Dow Jones Slips But Nasdaq Climbs; Apple Joins Elite List; Why Palantir Stock Is Soaring - Investor's Business Daily

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Stocks were narrowly mixed Thursday afternoon, as the Dow Jones Industrial Average slipped while the S&P 500 and Nasdaq climbed.

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The Dow Jones industrials fell 0.1%, the S&P 500 edged up 0.1% and the Nasdaq was up 0.1% in the stock market today. Small caps tracked by the Russell 2000 lagged, down 0.6%. Volume was lower on both major exchanges vs. the same time Wednesday.

Among exchange traded funds, Innovator IBD 50 (FFTY) rose 0.5%, while the Nasdaq 100-tracking Invesco QQQ Trust (QQQ) climbed 0.2%.

Initial jobless claims fell for a third straight week, to 375,000 in the week ended Aug. 7, according to the Labor Department. That was below the prior week's upwardly revised 387,000 and also lower than expectations for 378,000 claims.

Producer prices rose 1% in July, above economist forecasts for a 0.6% increase. On a year-over-year basis, prices soared 7.8% vs. projections for a 7.3% gain.

U.S. Stock Market Today Overview
Index	Symbol	Price	Gain/Loss	% Change
Dow Jones	(0DJIA)	35435.50	-49.47	-0.14
S&P 500	(0S&P5)	4453.20	+5.50	+0.12
Nasdaq	(0NDQC )	14782.42	+17.28	+0.12
Russell 2000	(IWM)	222.36	-1.33	-0.59
IBD 50	(FFTY)	46.10	+0.22	+0.48
Last Update: 1:46 PM ET 8/12/2021

The U.S. economy continues to recover from the Covid-19 pandemic, which triggered nationwide lockdowns over a year ago. Most states had relaxed restrictions as vaccinations continued to roll out and cases decreased. But mask mandates are returning in some areas as the delta variant spreads.

Cumulative Covid-19 cases worldwide are approaching 206 million, with over 4.3 million deaths, according to Worldometer. In the U.S., cases have topped 37 million with more than 635,000 deaths.

Although the numbers of new cases and deaths in the U.S. have decreased dramatically, cases are back on the rise in some states due to delta.

Growth Stocks To Watch

Palantir Technologies (PLTR) soared 11% in fast trade, gapping up past its 50-day moving average. The stock rose above its converged 10-week and 40-week moving averages, which sets up a potential early entry for aggressive investors. Palantir stock is forming a base with a potential buy point at 27.60.

The data analytics software maker reported Q2 adjusted earnings that met views for 4 cents a share. Revenue jumped 49% to $375.6 million, well above forecasts for $360.3 million. Palantir guided for higher-than-expected sales for the current quarter.

Celsius Holdings (CELH) dived below its 50-day line before paring losses to reverse slightly higher. If the gain holds, the stock will extend its win streak to nine.  The maker of calorie-burning fitness beverages reported Q2 results early Thursday. Celsius is about 5% away from an 83.10 buy point of a base-on-base pattern. It was featured in Tuesday's IBD 50 Stocks To Watch.

Over in the IBD 50, Doximity (DOCS) led with a 15% vault, extending Wednesday's 33% surge. After the close Tuesday, the medical software maker reported  fiscal Q1 adjusted earnings of 9 cents a share and revenue that doubled to $72.7 million. The June 24 new issue is now more than 20% extended from a 65.52 buy point of an IPO base, according to IBD MarketSmith chart analysis.

Among other IBD 50 winners, Maravai LifeSciences (MRVI), Upstart (UPST) and Rent-A-Center (RCII) rallied more than 5% each.

Dow Jones Winners And Losers

Apple (AAPL) and Salesforce.com (CRM) led the blue chip index with gains of more than 1% apiece.

Apple, up 1.6%, joined IBD Leaderboard after clearing a trend line around 148. This latest entry comes after it broke out past a 137.17 buy point of a cup base in late June. It's extended from the cup entry. Apple is gearing up for its iPhone 13 launch next month.

Intel (INTC), Home Depot (HD) and American Express (AXP), down more than 1% each, were among the biggest Dow Jones losers.

Follow Nancy Gondo on Twitter at @IBD_NGondo

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