Dow Jones Ends Higher As Homebuilders Shine; Apple Makes Big Move As Cathie Wood Stocks Sell Off

The Dow Jones Industrial Average ended Thursday’s session on a higher note. A basket of homebuilding stocks, which have been acting well, stood out while Cathie Wood stocks sold off.

X

The Dow Jones held a 0.2% gain at 4 p.m. ET. Intel (INTC) and Microsoft (MSFT) rose in the Dow industrials.

The S&P 500 added 0.3% at the day’s close.

Accenture (ACN) raced 7% higher after earnings and lifted the index, along with Netflix (NFLX) and Regeneron Pharmaceuticals (REGN). Regeneron rose after the final phase of its treatment for “smoker’s lung” gave positive results.

The Nasdaq outperformed with a 1% gain. Among many gainers, Monolithic Power Systems (MPWR) rose over 2% and is in a base with a 530.75 entry. Microchip Technology (MCHP) shows a base with an 87.86 entry.

The small-cap Russell 2000 underperformed, falling 0.3%. The Innovator IBD 50 (FFTY) ETF rose 1%.

NYSE  volume was higher compared to the same time on Wednesday, but Nasdaq saw fewer shares trading hands at the closing bell.

Crude oil fell to $69.30 per barrel while the yield on the 10-year Treasury note fell 9 basis points to 3.40%.

Dow Jones Stocks On Watch

Microsoft is back near a 276.86 entry. Apple (AAPL) rose nearly 1% and held above resistance around 157. Nike (NKE) rebounded after selling off in reaction to Wednesday’s earnings report. Shares are testing support at their 50-day line as a flat base takes shape.

Movie theater stocks are having a run. Apple plans to spend $1 billion a year for movies to attract users to Apple TV+. AMC (AMC) and IMAX (IMAX) rose over 2%.

A basket of homebuilding stocks posted strong gains.

IBD Leaderboard stock Meritage Homes (MTH) is approaching a 117.32 buy point in a cup-with-handle base. D.R. Horton (DHI) is nearing its entry at 99.09. DHI is on IBD SwingTrader.

PulteGroup (PHM) is building a flat base with a 60.99 entry and KB Home (KBH) is approaching a 41.02 entry. The iShares U.S. Home Construction ETF (ITB) shed early gains and ended flat.

Stocks Whipsaw Off Highs; Moody’s Sees More Bank ‘Turmoil’ Risk

Cathie Wood Stocks Sell Off

Outside the Dow Jones, Cathie Wood stock Block (SQ) sold off after short seller Hindenburg Research accused the payments software company of exaggerating its user count and playing down the cost to acquire new users.

Earlier, Wood sold some Coinbase (COIN) stock in the ARK Fintech Innovation ETF (ARKF), just ahead of an SEC warning of securities violations.

COIN plunged 15% while Bitcoin rose above $28,000.

Both Wood holdings were down 14% in Thursday’s trading.

Weekly unemployment claims fell from 192,000 to 191,000. Econoday had predicted 195,000 filings for last week.

Please follow VRamakrishnan on Twitter for more news on the stock market today.

YOU MAY ALSO LIKE:

Top Growth Stocks To Buy And Watch

Learn How To Time The Market With IBD’s ETF Market Strategy

Find The Best Long-Term Investments With IBD Long-Term Leaders

MarketSmith: Research, Charts, Data And Coaching All In One Place