Dow Jones tumbles despite Apple stock’s gain

Stocks were mixed midday Monday, as the Nasdaq composite rose while the Dow Jones Industrial Average tumbled 200 points despite Apple stock’s healthy gain, poking its proverbial head above $130 for a look around.

Apple logo

Nancy Gondo for Investor’s Business Daily:

The Nasdaq was up 0.3%, the S&P 500 dipped 0.2% and the Dow Jones industrials fell 0.7% in today’s stock market. Small caps tracked by the Russell 2000 gave up 0.2%. Volume was higher on both major exchanges vs. the same time Friday.

Apple rallied 1.8% in above-average volume to lead the blue chip index. The iPhone maker is working on new Apple Watch models with a faster processor and better screen, Bloomberg reported. The stock retook its 50-day moving average and is on track for its sixth gain of the past seven sessions.

But its lagging relative strength line indicates significant stock market underperformance. Apple is shaping a new flat base with a 137.17 buy point after triggering the 7%-8% loss-cutting sell rule from a 135.63 entry in early May.

MacDailyNews Take: Yes, but what do the entrails say, Nance?

6 Comments

    1. A little sensitive?

      An Apple and AAPL site…therefore, hardly a headline of hubris, or bravado…especially so since the stock has been moving sideways for months.

      A matter of fact.

  1. What’s going on with Apple today? Nothing major happened that I’ve heard of. Apple isn’t supposed to be moving upwards so early in the year. Some fund investors must have confused Apple with Roku or Spotify. I wish the stock price would stay down until Apple runs out of buyback cash. I want to see all those abundant Apple shares disappear as quickly as possible for as little money as possible. Some fund must want to own Apple stock desperately for this to happen. Funds buying now makes no sense to me as they can buy millions of shares anytime they please.

    1. Nothing to do with Apple. It was an industry trend due to economic data. Today, the data points differently, and tech stocks as of 11 o’clock are down today, Tuesday.

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