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The Dow Jones Industrial Average briefly fell more than 300 points on Tuesday, as tech stocks trimmed losses on monetary comments from Fed chief Powell. Bitcoin has fallen below $ 45,000. Shares of leaders EV Nio and Tesla fell 15% and 12% before cutting losses.
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Among the leaders of the Dow Jones, Apple (AAPL) fell 3.8%, while Microsoft (MSFT) fell more than 1% in the current stock market. Disney (DIS) is back in the buy range above an entry. In the meantime, Home Depot (HD) fell 5% despite strong earnings results early Tuesday.
You’re here (TSLA) fell as much as 12% on Tuesday, as Nio (NIO) collapsed by 15%, as they both continue to fall sharply. Both reduced their heavy losses in the morning trade. Cadence Design Systems (CDNS) and ZoomInfo (ZI) reported strong results late Monday.
Apple, Microsoft, Tesla, and ZoomInfo are IBD stocks. Shoals Technologies was the IBD title of the day Thursday.
Dow Jones Today: Powell Comments
On Tuesday, the Dow Jones Industrial Average fell 0.3%, while the S&P 500 fell 0.5%. The high-tech Nasdaq composite fell 1.3% in morning trading after dipping to 3.9% in the opening minutes of the trade.
Early Tuesday, Fed Chief Jerome Powell reiterated that the Fed was “determined to use our full range of tools to support the economy and help ensure that the recovery from these difficult times is as robust as possible, “in a speech to members of Congress.
Powell noted that inflation and employment remain well below the Fed’s targets, which means easy monetary policy should stay in place.
Snapshot of the US Stock Market Today |
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|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Change |
| Dow Jones | (0DJIA) | 31368.26 | -153.43 | -0.49 |
| S&P 500 | (0S and P5) | 3844.28 | -32.22 | -0.83 |
| Nasdaq | (0NDQC) | 13273.63 | -259.42 | -1.92 |
| Russell 2000 | (Etc.) | 219.19 | -4.54 | -2.03 |
| IBD 50 | (FFTY) | 45.72 | -1.76 | -3.71 |
Last updated: 10:36 AM ET 23/02/2021 |
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Among exchange-traded funds, the Innovator IBD 50 (FFTY) fell 4.5% on Tuesday. The Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) lost 2.3%. Meanwhile, the SPDR S&P 500 ETF (SPY) fell 1%.
Stock exchange rally
Looking back on the current uptrend, November was a key month for the stock market. IBD’s The Big Picture marked the new uptrend following the market’s bullish tracking day on November 4th. Meanwhile, in mid-February, the Dow Jones Industrial Average, the Nasdaq and the S&P 500 retreat from records.
Monday’s Big Picture warned: “Just four trading sessions ago, the market-cap-weighted Nasdaq hit new all-time highs and closed above 14,000 for a third consecutive session. But a fourth decline over the past five sessions has now reduced the index year. to date advance to 5%. “
Focus on stocks that show strong relative strength during current weakness. They could be among the market leaders if the indices are able to return to their all-time highs.
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Bitcoin price dives
Bitcoin plunged about 13% on Tuesday morning, briefly falling below $ 45,000 before narrowing losses to $ 46,700 in morning trading, according to CoinDesk. The price of Bitcoin topped $ 57,000 on Saturday and $ 58,000 on Sunday, eventually reaching $ 58,332.
The Grayscale Bitcoin Trust (GBTC) ETF slipped 12%, threatening to add to Monday’s 5.6% drop.
Dow Jones Stocks: Disney
In the Dow Jones Industrial Average, Disney is back in the buy range above 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 rose 4.5% on Monday before cutting losses to less than 0.1% on Tuesday morning.
Dow Jones Income: Home Depot
Dow Jones giant Home Depot fell more than 5% on Tuesday morning after the company’s pre-open results. Stocks are trying to find support near their 50 day line.
The company reported better than expected fourth quarter earnings and sales results. Home Depot profits rose 16% to $ 2.65 per share, including 9 cents in one-time costs related to the acquisition of HD Supply. Revenue increased 25% to $ 32.26 billion. Comparable store sales jumped 24.5%, US comps up 25%.
Stock market benefits: Cadence, ZoomInfo
Cadence Design Systems and IBD Leaderboard ZoomInfo reported earnings after the close on Monday.
Cadence returned to its 50-day line on Monday amid a 4.65% drop. After the close on Monday, Cadence reported strong fourth quarter results. The company earned 83 adjusted cents per share on sales of $ 760 million in the December quarter. Analysts had predicted Cadence’s earnings of 74 cents per share on sales of $ 732 million.
Shares fell 2% on Tuesday morning.
ZoomInfo slipped 6.25% on Monday, closing below an entry of 53.18 in a cup base. Following Monday’s close, ZoomInfo reported strong fourth quarter results and better-than-expected sales guidance for the first quarter. The title jumped 11% Tuesday morning.
According to the leaderboard commentary, “ZoomInfo was added to the leaderboard on February 1 when it erased a short handle. But because the handle was so narrow, an alternate entry of 53.18 was also valid. The last base was the first. step, after the enterprise software the company went public in June. “
Nio Stock
Tesla’s rival Nio slumped as much as 17% on Tuesday morning, adding to Monday’s 7.9% drop. Stocks cut losses to around 4% in morning trading.
The stocks broke down on their 50-day line on Monday, a key sell signal. Meanwhile, stocks hit the 7% to 8% stop loss rule from their buy point of 57.30 on February 18.
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Tesla stock
Tesla stock threatened to extend a losing streak to four sessions on Tuesday, plunging more than 13% before cutting losses to 1.3%. Stocks broke down on their 50-day moving average line, a critical support level, on Monday.
Tesla stopped taking orders for the cheaper version of the Model Y Standard Range sport utility vehicle on Sunday, just over a month after its launch and just a week after a price drop, according to its website.
On January 25, Tesla stock hit an all-time high at 900.40, having climbed 93% from a buy point of 466 in a handle mug.
Dow Jones Executives: Apple, Microsoft
Among the major stocks in the Dow Jones, Apple fell 3.8% on Tuesday. Apple stock is below its 10 week line, but a strong rebound above the level would be bullish for the stock’s outlook.
On February 18, the stock triggered the 7% to 8% loss reduction sell rule when it fell more than 7% below its buy point of 138.89 in a handle cup.
Meanwhile, Microsoft fell more than 1% on Tuesday morning. The stock is trying to find support at its buy point of 232.96, but is below.
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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