Dow Falls After Economic Data; Cathie Wood Sells Robinhood Stock

The Dow Jones Industrial Average traded sideways at 1:30 p.m. ET Tuesday. Caterpillar (CAT) continued to hold its strong early gains after earnings.

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The S&P 500 fell 0.3%, while the Nasdaq lagged slightly with a 0.5% decline.

Manufacturing activity in July met consensus. The Purchasing Managers’ Manufacturing Index stood at 49, in line with estimates. The Institute of Supply Management came in at 46.4, a notch below consensus of 46.5.

Job openings of 9.582 million, according to the Job Openings and Labor Turnover Survey, or JOLTS report, were lower than views of 9.65 million.

Volume on the NYSE was higher, and lower on the Nasdaq, compared with the same time Monday.

The small-cap Russell 2000 fell 0.8%.

The growth stock-focused Innovator IBD 50 ETF (FFTY) fell as well, by 2%.

Crude oil fell over 1% to $80.96 a barrel.

The yield on the benchmark 10-year Treasury note rose 8 basis points to 4.04%.

Dow Jones Stocks

Machinery stock Caterpillar (CAT) rose after second-quarter results, while Dow medical leader Merck (MRK) fell. CAT stock is extended and is hitting a new high, while MRK stock is laboring under its 50- and 200-day moving averages.

Futures Fall On U.S. Debt Downgrade; ELF Soars Late

Stocks Moving Today

Uber (UBER) reversed and fell hard after reporting financial results in the stock market today. UBER is on IBD Leaderboard.

Allegro MicroSystems (ALGM) also fell and is back below its buy point of 48.72 after topping analysts’ estimates for the first quarter.

Arista Networks (ANET) is blasting above a 178.36 buy point after earnings. ANET is among artificial intelligence stocks to watch.

Cathie Wood’s Ark Fintech Innovation ETF (ARKF) sold 373,175 shares of brokerage Robinhood (HOOD), but picked up 121,389 shares of Pinterest (PINS), according to the firm’s disclosure.

Outside the Dow Jones, chip leader Advanced Micro Devices (AMD) is clearing resistance at its 50-day line ahead of results. AMD has an 80% gain so far this year. Starbucks (SBUX) fell ahead of earnings.

Rambus (RMBS) fell in strong volume after earnings. The stock dived below its 50-day line.

Among travel stocks, Marriott (MAR) rose after earnings and a full-year outlook that reflected stable travel demand. Airbnb (ABNB), Hyatt (H), Expedia Group (EXPE) and Booking Holdings (BKNG) report this week. ABNB fell in late trading, but is still in a buy zone from a cup base with an entry at 144.63. Hyatt is also in a buy zone from a 122 entry. EXPE is back in a buy zone from a cup-with-handle’s entry of 114.37. BKNG is at the top of a buy zone from a flat base with a buy point of 2,786.85.

Norwegian Cruise Line (NCLH) plunged on its outlook that did not meet analyst views for the third quarter. The stock is at risk of breaking support at its 50-day line.

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