Dow Falls Over 100 Points But Nasdaq Leads Market - Investor's Business Daily

The Dow Jones Industrial Average traded lower in today's stock market as the major index pulled back from reaching record highs last week. Meanwhile, the Nasdaq traded higher Monday and led the market on the upside.

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Indexes have been weakening for about an hour. In early afternoon trading, the Dow Jones traded down 0.5% after hitting a record high of 30,233 last week. The Nasdaq gained 0.4% while the S&P 500 was down 0.1%. The Russell 2000 small-cap index gained 0.2%. Volume was lower on the NYSE and the Nasdaq vs. the same time on Friday, according to early data.

Among top-performing industry groups were software stocks and automakers. The iShares Expanded Tech Software ETF (IGV) rose 0.6%, beating the major indexes. Meanwhile, transportation, retailers and oil and gas stocks were among those leading on the downside.

The Innovator IBD 50 ETF (FFTY) gained 0.4%. Companies boosting the index on Monday included Builders FirstSource (BLDR) and Facebook (FB), which gained over 2.5% each.

Stock Market Today

Tesla (TSLA) gained over 5% early Monday, hitting a record high of 630. Tesla stock is currently on IBD's Leaderboard. Shares of Tesla broke out above a 466 buy point on Nov. 18 from a cup-with-handle base and remain roughly 30% above the buy point.

Stocks trading near buy zones included Facebook and PayPal (PYPL).

FANG stock Facebook is rising toward a 297.48 buy point from a cup with handle, according to MarketSmith chart analysis. Shares rose 2.7% Monday. Investors could also consider an aggressive buy point at 291.88, for which the buy zone tops out at 306.47.

While Facebook maintains a near-perfect IBD Composite Rating of 97, shares have a mediocre 73 Relative Strength Rating. Also, the stock's relative strength line is lagging.

Elsewhere, PayPal stock traded inside the 5% buy zone of a 215.93 buy point in a cup base after retaking the buy point on Friday. Shares gained 0.3% on Monday. The 5% buy zone extends up to 226.73.

Stocks Breaking Out

Stocks breaking out on Monday from the MarketSmith Growth 250 list included Skyworks Solutions (SWKS)

The chip manufacturer broke out of a double-bottom base after retaking the 50-day line on Friday. The base has a buy point of 151.99 and the buy zone tops out at 159.58. Shares of Skyworks rallied 2.2% while the RS line rose to recent highs.

While shares maintain a solid 91 Composite Rating, the stock has an RS Rating of 76, which is below the minimum of 80 we look for in growth stocks breaking out.

Dow Jones Today

As for the Dow Jones, the majority of its components traded lower, with Intel (INTC) leading on the downside with a loss of almost 4%. Shares of the Dow giant have been struggling in 2020 with a 17% year-to-date loss. But last week, shares reclaimed their 50-day line, a positive sign.

Elsewhere in the Dow Jones, Boeing (BA), Apple (AAPL) and Salesforce.com (CRM) led on the upside with gains of over 1% each. Apple stock rose almost 2% and is roughly 10% away from a 138.08 buy point, according to MarketSmith chart analysis.

However, Apple is also trading just above an aggressive entry at 122.09 after last week's gain of almost 5%. The company maintains solid IBD Ratings, including a 90 Composite Rating and an 85 RS Rating.

Follow Rachel Fox on Twitter at @foxonstocks for more market insight and Dow Jones commentary. 

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