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The Dow Jones Industrial Average briefly fell more than 125 points on Tuesday, as the price of Bitcoin hit record highs, surpassing 48,000. GME stock plunged another 22% on Tuesday at noon. Tech titan Nvidia and Dow Jones leader Disney are in the buying ranges after the new points of purchase. Baidu climbed 8% after announcing an autonomous driving platform in China.
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Among the leaders of the Dow Jones, Apple (AAPL) rose 0.1%, while Microsoft (MSFT) rose 0.65% in today’s stock market. Disney (DIS) is in the buy range after Monday’s breakout move, while Nike (NKE) is approaching a new buy point after last week’s bullish move.
You’re here (TSLA) threatened to return Monday’s gains, falling more than 1% in morning trading. Tesla’s stock is near a new high. Baidu (BIDU) climbed 8% to new highs after announcing an autonomous driving platform in China. The platform will provide AI-based city transport services in Guangzhou.
Dropbox (DBX) and Nvidia (NVDA) are among the top stocks in or near buy zones in Tuesday’s stock action.
Apple, Microsoft and Tesla are stocks in the IBD rankings. Nvidia was today’s IBD stock, while Dropbox was Monday’s IBD 50 Stocks To Watch pick. Meanwhile, Nike was featured this week in Stocks Near A Buy Zone.
Dow Jones today
On Tuesday, the Dow Jones Industrial Average traded down 0.1%, while the S&P 500 was down 0.1%. The high-tech Nasdaq composite rose 0.2% in midday trading.
Snapshot of the US Stock Market Today |
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|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Change |
| Dow jones | (0DJIA) | 31305.71 | -80.05 | -0.26 |
| S&P 500 | (0S and P5) | 3907.84 | -7.75 | -0.20 |
| Nasdaq | (0NDQC) | 14016.73 | +29.09 | +0.21 |
| Russell 2000 | (IWM) | 227.24 | -0.07 | -0.03 |
| IBD 50 | (FFTY) | 47.92 | +0.20 | +0.42 |
Last updated: 11:10 ET 09/02/2021 |
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Among exchange-traded funds, the Innovator IBD 50 (FFTY) was up 0.4% on Tuesday. The Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) rose 0.1%. Meanwhile, the SPDR S&P 500 ETF (SPY) fell 0.2%.
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Is the stock market rally overheating?
Looking back on the current uptrend, November was a key month for the stock market. IBD’s The Big Picture reported the new uptrend after the market’s bullish tracking day on November 4th. Meanwhile, in early February, the Dow Jones Industrial Average, the Nasdaq and the S&P 500 hit record highs. But is the stock market rally overheating?
Monday’s Big Picture warned: “Investors who bought on breakouts may enjoy the fruits of their trades, but must wonder if the stock market is over-fished. Nasdaq and S&P 500 are close to breaking through trendlines hitting the index’s rising highs. As the Big Picture has repeatedly noted, the deviation of the Nasdaq from its 50-day moving average is dangerously high. “
He continued, “If the stock market collapses, one of the first signs will be the erosion of major stocks. So far, these premium stocks are holding up well. The IBD 50 has risen 1.4% and is near new heights. “
With recent strength, investors may return to an offensive stance, knowing that there are still good reasons for caution. Look for stocks that exceed new purchase points, like Disney, Dropbox, and Nvidia.
Focus on stocks that have shown strong relative strength during recent weakness. They could be among the market leaders if the indices are able to continue their all-time high.
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Bitcoin price
The price of Bitcoin added to Monday’s big gains, rising nearly 5% on Tuesday morning. Bitcoin’s price hit $ 48,200 before easing gains to around $ 46,500 on Tuesday morning, according to Coindesk.
The Grayscale Bitcoin Trust (GBTC) rose another 4% on Tuesday, as it continues to rebound from its 50-day moving average.
Dow Jones Stocks: Disney, Nike
Dow Jones Disney stock broke on Monday and is in the buy range beyond a buy point of 183.50 on a flat basis, according to IBD MarketSmith’s chart analysis. The 5% buying area goes to 192.68. Disney stock slipped 0.5% on Tuesday, but is still around 2% above entry.
Disney will release its results after the close on Thursday.
Elsewhere in the Dow 30, Nike is charting a new flat base with a buy point of 148.05. The title fell 0.3% on Tuesday.
Nike shares have returned to their 50-day moving average line bullish in recent sessions.
Stocks to watch: Dropbox, Nvidia
Monday’s IBD 50 Stocks To Watch pick, Dropbox, is trying to break above a 25.26 point buy point in a cup base. Stocks briefly passed the buy point on Monday before closing below. The title rose 0.7% Tuesday morning.
According to IBD Stock Checkup, the Dropbox stock is rated 98 out of 99 Perfect Composite IBD. Composite rating – an easy way to identify top growth stocks – is a mix of key fundamental and technical metrics to help investors assess a stock’s strengths.
The Nvidia IBD Leaderboard stock plots a flat base with a buy point of 587.76. Shares are just 3% off the entry amid Tuesday’s 0.5% decline. The shares are in the buy range above an early entry at 560.07. Investors could start with a small position at this alternative buy point and add more stocks to the conventional entry.
According to the leaderboard commentary, “Nvidia wiped out an alternate entry from its January highs. Stock continues to operate on a flat or saucer base. Nvidia was brought down to a quarterback position on January 27 but is back. halfway with today’s movement. “
GME stock update
GME stock slumped 22% on Tuesday at noon. GameStop (GME) is about 90% lower than its January 28 high of 483.
Among other short compression targets, AMC Entertainment (AMC) has slipped more than 13% in morning trading and remains around 74% from its recent high.
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Tesla stock
Tesla stock threatened to return Monday’s 1.3% gain, falling more than 1% on Tuesday morning. Stocks are only 4% from all-time highs.
The IBD Stock Of The Day column for January 8 reported that Tesla was showing several signs of a peaking peak amidst a sharply vertical run in recent weeks. But so far the title has shown excellent resilience after hitting record highs last week.
On January 25, Tesla stock hit a record high at 900.40. Stocks are about 83% above a buy point of 466 in a handle-cup midway through Monday’s action.
Dow Jones Executives: Apple, Microsoft
Among the major stocks in the Dow Jones, Apple rose 0.1% on Tuesday and remains below its buy point of 138.89 in a cup with a handle. The shares abandoned entry on Jan.28.
Meanwhile, Microsoft was up 0.65% Tuesday morning, on pace to add to a two-day winning streak. Shares of the software giant have passed a buy point of 232.96 in recent sessions. The stock is at the top of the 5% buy zone rising to 244.61.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.
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