Mixed Market In Indexes But Strength Underneath; Nucor, Cloudflare, And Invesco Solar In Focus | Summary and Q&A

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August 9, 2021
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Investor's Business Daily
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Mixed Market In Indexes But Strength Underneath; Nucor, Cloudflare, And Invesco Solar In Focus

TL;DR

The stock market had a mixed day, with the Nasdaq up slightly and the Dow and S&P down slightly, but there was strength in growth stocks like New Core and Cloudflare.

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Questions & Answers

Q: Why did the major indexes have a mixed day?

The Nasdaq showed resilience and a pause in its upward trend, which is seen as a positive sign. The market is not yet extended and is showing constructive action.

Q: Why did growth stocks outperform the overall market?

There has been a shift from the trillion-dollar market cap leaders like Google and Microsoft to more growth names in the FFTY ETF. This indicates broader strength in the growth sector.

Q: What is the setup for New Core?

New Core, a steel stock, has had a strong year and is currently carving the right side of a base. It had a rip-roaring move earlier in the year and may have more upside potential based on its current setup.

Q: Is Cloudflare a good investment?

Cloudflare, an enterprise software company, has shown strong technical action recently. While it does not have earnings at the moment, the company is reinvesting in its business and has a solid growth story. It may be a good follow-on buy opportunity.

Summary & Key Takeaways

  • The major indexes had a mixed day, with the Nasdaq up slightly and the Dow and S&P down slightly.

  • Growth stocks, represented by the FFTY ETF, outperformed the overall market.

  • New Core, a steel stock, had a strong day, with a 3.4% gain and potential for further upside. Cloudflare, an enterprise software company, also had a positive day and may be a good follow-on buy opportunity.

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