The Russell 2000 small-cap index led the way in afternoon trading Tuesday, up 2%. The Dow Jones Industrial Average, S&P 500 and Nasdaq composite were also in rally mode and near session highs, up around 0.7% to 0.8%. Dow Inc. (DOW) and IBM (IBM) were top gainers in the Dow Jones today.
Earnings winners in the Nasdaq 100 included Intuitive Surgical (ISRG), CSX (CSX) and ASML (ASML). But Netflix (NFLX) lagged badly, down 7%, after the company reported earnings and weak subscriber growth.
IBM stock extended gains after gapping up Tuesday over a 137.17 buy point. Visa (V) also outperformed in the Dow Jones. It’s near the top of a flat base with a 228.33 buy point. Caterpillar (CAT) is also forming a flat base with a 237.88 entry. MarketSmith’s pattern recognition algorithm is also spotting an ascending base that began with a then-new high of 200.17 on Jan. 13.
Among the best ETFs, the SPDR S&P Metals & Mining ETF (XME) bounced back 2.8% after falling 3% Tuesday. It’s in buy range after a bullish bounce off the 50-day moving average. The Global X U.S. Infrastructure Development ETF (PAVE) added 1.6% and continues to hold near highs.
U.S. Stock Market Today Overview
Last Update: 2:42 PM ET 4/21/2021
In IPO news, UiPath (PATH) soared more than 20% in its debut after pricing last night at 56, above the proposed range of 52-54. The company provides a robotic process automation tool that help customers streamline workflows.
Outside The Dow Jones
ISRG stock surged out of a double-bottom base, rising 9.5%, after the maker of robotic surgical systems reported its second straight quarter of accelerating earnings and sales growth. But it quickly moved past the 5% buy zone from the 812.89 buy point.
After a breakout from a short consolidation last month, chip-equipment firm ASML jumped nearly 5%. Wall Street liked the look of a 264% surge in quarterly profit. Sales jumped 90% to nearly $51.2 billion.
ASML’s bullish earnings report could bode well for Leaderboard stock Lam Research (LRCX), which reports after the close today. LRCX joined Leaderboard when it gapped out of a consolidation on April 1.
Chipotle Mexican Grill (CMG) also reports after the close today. Shares were down nearly 2% ahead of the results. According to Zacks, look for adjusted profit to be up 60% to $4.92 a share, with revenue up 24% to $1.75 billion.
PLBY Leads IBD 50
Other growth stocks firmed up after two days of sharp declines. The Innovator IBD 50 ETF (FFTY) rallied 2.6%, helped by a strong showing from Plby Group (PLBY). Shares jumped 17% after JPMorgan disclosed a 7.9% passive stake. Other top gainers in IBD 50 index of leading growth stocks included Lovesac (LOVE), At Home (HOME) and 360 DigiTech (QFIN).
Inside the MarketSmith Growth 250, Signature Bank (SBNY) soared 8% on strong earnings. It’s still in buy range after a solid first test of its 10-week moving average. Support comes after a breakout from a consolidation late last year.
Owens & Minor (OMI) is also in buy range as the stock finds support at its 10-week line.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
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