The stock market trimmed opening losses Wednesday but remained lower at midday, as several of the market's best stocks got crushed after they reported earnings.
XStocks Wednesday saw losses largely in technology and growth.
The Nasdaq composite was off 0.5%, while the S&P 500 and Dow Jones Industrial Average fell off 0.1%. Small caps backed away from early gains, with the Russell 2000 dipping 0.2%.
Volume was lower on the Nasdaq and NYSE compared with the same time on Tuesday.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 36282.30 | -37.68 | -0.10 |
| S&P 500 | (0S&P5) | 4679.69 | -5.56 | -0.12 |
| Nasdaq | (0NDQC ) | 15812.10 | -74.44 | -0.47 |
| Russell 2000 | (IWM) | 240.60 | -0.55 | -0.23 |
| IBD 50 | (FFTY) | 50.64 | -1.24 | -2.39 |
Last Update: 11:57 AM ET 11/10/2021 |
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Technology Select Sector SPDR (XLK) fell 0.9%, the largest loss among S&P sector ETFs this morning. The iShares Russell 1000 Growth ETF (IWF) was off 0.5%.
Stock Market Losers Include IBD 50 Stocks
Earnings reports brought down some top-rated stocks, including a few IBD 50 companies.
Upstart Holdings (UPST) plummeted 18% even after paring opening losses. The consumer lender, which uses AI to make lending decisions, beat Q3 expectations but its forecast disappointed. Shares gapped down below the 50-day moving average in heavy volume. That marks a sell signal.
Affirm Holdings (AFRM) gapped down to a loss of more than 9% in big volume in the stock market. Shares fell below the 21-day exponential moving average, which had lent support for months. The provider of buy now, pay later programs reports earnings after today's close.
Innovator IBD 50 ETF (FFTY) slid 2.4%. But the ETF bounced after falling to its 21-day line.
Unity Software (U) was the best performing stock in the IBD 50, after reversing higher for a 7% increase in heavy trading. The video game design and animation software provider beat sales views and posted a smaller-than-expected loss late Tuesday.
Monday.com (MNDY) tumbled nearly 17% in big volume after the company reported Q3 results today. The loss left shares of the cloud-based business software company more than 8% below the 408.08 buy point of Tuesday's breakout. That's a sell signal.
FuboTV (FUBO) was penalized 18% even though its Q3 loss was narrower than expected and sales topped views. The sports-focused video streaming service said it topped 1 million subscribers. The stock is still forming a saucer pattern, according to MarketSmith pattern recognition.
Provider of premium hair care products Olaplex Holdings (OLPX) sold off, despite reporting better-than-expected results. The stock plummeted below its 27.84 buy point and was removed from IBD Leaderboard.
Rivian IPO Trading Still Not Open
Electric-pickup maker Rivian (RIVN) on Tuesday priced its initial public offering in the stock market at $78 a share, giving the company a valuation of $70 billion. The IPO raised $11.9 billion. Shares had not started trading by 12 p.m. ET. The bid and ask were at 120.
Tesla (TSLA), the biggest of the EV stocks, opened lower but erased losses and rallied more than 4%.
DoorDash (DASH) rallied 15% after the food-delivery company late Tuesday reported results and said it is acquiring a Finland-based peer. The stock deal for Wolt is valued at about $8 billion. DoorDash stock is breaking out past the 220.71 buy point of a shallow double-bottom base.
The core consumer price index rose to 4.6% in October, a new 30-year high and more than economists had expected. The CPI rose 0.9% from September and 6.2% from a year ago.
Treasury yields rose, with the 10-year Treasury note up 5 basis points to 1.48%. The benchmark yield peaked at 1.69% on Oct. 22 and has since traded lower. Some investors are concerned that higher inflation could force the Federal Reserve to kick up interest rates sooner than planned.
Juan Carlos Arancibia is the Markets Editor of IBD and oversees our market coverage. Follow him at @IBD_jarancibia
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