The Dow Jones Industrial Average fell Tuesday as Apple (AAPL) unveiled its new iPhone. Growth stocks outperformed however, while Microsoft ((MSFT)) was the top blue chip. General Electric (GE) took a dive as stocks tied to economic reopening faltered.
Breakouts were tough to come by amid the challenging action, but Deckers Outdoor (DECK) joined Leaderboard after making a bullish move. ZoomInfo Technologies (ZI) and Regional Management (RM) also moved above buy points.
The stock market had been given an early boost Labor Department reported a 0.3% uptick in the August consumer price index. That was lower than July’s 0.5% increase and economists’ forecasts for a 0.4% advance. The softer-than-forecast price rise suggested inflation increases remained within expectations. However, the market failed to hold its gains.
Nasdaq Lags As Growth Stocks Excel
The Nasdaq fared best out of the major indexes, but still gave up about 0.5%. Software stock Atlassian (TEAM) fared best with a gain of more than 3%, while Comcast (CMCSA) lagged most after falling more than 7%.
The S&P 500 slipped 0.6% and closed near session lows. Medical device stock Zimmer Biomet (ZBH) was the day’s star, gaining almost 5%. But this was outweighed by a host of big losers, which included Dish Network (DISH), which fell around 5%.
U.S. Stock Market Today Overview
Last Update: 4:04 PM ET 9/14/2021
All S&P sectors closed negative, with health and technology faring best. Energy and financials were the worst laggards.
Small caps were mauled by the bears, with the Russell 2000 closing down 1.3% amid the selling pressure.
Growth stocks were a bright spot however, as they managed to muster a decent gain. The Innovator IBD 50 ETF (FFTY) closed up 1.3% .
The Dow Jones Industrial Average fared worst out of the major indexes, closing down 0.8%.
The new handsets are the iPhone 13, along with Mini, Pro and Pro Max versions. The iPhone 13 is Apple’s second-generation 5G wireless phones.
Features include brighter displays, faster processors and improved cameras. The new iPhone costs $799, with the Mini version coming in $100 cheaper.
Apple stock closed down about 1.5%, and exposure to the stock was trimmed on Leaderboard.
GE Stock Dips As Reopening Plays Falter
Caterpillar was not the only stock relying on economic reopening to suffer. GE stock closed down almost 4%, and is now looking for support at its 200-day moving average.
Casino stocks were also spanked lower, partly because China is eyeing tougher regulations in Macau.
Las Vegas Sands (LVS) and Wynn Resorts (WYNN) were two of the day’s biggest losers, dropping 9.7% and 10.9%, respectively. MGM Resorts (MGM) was also punished, falling around 4%.
These 3 Stocks Pass Buy Points
Deckers stock is offering up an aggressive entry after crossing a mini trend line near 433.
The stock is also closing in on a flat base ideal buy point of 444.58. The relative strength line is starting to make progress, which is encouraging.
Its bullish move saw Deckers stock added to the prestigious IBD Leaderboard list of leading growth stocks.
It rose in sympathy after fellow footwear play Crocs (CROX) soared 8% Tuesday, amid bullish comments made at its Investor Day and the unveiling of a share buyback.
ZoomInfo stock also managed to scramble above a flat base buy point of 67.73, according to MarketSmith analysis. However, it closed below this entry.
Nevertheless, the stock’s RS line is spiking, which augers well. It also moved upward in high volume. At the moment, earnings performance is not ideal however.
Vancouver, Wash.-based ZoomInfo offers online services that provide contact and account data for sales and marketing teams, recruiters and others.
Regional Management stock fared better, rising above a flat-base buy point of 60.55. The RS line hit a fresh high, which is a bullish indicator.
The stock, which boasts top quality earnings and stock market performance, was up in high volume. This is also a first -tage base, which is another positive.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.
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