Another tailspin for Boeing, which plunged 8% in massive volume, helped send the Dow Jones Industrial Average sliding more than 350 points, or 0.9%, Tuesday. That came as Spirit Airlines (SAVE) plummeted on the rejection of a proposed merger between it and fellow U.S. carrier JetBlue (JBLU).
prescription to succeed in the market may make your head spin. On this episode of “Industry Insights,” we’ll discuss what factors to consider with biotech stocks. We also examine how FDA approvals influence sector performance over the long term.” vid-name=”Biotech Stocks Are Shooting Higher. Here’s How You Can Play Them.” vid-cat=”Industry Insights” vid-date=”12/19/2023″ vid-date-tmsp=”1702977121″ vid-image=”https://www.investors.com/wp-content/uploads/2023/12/pXpNIwoM-640×360.jpg” vid-authors=”MEREDITH HEYMAN”>
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Meanwhile, a few of the Magnificent Seven megacap techs helped limit the Nasdaq’s drop on the stock market today. The composite index dipped 0.4% lower after climbing almost 3.1% last week.
Weekly charts show bullish action in the Nasdaq and other leading indexes. The Nasdaq, for now, has refused to bow below its rising 10-week moving average. The same is true for the bellwether S&P 500, down 0.5% Tuesday but still within striking distance of an all-time high.
At 37,245, the 30-stock Dow Jones index is now down a little more than 1% for the year after gaining 13.7% in 2023. But Boeing (BA) — still trying to regain investor confidence as it deals with manufacturing defects in its 737 MAX 9 series of passenger jets — has dropped below its 200-day moving average, a key technical level.
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In The Dow Jones Industrials
Boeing, down 23% since Jan. 1, has also dropped more than 7% below a 243.10 buy point in its recent cup without handle. When a leading stock falls 7% or more from a breakout level, it triggers the No. 1 rule to guard a portfolio from serious risk.
In contrast, Airbus (EADSY) is still up for the year despite a 2.3% decline in heavy turnover. Airbus stock has climbed as much as 11% after launching past a 36.73 proper buy point in a nearly four-month double-bottom pattern.
Elsewhere in the stock market, the Nasdaq 100-tracking Invesco QQQ Trust (QQQ) slipped 0.2%.
Meanwhile, megacap tech leader and Dow Jones component Microsoft (MSFT) edged slightly higher after a handsome 5.6% gain last week. Also nicknamed Mr. Softy, The cloud computing and enterprise software titan remains in a 5% buy zone after lifting past a 384.30 base-on-base pattern. Microsoft reports fiscal second-quarter results for the December quarter on Jan. 31 after the close.
MarketSmith 250 Member Rises
Outside the Dow Jones index, MarketSmith Growth 250 member Elastic (ESTC) rose 3% on top of big gains last week.
The database software specialist has been forming a flat base after zooming sharply in November on strong quarterly results. The key chart pattern flags a 118.42 buy point.
Elastic got some air time in Tuesday’s IBD Live show.
Among IBD’s 197 industry groups, toy, solar, airline, gold and silver, oil royalty trust and home furnishings retailing stocks led the downside. These groups backtracked 2% or more on a price-weighted basis. But retail auto parts, fabless chip, healthcare services and fiber optic telecom gear stocks showed oomph with gains of 1% or more.
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