The S&P 500 fell more than 0.6%, the Dow Jones industry lost 0.6%, and the Nasdaq was down nearly 0.5% on the stock market today. The small caps tracked by the Russell 2000 fell 0.8%. The volume on both major exchanges was lower than on Thursday at the same time. For the week, the Nasdaq and S&P 500 are on their way to flat to moderate gains. However, the Dow is facing a 0.7% loss.
In 2020, technology stocks surged the Nasdaq to 43.6% – the fifth-best year ever. The S&P 500 rose 16.3% and the Dow 7.2% in 2020. After a strong start this year and a brief correction, the market has rallied near record highs. Read The Big Picture for a more detailed daily market analysis.
According to Worldometer, cumulative Covid-19 cases worldwide have exceeded 151 million, with more than 3 million deaths. In the US, cases have exceeded 33 million with over 589,000 deaths, although the number of new cases in the US has slowed dramatically in many states.
As countries rush to vaccinate their populations, Pfizer (PFE) partner BioNTech (BNTX) jumped 6% in heavy trade to a new high. The shares are now extended approximately 46% from a buy point of 131.10 of a consolidation. Apple (AAPL), which cut a larger previous loss to 0.4%, is on track for a fourth straight decline. The stock is slightly below a buy point of 135.63 a cup, the handle of which was briefly cleared on Thursday. Apple reported quarterly blowout results late Wednesday.
The European Commission has charged Apple with antitrust fees for spreading music streaming apps. This could result in fines of up to 10% iPhone Manufacturer’s annual sales and changes to the App Store rules. Oil and gas, solar and travel booking stocks led the downtrend among IBD’s 197 industry groups. Automakers, steel and utility companies were among the few groups that resisted the decline.
In the automaker group, Tesla (TSLA) gained nearly 4% to resume its 50-day line. Stocks build the right side of a new mug with a handle, offering a buy point of 780.89. But it’s a late-stage base. Amazon (AMZN) gained 2% on a massive scale to extend its winning streak to six. Amazon stock remains in the potential buy range from a buy point of a handle of 3,436.03. The buy zone is 3,607.83. A slightly higher entry is also waiting at 3,552.35, a cent above the left high.
AstraZeneca (AZN) saw sales grow nearly 5% and resumed its 200-day line for the first time since January. AstraZeneca stock remains roughly 17% below its 52-week high. The UK drugmaker’s Q1 results exceeded expectations thanks to strong sales of its anti-cancer drugs. The coronavirus vaccine also contributed $ 275 million to sales. However, the raised guidelines for 2021 exclude the vaccine’s impact. AstraZeneca sells its Covid vaccine outside of the United States