Dow Jones wins as tech stocks struggle; Twitter wins as Elon Musk takes control; Donald Trump’s SPAC craters

Dow Jones wins as tech stocks struggle; Twitter wins as Elon Musk takes control; Donald Trump’s SPAC craters

Dow Jones wins as tech stocks struggle;  Twitter wins as Elon Musk takes control;  Donald Trump's SPAC craters

The Dow Jones Industrial Average fought back through Monday as tech stocks rallied. Twitter (TWTR) doped as You’re here (TSLA) CEO Elon Musk has reached an agreement to acquire TWTR for 54.20 per share. In contrast, Donald Trump’s SPAC Acquisition of the digital world (DWAC) in crater.


Halliburton (HAL) was among the worst laggards as China Covid fears hit oil stocks. Microsoft (MSFT) was one of the top blue chips as it prepares to turn a profit.

Volume was up on both the New York Stock Exchange and the Nasdaq from the same time on Friday.

Meanwhile, the yield on the benchmark 10-year Treasury fell about eight basis points to 2.82%. Oil fell amid fears of further China Covid shutdowns, with West Texas Intermediate crude down nearly 3% to around $99 a barrel.

Nasdaq struggles as tech stocks shine

The Nasdaq fared best among the major indexes with a 0.6% increase. Modern (MRNA) outperformed with a gain of more than 5%.

The S&P 500 lagged, falling 0.1%. Charles River Laboratories (CRL) was among the worst laggards with a drop of around 8%.

Overview of the US stock market today

Hint Symbol Price loss of profit % Switch
Dow Jones (0DJIA) 33855.34 +43.94 +0.13
S&P500 (0S&P5) 4267.07 -4.71 -0.11
Nasdaq (0NDQC ) 12909.88 +70.59 +0.55
Russell 2000 (IWM) 192.57 -0.11 -0.06
INN 50 (FFTY) 33.79 -0.44 -1.29
Last Updated: 3:04 PM ET on 04/25/2022

S&P sectors were mostly red. Technology and communication services held up best, while energy and utilities fell the most.

Small caps were also down, with the Russell 2000 down 0.1%.

Once again, growth stocks suffered the most. The Innovator IBD 50 ETF (FFTY), a benchmark for growth stocks, fell 1.3%.

Dow Jones gains as Microsoft stock shines

The Dow Jones Industrial Average managed to climb back into the green. It increased by 0.1%

Microsoft, which is set to report results on Tuesday, was one of the top performers. Leaderboard stock rose more than 1%.

Verizon Communications (VZ) was the worst performer, dropping around 4%. The stock has been down since the earnings release.

It comes after tempting investors by breaking above a 55.80 cup buy point with a handle on Thursday ahead of the results.

Twitter Peaks

Twitter stock soared after Elon Musk reached a deal to acquire the company for 54.20 a share.

According to the Wall Street Journal, negotiations continued throughout the weekend based on Musk’s offer.

Twitter stock rose 6.5% to 52.10 in trading today.

It’s a massive turnaround after Twitter’s board initially indicated it would reject Musk’s offer. He also implemented a so-called poison pill to make the case more costly.

This was before Musk revealed he had secured the funding for the deal.

Going forward, Wedbush Securities analyst Daniel Ives believes Musk will be able to complete the deal.

“It all came down to no more bidders or white knights emerging in the M&A process and Twitter’s board was against the wall once Musk detailed his $46 billion in funding the last week to put pen to paper on this deal,” he said in a search. Remark. “We don’t anticipate any major regulatory hurdles to closing the deal, as this soap opera now ends with Musk owning Twitter.”

Donald Trump’s SPAC craters

The move saw Donald Trump’s digital world acquisition SPAC plunge into sympathy. It is used as a vehicle to publicize the Trump Media & Technology Group.

Truth Social, a platform billed as an alternative to Twitter, launched on Presidents Day but has been plagued with a host of technical issues.

This led to the resignation of the company’s chief technology officer, Josh Adams, and product development manager, Billy Boozer.

It remains well below its all-time high of 175, which it reached on October 22. It now trades for a fraction of that.

DWC stock plunged more than 13% for the day. It fell sharply in March, dropping around 30%, and is now down over 40% so far this month.

Oil stocks struggle amid China fears

Oil stocks were hammered as fears of a global slowdown grew amid coronavirus lockdowns in Shanghai.

Halliburton was one of the worst performers in the stock market today, falling more than 6%.

Schlumberger (SLB) was also getting hammered, falling almost 7%. It had surged last week on earnings.

Devon Energy (DVN) fell more than 3%.

natural gas set Energy Cheniere (GNL) was reduced in the rankings as it fell more than 3%.

Please follow Michael Larkin on Twitter at @IBD_MLarkin to learn more about growth stocks and analysis.


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