Stocks were mixed Friday afternoon as the Dow Jones Industrial Average headed for a new high but the tech-heavy Nasdaq lagged.
The Dow Jones industrials rose 0.5%, the S&P 500 was up 0.2% and the Nasdaq fell 0.4% in the stock market today. Small caps tracked by the Russell 2000 advanced 0.6%, but lost a substantial amount of their early gains.
Volume was mixed, lower on the NYSE but higher on the Nasdaq, vs. the same time Thursday.
The Labor Department reported U.S. nonfarm payrolls expanded by 943,000 workers in July. That was up from a revised 938,000 workers hired in June and topped expectations for 900,000 new jobs. The unemployment rate fell to 5.4% last month, from 5.9% in June, better than forecasts for a decline to 5.7%.
The U.S. economy continues to recover from the Covid-19 pandemic, which triggered nationwide lockdowns over a year ago. Most states had relaxed restrictions as vaccinations continued to roll out and cases decreased. But mask mandates are returning in some areas as the delta variant spreads.
U.S. Stock Market Today Overview
Last Update: 1:22 PM ET 8/6/2021
Cumulative Covid-19 cases worldwide topped 202 million, with nearly 4.3 million deaths, according to Worldometer. In the U.S., cases have surpassed 36 million with almost 632,000 deaths.
Although the numbers of new cases and deaths in the U.S. have decreased dramatically, cases are back on the rise in some states due to delta.
Growth Stocks To Watch
Chip gear maker Kulicke is on track for a new closing high as it extends Thursday’s 14% advance. On Thursday, the company reported quarterly earnings and sales that surged a respective 619% and 182%. That marked a sixth straight quarter of triple-digit profit growth.
Innovative Industrial cleared a 222.18 buy point of a long cup base, according to IBD MarketSmith chart analysis. It attempted a breakout on Thursday, but closed below the entry. Shares remain in potential buy range up to 233.29. The cannabis-related real estate investment trust reported Q2 earnings late Wednesday that beat expectations.
On The Dow Jones
Goldman, up more than 3% in twice normal trade, broke out past a 393.36 buy point of a flat base. It remains in buy range, which goes up to 413.03.
But Amgen (AMGN), down nearly 2%, was the biggest loser. Volume was lower than usual, lessening the sting. The biotech giant has had a volatile week. Shares sold off 6.5% in heavy trade on Wednesday. Earlier this week, Amgen reported Q2 earnings and sales that beat analyst targets but lowered its outlook for the full year.
Amgen stock has fallen well below the 50-day and 200-day lines as it works on the bottom of a flat base with a 261.10 entry. Please see this recent IBD Big Picture column for more analysis on the biotech sector.
Robinhood (HOOD) rallied as much as 19% early Friday, before paring its gain to 10% in afternoon trade. On Thursday, shares plunged 27% after the stock brokerage platform said it would sell about 97 million shares on behalf of existing investors. New issues tend to be volatile and Robinhood, which held its IPO last week, is no exception.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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