The Dow Jones Industrial Average was lagging even as the Nasdaq turned higher. Small caps were outperforming. Microsoft ((MSFT)) and Boeing ((BA)) were the leading blue chips. AMC Entertainment (AMC) was rallying again, while fellow meme stock GameStop (GME) was also rising.
New Leaderboard stock InMode (INMD) soared past a buy point, while SeaWorld Entertainment (SEAS) also staged a bullish breakout.
Nasdaq Leads; S&P 500 Struggles
The Nasdaq was the leading major index, posting a narrow gain of 0.3%. The biggest gainer here was Biogen (BIIB), which rocketed more than 40% after the Food and Drug Administration approved its controversial Alzheimer’s drug. The FDA approved aducanumab as the first treatment for the disease, even though some experts say evidence supporting approval of the drug is murky at best.
The S&P 500 was not faring nearly as well, slipping 0.2%. United Rentals (URI) was among the biggest laggards, slipping 5%.
U.S. Stock Market Today Overview
Last Update: 2:52 PM ET 6/7/2021
The S&P sectors were mixed, with real estate leading, ahead of health. Materials and industrials were the biggest laggards.
Small caps were having a strong session, with the Russell 2000 rising 1.3%. However, growth stocks fared even better, with the Innovator IBD 50 ETF (FFTY) jumping 1.9%.
The Dow Jones Industrial Average was the worst performing major index, slipping 0.4%.
Leaderboard name Microsoft was one of the top performers, gaining 0.8%. It is working on the right side of a flat base with a 263.29 buy point. Shares are also in buy range from a 246.23 entry of a prior flat base. Microsoft is also an IBD Long-Term Leader stock.
Boeing was the Dow name posting the biggest gain, the aerospace stock rising more than 1%. That allowed it to inch further clear of its 50-day moving average. Boeing is forming a base. Caterpillar (CAT) was the biggest laggard, slipping more than 2%.
AMC Stocks Rallies; GameStop Stock Gains
AMC was rocketing again, gaining around 14%. The stock has posted a whopping gain of 2,667% so far in 2021.
It was rising despite news that insiders have been selling their stock amid the massive gains of late. In total, seven insiders at the movie theater company have sold some of their stock since the retail investor rally began May 28, according to InsiderScore. They sold shares at prices as low as 27.42, and as high as 62.67.
It is a big week for GameStop stock. The firm is getting set to post earnings and hold its annual shareholder meeting Wednesday, where Chewy.com (CHWY) founder Ryan Cohen is expected to be named chairman of the board.
His investment firm RC Ventures has built a stake of around 13% stake and he is looking to turn the firm into a major e-commerce player.
Leader Explodes; Seaworld Stock Makes A Splash
InMode stock raced past an 87.10 cup with handle buy point in heavy volume. It gained over 10% at one point, but was still up around 5% in high volume heading into the close. It is currently in a buy zone.
The 2019 IPO stock saw its relative strength line break new ground, which is encouraging. The firm makes devices for medical aesthetics, such as plastic surgery and dermatology.
SeaWorld stock flashed a bullish sign as it passed a flat base buy point of 57.67. The theme park stock saw its relative strength line hit a new high. While it has slipped back just below its buy point, the stock is up around 82% so far in 2021. But SeaWorld has a terrible EPS Rating of 15.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.
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