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Dow Jones Gains As Biden Taps Oil Reserves, Donald Trump SPAC Dives; Warren Buffett Stock Melts

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The Dow Jones Industrial Average moved higher while the S&P 500 rallied late. Oil stocks such as Chevron (CVX) bubbled higher as President Joe Biden opted to release 50 million barrels of oil. The Donald Trump SPAC Digital (DWAC) plunged.

Software stocks were being beaten back amid the bearish action. These included Snowflake (SNOW), a data analytics play backed by Warren Buffett.




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Nasdaq Lags As Growth Stocks Get Mauled

The tech-heavy Nasdaq continued to fall away from recent record highs. While it cut some losses during the final hour of trading, it still fell 0.5%. Zoom Video Communications (ZM) led the downside. It fell just under 15% as the market reacted negatively to its latest earnings report.

The S&P 500 managed to rally late and close with a modest gain of 0.2%. Dollar Tree (DLTR) led with a gain of more than 9% while Best Buy (BBY) fared worst with a drop of over 12%.

The S&P sectors finished mostly positive despite the mixed action, with energy and financials faring best. Technology and consumer discretionary were the worst performers.

Small caps struggled despite the progress of financials. The Russell 2000 did manage to rally off lows though, closing down 0.2%.

It was growth stock investors who really felt the wrath of the bears. The Innovator IBD 50 ETF (FFTY), a bellwether for growth stocks, tumbled about 1.6%.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 35813.74 +194.49 +0.55
S&P 500 (0S&P5) 4690.72 +7.78 +0.17
Nasdaq (0NDQC ) 15775.14 -79.62 -0.50
Russell 2000 (IWM) 231.25 -0.48 -0.21
IBD 50 (FFTY) 47.43 -0.78 -1.62
Last Update: 4:08 PM ET 11/23/2021

Dow Jones Gains As JPMorgan, Goldman Sachs Lead

The Dow Jones Industrial Average was near session highs, rising about 0.6%.

Bank stocks JPMorgan Chase (JPM)) and Goldman Sachs (GS) were the top gainers in the blue chip index. JPM stock closed up 2.4% while Goldman Sachs popped 2.6%.

Leading insurance play Travelers (TRV) also fared well on the Dow Jones today, rising 2.2%.

Oil play Chevron also did well, notching a gain of 2.1% Chevron is in the buy zone of a 113.21 entry point in a cup without handle.

Walt Disney (DIS) was the worst performer, falling about 2%.

Oil Stocks Bubble As Biden Taps Reserves

Oil stocks were surging after President Joe Biden tapped the U.S. Strategic Petroleum Reserve amid rising gasoline prices. He said 50 million barrels will be released.

It is part of a coordinated effort to drive down prices. Other major nations including China, India, Japan and the United Kingdom will also unleash some their own reserves.

The President said Americans are “feeling the impact of elevated gas prices at the pump and in their home heating bills.” He also said U.S. businesses are hurting as “oil supply has not kept up with demand as the global economy emerges from the pandemic.”

Such a move had already been priced into the market, and oil prices are rising again after recently hitting seven-week lows. U.S. crude oil prices rose 2.6% to $78.77 a barrel.

The top three IBD Industry Groups were all in the oil and gas exploration field. Oil & gas integrated was also near the top of the list.

The bullish action saw Pioneer Natural Resources (PXD) named IBD Stock Of The Day.

Shares closed up 4.2% on the stock market today. PXD stock has an official flat-base buy point of 196.74, according to MarketSmith.

Leading oil and gas stock Diamondback Energy (FANG) is actionable as it rebounds off its 10-week moving average. The stock posted a gain of 4.5%.

FANG is moving well after previously slipping below a cup entry point of 102.63.


What To Do Amid Market Rotation; 3 Stocks In Buy Zones


Software Stocks Struggle

Meanwhile, a host of top software stocks were being hit as high multiple growth plays struggled.

Warren Buffett stock Snowflake (SNOW) was a notable loser. While it was off session lows the enterprise software large cap closed the day down 3.5%.

The data analytics play previously passed the 20% profit goal from its latest buy point of 328.16, but it has now given back much of its gains. If it continues to fall it could flash a round-trip sell signal.

Snowflake is a member of the prestigious IBD Leaderboard list of top growth stocks.

CrowdStrike (CRWD) fell 3.8%, ServiceNow (NOW) dipped 3%, Atlassian (TEAM) closed well off lows as it fell 3.4% and Shopify (SHOP) slipped 1.4%.

Donald Trump SPAC Plunges

The Donald Trump SPAC Digital World Acquisition plunged Tuesday. It closed down 12%, and the stock is now more than 75% off its record of high of 175.

Digital World Acquisition skyrocketed last month on the news it would serve as a vehicle to take the Trump Media & Technology Group public via a merger.

Last week Sen. Elizabeth Warren sent a letter to the SEC urging it to probe the deal.

She questioned whether the company and Trump “may have committed securities violations by holding private and undisclosed discussions about the merger as early as May 2021, while omitting this information in U.S. Securities and Exchange Commission (SEC) filing and other public statements.”

In addition to Truth Social, a social media site, the firm plans to offer a subscription-based video-on-demand service to be called TMTG+.

Despite the wild action the stock is still up bigly overall for the year. It remains up nearly 300% so far in 2021.

Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.

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Tensions run high as Swiss vote on Covid vaccine certificate law | Switzerland

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People in Switzerland are voting on a Covid vaccine certificate law, after a campaign characterised by unprecedented levels of hostility in a country renowned for its culture of compromise.

As in much of Europe, Switzerland has seen growing anger over restrictions aimed at reining in the pandemic, and pressure to get vaccinated.

But in a country where there are referendums every few months in a climate of civility and measured debate, the soaring tensions around the vote have come as a shock. Police increased security around several politicians who have faced a flood of insults and death threats.

The polls close at noon (11am GMT) on Sunday, with the results expected within the following hours as the vast majority vote by mail before polling day.

Voters are deciding whether to approve amendments to the Covid law which, among other things, provide the legal basis for a Covid certificate that says if a person has been vaccinated or has recovered from the virus.

Opponents say the certificate, which has been required since September for access to restaurants and other indoor spaces and activities, is creating an “apartheid” system.

Final opinion polls showed about two-thirds of the voters supported the Covid laws.

Police blocked the square in front of the seat of government and parliament in Bern on Sunday, anticipating protests after the result.

Observers have warned that the vote could exacerbate tensions, and even spark a violent backlash among the anti-vaccine crowd if results do not go in their favour.

During the campaign, fences were erected around the buildings to protect them during anti-vax demonstrations.

They were often led by the “Freiheitstrychler” or “Freedom ringers” – men dressed in white shirts embroidered with edelweiss flowers and with two large cowbells suspended from a yoke resting on their shoulders.

Some of the demonstrations have led to violent clashes with police, who have used rubber bullets and teargas to rein in the crowds.

The referendum comes as the new Covid-19 variant Omicron, first detected in southern Africa and classified as a variant of concern, has rattled countries and markets around the world.

It is the second time in less than six months that the Swiss have been called on to vote on the government’s response to the pandemic. In June, 60% of voters approved prolonging national measures.

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James Austin Johnson is already the best ‘SNL’ Trump [POLL RESULTS]

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James Austin Johnson only just joined the cast of “Saturday Night Live” this fall, but he’s already made a big impression. The comedian not only played President Joe Biden in the opening sketch of the season but he’s also portrayed the former president, Donald Trump, to rave reviews. After decades of Trump impersonations on the late-night sketch series, fans have voiced their overwhelming support for the most recent one.

Johnson collected the vast majority of votes in our “best ‘SNL’ Trump” poll results, with a whopping 61% of the vote. The actor has only played him twice on “SNL,” though he has cultivated his impression of Trump for many years through viral videos. In a distant second place, Alec Baldwin collected 22% of the vote. Baldwin played Trump through his turbulent presidency and even won an Emmy for his performance in 2017, with additional nominations in 2018 and 2021.

Darrell Hammond came in third place at 10%, despite playing him for the longest period of time. Phil Hartman, the original Trump impressionist for “SNL,” placed in fourth at 3% of the vote. Johnson, Baldwin, Hammond and Hartman are the best-known Trump portrayers on the show, with all others playing the businessman in an episode or two.

Among that smaller group, Jason Sudeikis received 1% of the vote (though he won our “best ‘SNL’ Biden” poll), followed by Leslie Jones and Vanessa Bayer at 0.5%. Taran Killam, who actually played him in three episodes, and John Cena failed to collect a single vote in the poll.

Considering Trump has left office, it is likely that we will see less of Johnson’s impression on “SNL,” though they have already found a way to integrate him into multiple Judge Jeanine Pirro (Cecily Strong) cold opens.

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Covid-19: Decision on resumption of international flights to be reviewed, MHA says | India News

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NEW DELHI: The Centre’s decision on the effective date of resumption of scheduled commercial international passengers service will be reviewed as per evolving global scenario, MHA spokesperson said on Sunday.
This was discussed during an urgent meeting that was called by the home secretary earlier in the day in view of the possible threat that the new Covid variant of concern ‘Omicron’, can pose to the nation.

Various experts were part of the meeting, including Dr V K Paul, Member (Health), NITI Aayog, D Vijay Raghavan, principal scientific adviser to Prime Minister, senior officers from health, civil aviation and other ministries.

Here’s what other things were discussed during the meet-
* Overall global situation in wake of the Omicron virus was comprehensively reviewed.
* Various preventive measures in place and to be further strengthened were discussed.
* Genomic surveillance for variants to be further strengthened and intensified.
* Airport health officials (APHOs) and port health officials (PHOs) to be sensitized for strict supervision of testing protocol at airports/ ports.
* Closer watch on the emerging pandemic situations within the country will be maintained.

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