covid Vaccine News
Johnson & Johnson stock fell even though it released study data showing a booster shot of its Covid-19 vaccine produced benefits.
The stock slipped almost 1%. It fell near the bottom of its buy zone after recently breaking out of a flat base, MarketSmith analysis shows.
J&J’s drop came despite two early-stage trials that found a second dose of its Covid vaccine gave a big increase in the levels of antibodies.
4 Earnings Movers In Buy Zones Late; Small Caps Clear Key Level
Wild Action After Shoe Carnival Earnings
Shoe Carnival stock initially charged out of a buy zone, before reversing lower.
The company posted $1.54 EPS, which was more than double analyst views. Revenue also came in above Wall Street expectations. Comparable sales rose more than 11%.
Shoe Carnival gained 1.2% in the premarket, then surged after the open. But it then reversed lower, and is now sitting just above a cup-with-handle buy point of 37.39.
The stock, which boasts very strong market performance over the past year, broke out last Friday.
These Stocks Pass Buy
Builders FirstSource managed to inch above the buy point of a first stage cup-with-handle base. The ideal entry here is 52.82.
The firm, which manufactures structural and related building products, has a perfect EPS Rating of 99.
Data was released this week showing sales of new U.S. homes rose in July for the first time in four months.
Quanta Services is in a buy zone after breaking out of a cup-with-handle pattern. The entry point here is 99.62.
The firm, which boasts excellent stock market and earnings performance, provides specialty contracting services to the energy and other industries.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.
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