Dow tumbles as inflation hits stocks; Rivian’s IPO is getting off the ground

Stocks fell near session lows on Wednesday, as the Dow Jones Industrial Average lost 200 points on inflation concerns.




X



At about 1:30 p.m. ET, the Nasdaq sank more than 1.1%, the S&P 500 fell 0.5% and the Dow Jones Industrial Average sank 0.4% in stock market today. The small caps tracked by the Russell 2000 dropped 1.1%. Trading volume was lower on both major exchanges against the same time on Tuesday.

Energy, technology and communications services were the largest of the 11 sectors tracked by Standard & Poor’s. Health, consumer appreciation, utilities, and basic consumer goods led the upward trend.

Among the exchange-traded funds, the Innovator IBD 50 (fifty) lost 3.4%, while the Nasdaq Invesco QQQ Trust (100 tracks the Nasdaq 100 Index) )QQQ) 0.9%. The IBD 50 ETF forms a new format flat base with 52.56 buy point.

The Ministry of Labor said early on Wednesday CPI rose 6.2% On an annual basis in October, posting the largest annual increase since November 1990. This beat Econoday’s forecast of a 5.8% rise. Core CPI, which excludes food and energy, rose 4.6% to a 30-year high.

Meanwhile, weekly jobless claims slipped to 267,000, meeting Econoday’s estimate and just below last week’s reading of 269,000.

US stock market overview today

index Code price profit/loss % change
Dow Jones (0DJIA) 36187.30 -132.68 -0.37
Standard & Poor’s 500 (0S & P5) 4662.27 -22.98 -0.49
Nasdaq (0NDQC ) 15710.87 -175.67 -1.11
Contact 2000 (etc.) 238.60 -2.55 -1.06
defect 50 (fifty) 50.11 -1.77 -3.41
Last update: 1:30 PM ET 10/11/2021

The 10-year Treasury yield rose 6 basis points to 1.52% as stocks fell. The benchmark yield hit a near-term peak of 1.69% on October 22nd. Some investors fear that the Federal Reserve may raise interest rates sooner than expected due to rising inflation.

The US economy continues to recover from the Covid-19 pandemic, which caused nationwide lockdowns more than a year ago. The re-emergence of cases fueled by the more contagious delta variant slows with increased vaccinations.

Globally, cases of Covid-19 are approaching 252 million, with more than 5 million deaths, according to the worldometer. In the United States, the number of cases has passed 47.5 million with more than 778,000 deaths.

Monitor growth stock

by dash (dash) rose 15% after the food delivery company late Tuesday announced results and said it was acquiring a peer in Finland. The Walt stock transaction is worth approximately $8 billion. DoorDash stock breaks through 220.71 buy point for a shallow portion double bottom base But it fell sharply.

Queen Piece (Currency) fell more than 7% in early trading, before trimming its loss to 5%. Late Tuesday, the cryptocurrency exchange announced its third-quarter results That missed expectations. Despite the significant early decline, coin stock held over it 21-day exponential moving average It remains above the entry level from double bottom 280.71.

more in defect 50And Monday.com (MNDY) And cocky (UPST) dived over 18% each.

The bullish gap pulled back from the 50-day moving average in large volumes, resulting in a sell signal. Late Tuesday, the Consumer Bank reported better-than-expected third-quarter results. It earned 60 cents a share on $228.5 million in revenue, versus Wall Street expectations of 33 cents on $215 million in sales. but cocky revenue routing It may have disappointed some investors.

Monday.com is down nearly 20% after the Israel-based enterprise software maker reported third-quarter results early Wednesday. The stock gave up much of Tuesday’s 16% gain. Sharp drop sends shares below 408.08 buy point from U.S cup with handle Tuesday survey, according to MarketSmith Graph analysis. Monday.com played a file Back-and-forth selling rule and the 7%-8% Losing Selling Base.

but unit programs (WL) reversed from a deep dive into a 5% gain to hit a new high and lead the IBD 50 rally. Shares fell about 8% early Wednesday, although the animation software maker Q3 sales targets crushed It reported a lower-than-expected loss.

Unity also announced plans to buy visual effects company Weta Digital for $1.625 billion in cash and stock.

Earthquake medical (SWAV) And Tesla (TSLA), with an increase of 4% and 3%, respectively, among the few gainers of 50 IBD.

All eyes on Rivian’s IPO

Electric vehicle maker Rivian Trading started todayAfter pricing 153 million shares at $78 a share Tuesday night. The IPO raised $11.9 billion, giving the EV startup an initial valuation north of $70 billion. The stock, which is trading under the RIVN index, was up 44% in afternoon trading.

Rivian is the biggest IPO so far in 2021 and the biggest since then Ali Baba (Baba) in 2014, according to Renaissance Capital. In return, Alibaba’s IPO raised $25 billion.

But investors must be disciplined about buying new issues. wait basic subscription To configure and prepare the first point of purchase before considering a purchase.

Dow Jones Movers

nike (from), down more than 3%, was the biggest loser. The stock liquidated 174.48 buy point from U.S cup base Last week but now it’s down below entry. Nike stock About 4% below the point of purchase.

Salesforce.com (CR) gave up 2% while An apple (AAPL) And Microsoft (MSFT) were off 1.3% each.

Apple debuted a new cup holder with a handle with 153.27 points of purchase. The stock is about 3% less than the new entry. Meanwhile, an early buying point at 152.53 is also playing a role as a result of the downward sloping trendline.

Microsoft still extended from 305.94 points of purchase from a flat base The clearing took place on October 18. The buying zone peaked at 321.24. The software giant is trading near record levels.

Follow Nancy Gondo on Twitter at Tweet embed

You may also like:

Monitor IBD 50 stock: ASML near new point of purchase after 84% run

Find the best long-term investments with IBD long-term leaders

Learn how to time the market with IBD’s ETF Market Strategy

MarketSmith provides easy-to-use investment tools

Write a Comment

Your email address will not be published. Required fields are marked *