Dow Jones Leads Mixed Session; Hayward, Applied Materials, Vale In Focus | Summary and Q&A

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June 30, 2021
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Investor's Business Daily
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Dow Jones Leads Mixed Session; Hayward, Applied Materials, Vale In Focus

TL;DR

In a mixed trading session, the Nasdaq performed well, software stocks took a breather, the S&P 500 continued to inch up, and the Dow outperformed. Three compelling trades include Hayward Holdings, Applied Materials, and Brazilian miner Vale.

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Questions & Answers

Q: How did the Nasdaq perform in today's session?

The Nasdaq had a relatively impressive performance, closing near its session high despite selling in the software sector. Many software-related groups experienced losses, but the Nasdaq held up well.

Q: What is expected to be the next catalyst for the market?

The upcoming second-quarter earnings reports, starting in the third week of July, will likely be the next catalyst for the market. Financial sector reports will kick off the earnings season.

Q: What is the significance of market breadth?

Market breadth refers to the number of advancing and declining stocks in the market. It is an important indicator of overall market strength. The Nasdaq's advanced decline line has started to move sideways, indicating potential flattening of market breadth.

Q: How does the technical analysis look for Hayward Holdings?

Hayward Holdings, a recent IPO in the pool equipment manufacturing industry, shows strong technicals. The stock is trending above its 50-day moving average and is approaching its recent high. The weekly chart also shows a test of the 10-week moving average.

Q: Is Applied Materials currently actionable?

Applied Materials is considered to be at an actionable level as it carves up the right side of its consolidation. However, the stock has been limping through its pivot point with low volume. The chip sector, including Applied Materials, shows potential for more upside.

Q: Why has Vale performed well compared to other mining stocks?

Vale, a Brazilian miner, has held up well compared to other mining stocks, which have experienced significant sell-offs. Vale is a diversified mining company with exposure to various areas, including iron ore, gold, copper, and fertilizer nutrients.

Q: What is the significance of Vale's relative price strength?

Vale's relative price strength indicates its outperformance compared to other mining stocks. The stock is close to making a meaningful move above the 23 level, and its healthy relative strength line suggests further potential upside.

Q: What is the focus of the daily morning live stream on IBD Live?

The daily morning live stream on IBD Live focuses on analyzing stock charts, discussing market conditions, and sharing portfolio management strategies. Viewers can join the stream on investors.com for comprehensive analysis.

Summary & Key Takeaways

  • The Nasdaq had an impressive performance despite selling in the software sector. Software stocks have been rallying but experienced some selling pressure. The sector's strength has contributed to the Nasdaq's recovery from its recent lows.

  • The S&P 500 continued to rise and is expected to be influenced by second-quarter earnings reports in July. The upcoming earnings season will provide a catalyst for the market.

  • The Dow outperformed, with Walmart, Boeing, and Goldman Sachs leading the gains. Market breadth has started to flatten out, and improving breadth will be monitored for further bullishness.

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