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Stock Market Mixed; Tesla Rallies On Earnings, But This Other Automaker Tops Buy Point

The stock market was narrowly mixed Thursday morning, slowing its advance after several days of solid gains. But the IBD 50 outperformed, with several leading stocks extending gains.




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The S&P 500 lost less than 0.1% as the stock market Thursday tries to extend its new uptrend. Gains are moderating after the index made gains of 0.3% to 1.7% the past six sessions.

The Nasdaq composite, which snapped a five-day win streak Wednesday, rose 0.3%. Invesco QQQ Trust (QQQ) was nearly unchanged as most of the largest Nasdaq stocks traded quietly.

Among stock market heavyweights, Tesla (TSLA) rose more than 2% after the electric vehicle brand posted better-than-expected third-quarter earnings late Wednesday. Deliveries for the quarter also topped expectations.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 35520.87 -88.47 -0.25
S&P 500 (0S&P5) 4534.25 -1.94 -0.04
Nasdaq (0NDQC ) 15160.92 +39.24 +0.26
Russell 2000 (IWM) 228.74 +1.37 +0.60
IBD 50 (FFTY) 49.99 +0.59 +1.19
Last Update: 10:14 AM ET 10/21/2021

The stock is extended from a 764.55 buy point and is nearing a new high. Among the largest U.S. stocks, Tesla performed best.

Stock Market Gets More Earnings Reports

Crocs (CROX) soared 10% after the footwear maker beat third-quarter sales and profit estimates. The stock jumped back above the 50-day moving average in heavy trading.

But Lam Research (LRCX) gapped down to a seven-month low after the chip-equipment company late Wednesday beat profit estimates but reported light sales growth and gave a disappointing outlook. The stock already was trading below the 50- and 200-day moving averages. The chip sector was mildly lower.

Ford Motor (F) topped the 16.55 buy point of a long cup base in heavy trading. The move came a day after a Credit Suisse analyst gave a bullish comment on Ford.

The Dow Jones Industrial Average fell 0.3%, one day after it hit a record high.

Dow component IBM (IBM) gapped down sharply after the company’s Q3 earnings met views and sales missed estimates. IBM shares were forming a cup with handle with a 146.10 buy point. But today’s plunge roils the chart. The stock is now below the 200-day and 50-day moving averages.

The Russell 2000 climbed 0.4%. Volume rose on the NYSE and Nasdaq compared with the same time Wednesday.

IBD 50 Outperforms Stock Market

Innovator IBD 50 ETF (FFTY) rallied 1%, easily outperforming the stock market.

Most components behaved well. BlackStone (BX) gapped up nearly 4% after the asset management firm beat profit and revenue expectations earlier today.

Asana (ASAN) climbed to a new high. Monday.com (MNDY), Wednesday’s IBD 50 Stocks To Watch pick, continues to climb above its 50-day line.

The volatile TaskUs (TASK) slid to its 50-day moving average, where it again appears to be finding support. It fell nearly 3% Thursday morning, one of the larger drops in the IBD 50.

Innovative Industrial Properties (IIPR), a REIT that leases farmland for cannabis cultivation, is trying to break out past a 253.71 buy point. Shares climbed 2.6% to a new high in heavy trading.

Jobless Claims Decline Again

On the economic front, initial claims for unemployment benefits fell to 290,000 last week, from 296,000 the week before, the Labor Department reported. The numbers marked a new low for the pandemic era.

The 10-year Treasury note’s yield rose to the highest since May 19 today, at 1.67% around 10 a.m. ET. Since Sept. 23, the yield’s climb has been accelerating, a trend that has often pressured growth stocks.

Juan Carlos Arancibia is the Markets Editor of IBD and oversees our market coverage. Follow him at @IBD_jarancibia

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