The major US stock indices are closing with barbell results.
- The Dow industrial average closed marginally lower.
- The S&P index was unchanged, and
- The NASDAQ index closed marginally higher.
Specifically looking at the closing levels:
- Dow industrial average fell -140.05 points or 0.42% at 33286.56
- S&P index rose 0.63 points or 0.02% at 4192.62
- NASDAQ index rose 62.87 points or 0.50% at 12720.77
In the small-cap Russell 2000 index, it outperformed with a gain of 21.66 points or 1.22% at 1795.38.
The declines in the Dow are led by Nike (-3.97%). Last week Foot Factory warned of increased inventories and that has pressured the shares of Nike as well. Procter & Gamble, McDonald's, Coca-Cola, and Chevron also lost between -1.81% and -2.62%
The biggest gainers in the Dow included 3M up 2.71%, American Express up 1.63%, and Intel up 1.17%
Cathie Woods, ARK Innovation fund rose 4.86%. Tesla helped that index with a gain of 4.85%
Shares of Micron today were down $1.94 or -2.85% at $66.23 after China banned some of their chips due to security concerns.. The low rate $64.76. The intraday high reached $66.75.
The S&P index traded above its 100-week moving average at its session high of 4209.22. That moving average comes in this week at 4200.13. However, the price is closing back below that key longer-term moving average level. It would take a close above to increase the bullish bias from a technical perspective of this week.
