The Dow Jones Industrial Average saw a rally attempt fail as the stock market continued to struggle. Tesla CEO Elon Musk subpoenaed a key former Twitter employee as his takeover fight took another twist. Coinbase and Riot Blockchain had mixed luck as Bitcoin rallied. Apple dipped despite a bullish analyst call.
Meanwhile, a trio of noteworthy stocks were looking bullish despite mixed action. Exxon Mobil, United Parcel Service and NRG Energy all showed strength near buy points.
Volume fell on both the Nasdaq and the New York Stock Exchange according to early data.
The yield on the benchmark 10-year Treasury note jumped eight basis points to 3.11%. West Texas Intermediate crude oil spiked more than 4% to nearly $97 per barrel.
Stocks tried to make a stand after Friday's shellacking, triggered by a hawkish Jackson Hole speech by Federal Reserve Chairman Jerome Powell.
Nasdaq Falls; Small Caps Struggle
The Nasdaq composite had the toughest time out of the major indexes. An attempt to fight off lows faltered as it closed down 1%. Okta was among the worst performers, falling 3.9%.
The S&P 500 also dipped heading into the close as it fell 0.7%. Catalent is struggling here, dipping 7.4%.
The S&P 500 sectors ended the day nearly all negative. Energy and utilities were the only positive areas while real estate and technology fell the most.
The bears pounced late on the small caps, with the Russell 2000 closing the session down 0.8%.
The Innovator IBD 50 ETF, a bellwether for growth stocks, had spent much of the session in positive territory but reversed late to give up 0.3%.
Dow Jones Today: Apple Stock Dips Despite Bullish Call
The Dow Jones Industrial Average ended the day down nearly 200 points as it dipped 0.6%.
Apple stock disappointed, slipping 1.4% despite JPMorgan reiterating its overweight rating. The analyst noted that the iPhone "continues to have favorable lead times across geographies."
AAPL stock currently sits below a handle buy point of 176.25, according to MarketSmith analysis.
But Salesforce was the worst-performing component as it skidded 3%.
Walmart and Chevron were the best Dow Jones performers today, rising 1% and 0.7% respectively.
Elon Musk Makes Twitter Legal Move
The ongoing takeover feud between Tesla CEO Elon Musk and Twitter took another twist Monday.
The eccentric executive's lawyer has issued a subpoena to Twitter whistleblower Peiter Zatko, according to court filings.
This development comes after Twitter's former security chief alleged the tech giant intentionally undercounted and misrepresented the number of bots on the platform.
This is a key plank to Musk's argument that he should be able to walk away from his deal to buy the firm. A trial on the matter is slated for October.
Tesla stock ended the session down 1.1% on the stock market today. It lost some ground on the key 200-day moving average, according to MarketSmith analysis.
Twitter stock also slipped, giving up 1%. It is seeking support at the 50-day moving average and lost ground on its 200-day line.
Coinbase Stock Falls, RIOT Gains As Bitcoin Rallies
Coinbase was boosted by a rise in the price of Bitcoin before surrendering gains late on. COIN stock spent most of the session higher before closing down 0.6%.
The stock looks to be finding support at its 50-day line. This is important, as the cryptocurrency exchange was battered after it slashed its full-year forecast earlier this month.
COIN shares remain down almost 74% since the start of 2022, so it has much work to do.
Bitcoin was trying to fight back after getting knocked lower following Fed chief Powell's Jackson Hole speech. It is trading back above the $20,000 mark after gaining 0.8% in the past 24 hours, according to CoinDesk.
Other cryptocurrency stocks are having mixed fortunes. Bitcoin mining play Riot Blockchain rose 2.7% but the Grayscale Bitcoin Trust fell 0.6%%
Outside Dow Jones: 3 Strong Stocks Near Buy Points
Investors should be keeping an eye out for strong stocks despite the choppy recent action.
Exxon Mobil stock is worth watching as it homes in on a consolidation pattern entry of 105.67, according to MarketSmith analysis.
In addition, the relative strength line sits near new highs, an encouraging sign.
XOM stock has a near-perfect IBD Composite Rating of 97. Stock market performance is bullish, with the stock rising 59% since the start of the year.
Improving earnings performance gives added credibility to a bullish outlook on Exxon Mobil stock.
UPS stock is another strong performer as it eyes a new entry. It has formed a cup-with-handle pattern with a 209.49 buy point. It made an encouraging move by retaking its 200-day moving average Aug. 10. This is now acting as an area of support.
The stock holds a strong Composite Rating of 88 out of 99. Earnings are a key strength, with EPS growing by an average of 18% over the past three quarters.
Finally, NRG Energy is trying to reach a cup-with-handle base entry of 44. The stock's RS line has been rising this month, though it remains off highs.
The electric utility's Composite Rating is 91. It is an institutional favorite, with 65% of its stock currently being held by funds.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more analysis of growth stocks.
