Nasdaq Falls Hard; Goldman Sours On Apple

TL;DR

The stock market experienced a rough day with the NASDAQ down over two percent, though Cintas stood out with a positive performance. Tesla and Apple also reported earnings, but experienced some selling pressure.

Transcript

so good afternoon everyone and welcome to stock market today on this thursday it's alyssa coram here and i'm joined by ken shreve and we'll get to analyzing the action for the major indexes but first ken's got the skinny on the stocks that we're gonna be analyzing today hey ken hey uh ally yeah kind of a rough day for the stock market uh now stacke... Read More

Key Insights

• 🥳 The stock market witnessed a rough day, with the NASDAQ down 2.3%, but the market still held above its 21-day moving average.
• 🔇 Volume increased throughout the session, indicating potential institutional selling.
• 🥡 Cintas reported positive earnings, taking into account the economic recovery and improvement in the job market.
• 🥳 Tesla experienced high volatility, and investors should monitor the stock's behavior at the 1500 level and the 21-day moving average.
• 😀 Apple faced selling pressure due to concerns about its recent rally's sustainability and potential delays in its upcoming product launch.
• ❓ Goldman Sachs suggested avoiding Apple stock, which contributed to the sell-off.
• ☠️ Leaderboard, a model portfolio of top-rated growth stocks, has been performing well, although there were some disconcerting actions in growth stocks today.
• 🧘 The stock market consolidation or pullback could be beneficial for extended stocks, offering an opportunity to reevaluate positions.

Questions & Answers

Q: Why did the stock market experience a rough day?

The stock market, particularly the NASDAQ, saw declines due to potential institutional selling and increasing volume throughout the session.

Q: What is the significance of the 21-day moving average?

The 21-day moving average has been a reliable support level for the NASDAQ, and investors should monitor if it continues to hold as a support level in future sessions.

Q: What were some positive earnings reports?

Cintas, a uniform maker with global clients, reported positive earnings despite the pandemic's impact on other companies. Microsoft also had good earnings and growth in both its top and bottom lines.

Q: What are some concerns for Tesla and Apple?

Tesla experienced high volatility, and its stock price has been battling at the 1500 level. If it breaks through the support level at the 21-day moving average, it may be wise to take partial profits. Apple faced selling pressure today, with concerns raised about its recent rally's sustainability and potential delays in its 5G iPhone launch event.

Summary & Key Takeaways

• The major indexes, including the NASDAQ, the Dow Jones, and the S&P 500, closed down, with the NASDAQ showing the most significant decline at 2.3 percent.

• Volume in the stock market seemed to increase throughout the session, indicating potential institutional selling or distribution. However, the NASDAQ managed to stay above its 21-day moving average, which has been a reliable support level.

• Investors should keep an eye on the 21-day moving average as a key support level and monitor if the market continues to hold or changes its tone. A market consolidation or pullback could be considered healthy for extended stocks.