The Dow Jones Industrial Average and other indices closed lower as a new front opened in the battle between Florida Governor Ron DeSantis and… Walt Disney (DIS). on semiconductors (ON) ON RESULTS ARE ENHANCED, LIFTING nvidia (NVDA) is in process. c. B. Morgan Chase (JPM) Passed an entry as First Republic Bank devoured.
Three of the stocks tested buy points amid the positive move. American comfort systems (Repair), Weatherford (WFRD) and Howmet Aerospace (HWM) They all tried to escape.
Treasury yields were gaining again. The 10-year yield rose 13 basis points to 3.59% while the two-year yield increased by eight basis points to 4.14%. The yield curve remains inverted.
The Nasdaq Index is up as IBD 50 Lags
The Nasdaq saw the gains fade as it ended the day down 0.1%. Microchip technology (MCHP) impressed here with a gain of 3.3%.
The S&P 500 fared better, essentially closing flat despite a slight decline. Norwegian Cruise Line (NCLH) increased by 8.9% with better than expected results.
S&P 500 sectors closed mixed. Utilities, health care, and industrial were the best performers. Energy and consumer appreciation were the worst areas.
Smaller companies fared better than the major indices, with the Russell 2000 rising late to close flat. The Innovator IBD 50 ETF (FFTY) was highly negative.
Dow Jones today: Intel stock lags, Nike shines
The Dow Jones Industrial Average lost 46 points, or just over 0.1%.
outside JPMorgan, Nike (from f merck (MRK) was the top gainer. NKE rose 0.9%, while MRK rose 0.8%.
The microchip giant Intel (INTC) was the worst stock on the Dow Jones today, down about 2.5%. MarketSmith’s analysis shows that it has managed to hold above its short-term moving averages.
Disney stock saw as DeSantis fight progresses
Another Dow Jones stock hit the headlines on Monday. The board of directors chosen by Florida Governor Ron DeSantis to oversee the Walt Disney World district has voted to sue the company.
The board hit back after the owner of the “Star Wars” movie filed his own federal lawsuit last week, claiming he’s a victim of political retaliation by DeSantis.
“Disney sued us; we now have no choice but to respond,” said Chairman Martin Garcia. “This county will seek justice in the state court here in Central Florida, where Disney resides, operates and operates.”
Disney and DeSantis are vying for control of a special tax district that has allowed Disney autonomy for the land that includes the Walt Disney World Resort since the 1960s.
Disney stock closed at its lowest levels for the session but was still down 0.3%. Disney stock is holding slightly above its 50-day and 200-day moving averages.
JPMorgan Stock Tests Buy Point Amid First Republic Deal
JPMorgan has tried to get out of the news that federal regulators have agreed to sell the bulk of First Republic’s operations and assets to JPMorgan.
The banking giant is slated to assume $92 billion of the First Republic’s insured and uninsured deposits.
This includes $30 billion in deposits from JPMorgan and other major banks that have tried to prevent the beleaguered bank from collapsing. These deposits will either be paid off after closing or canceled upon consolidation.
In addition, JPMorgan, which is run by CEO Jamie Dimon, is buying most of the bank’s assets. These include $173 billion in loans and $30 billion in securities.
JPM stock closed up 2.2%. It closed just below the overbought area after briefly clearing out the cup entry with the handle at 141.88. The buy range of 5% comes to 148.97.
JPMorgan has an IBD composite rating of 95. Both its earnings and stock market performance are strong.
Onsemi earnings promotion leader
Shares of ON Semiconductor, also known as Onsemi, surveyed views for the first quarter early Monday. Earnings per share of $1.19 was better than analysts’ opinions for $1.08, despite a 2% year-over-year decline. Revenue increased by 1% to $1.96 billion, above expectations of $1.92 billion.
ON Semiconductor stock was triggered by its 50-day moving average, up 8.9%. Last week found support at the 200 day line.
Nvidia stock on the leaderboard also appears to have benefited from the strong results, rising 4.2%. NVDA, which extended, moved away from the 21-day exponential moving average. It found support at the 10-week moving average.
Out of Dow Jones: Three Stock Testing Entries
While the market’s upside has come under pressure, it is still important to watch for breakouts.
Comfort Systems USA is back below the overbought zone after briefly pulling out of the consolidation pattern entry at 152.23. The chart can also be interpreted as a double bottom with 147.78 buy points, and the stock is even higher.
Earnings are a special force to play air conditioning. It has a near-perfect EPS rating of 98 out of 99.
Weatherford is just below the entry after testing a cup buy handle point at 65.63. It’s among the top 2% of stocks by price performance over the past 12 months.
Howmet Aerospace is trading near a cup bottom entry point of 44.47 on the weekly chart. Manufacturer of metal products used in the aerospace industry with an IBD composite rating of 97.
Please follow Michael Larkin on Twitter at @employee For further analysis of growth stocks.
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