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Market Recap: Dow Jones Gains Amid Apple, Microsoft Struggles

Strategic Insights

— 1 min read

The Dow Jones Industrial Average and the S&P 500 bounced back from losses, with the Nasdaq also showing signs of improvement. However, individual stocks like Apple and Microsoft lagged behind, with Microsoft experiencing a dip of 1.6%. Icahn Enterprises, led by legendary investor Carl Icahn, saw a significant surge of 20.2% after he renegotiated loan agreements, addressing risks highlighted by short seller Hindenburg. DraftKings and Intel also performed well, with the latter jumping 2.8% and Amgen popping by a near-identical amount.

Key Takeaways:

  • The Dow Jones Industrial Average rose nearly 211 points, or 0.6%, snapping a three-day losing streak.
  • Microsoft stock dropped 1.6%, undercutting its 50-day moving average, but remains up 39% so far in 2023.
  • Apple stock fell more than 1%, finding support at the 21-day exponential moving average, but remains up 51% this year.
  • Icahn Enterprises stock soared 20.2% after Carl Icahn renegotiated loan agreements, addressing risks highlighted by short seller Hindenburg.
  • IEP stock remains down nearly 33% so far in 2023 despite the surge.
  • DraftKings stock jumped nearly 8.3%, surpassing its 20% profit goal and its 20% profit target.
  • Flowserve, Oceaneering International, and Expedia tested entry points with varying degrees of success.

Statistics:

  • The Dow Jones Industrial Average rose 211 points, or 0.6%.
  • Microsoft stock dropped 1.6% and remains up 39% so far in 2023.
  • Apple stock fell 1% and remains up 51% this year.
  • Icahn Enterprises stock surged 20.2%.
  • DraftKings stock jumped nearly 8.3% and is up 14% above its 10-week moving average.
  • The Nasdaq rallied out of the red, gaining 0.2%, with the S&P 500 also turning positive, gaining 0.2%.
  • The 10-year yield fell nominally but was virtually flat at 4.01%, while the two-year yield dipped 6 basis points to 4.87%.
  • The Russell 2000 rose more than 1%.
  • The Innovator IBD 50 ETF surged 2.8%.
  • IEP stock remains down nearly 33% so far in 2023.
  • MSFT stock was the only stock to drop in the Dow Jones today.
  • Amgen and Intel both jumped 2.8%.

Sources:

  • IBD (Investor's Business Daily)
  • SEC (Securities and Exchange Commission) filing
  • Oppenheimer
  • Hindenburg Research

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