Dow Jones Leads Upside While Nasdaq Pared Gains; Growth Stocks See

The Dow Jones Industrial Average traded higher in today’s stock market at the start of a holiday-shortened week. Stocks were volatile Monday morning as the Nasdaq reversed lower after paring strong gains to a solid loss or more than 0.5%.

X

Stock Market Today

In early afternoon trade, the tech-heavy Nasdaq was down 0.8% as techs rapidly sold off. The Nasdaq reached a new high of 16,212 in early morning trading. The Dow Jones industrials gained over 0.6% at around 12:30 p.m. ET, while the S&P 500 held a gain of 0.4% and also reached a new high of 4743. Elsewhere, the small-cap Russell 2000 index lost less than 0.1%. Volume ran lower on the Nasdaq and higher on the NYSE vs. the same time on Friday.

The market showed mixed performance again on Monday. Tech stocks swung from strongly positive to strongly negative in morning trade. This week, equity and bond-market trading is set to close fully on Thursday and early on Friday for the Thanksgiving holiday.

On Friday, The Big Picture commented, “The stock market’s performance was mostly positive Friday, as the Nasdaq finally got past resistance at the 16,000 level. The S&P 500, which continues to hit resistance near 4700, closed with a minor loss. But the Dow and the small-cap Russell 2000 fell about 0.8% each.”

In economic news, President Joe Biden announced his nomination for Federal Reserve chair early Monday. The president is re-nominating current Chairman Jerome Powell for a second term. Fed Governor Lael Brainard will be nominated as vice chairman.

Dow Jones Today

As for Dow Jones stocks, several tech and bank stocks out performed, while Cisco (CSCO) and chemicals company Dow (DOW) led the upside with gains of over 3%. Elsewhere, Apple (AAPL), JPMorgan (JPM) and Goldman Sachs (GS) also traded over 2% higher.

IBD SwingTrader stock Apple became well extended from a 153.27 buy point out of a cup with handle, according to MarketSmith chart analysis. The stock broke out on Wednesday last week and rose around 7% on a weekly basis.

Meanwhile, JPMorgan gapped up and traded inside and buy zone of a 163.93 entry in its cup with handle. Shares are now attempting to reclaim their key 50-day line.

Dow Jones oil and gas play Chevron (CVX) also traded higher, with a rise of around 2%. Shares reclaimed the buy area of a 113.21 cup entry as well as the stock’s key 21-day exponential moving average.

Investors also seemed to gravitate back towards crude oil after last week’s late sell off in the commodity. West Texas Intermediate crude futures rallied 1.2% to $76.85 in morning trade, after hitting their lowest level since early October on Friday.

Growth Stocks To Watch

The growth-focused Innovator IBD 50 ETF (FFTY) sold off 4.2% on Monday, far underperforming the major indexes. The ETF lost support at its 50-day and 21-day exponential moving averages. Stocks weighing heavily on the index on Monday included five stocks that traded over 10% lower: Asana (ASAN), Monday.com (MNDY), Roblox (RBLX),…