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Dow Jones futures, as well as S&P 500 futures and Nasdaq 100 futures, were little changed on Monday night after tech stocks sold off sharply. Bitcoin fell from all-time highs, while Tesla stock plunged through a key support level.
X
On Monday, the highly technological Nasdaq composite sold 2.5%, its worst day since January 27. The S&P 500 was down 0.8%, while the Dow Jones Industrial Average traded up 0.1%.
Among the leaders of the Dow Jones, Apple (AAPL) slipped 3%, while Microsoft (MSFT) fell 2.7%. Apple stock fell further below its 10-week line, as Microsoft tests a recent buy point. Disney (DIS) is back in the buy range after Monday’s strong gain.
You’re here (TSLA) plunged 8.55% on Monday, breaking through its 50-day support level.
Monday late, Cadence Design Systems (CDNS), Palo Alto Networks (PANW) and ZoomInfo (ZI) has published its results.
Among the most important stocks in or near buy zones, hot IPOs Shoals Technologies (SHLS) attempts to cross a new point of purchase, while Commercial office (TTD) continues to form a new base.
Apple, Microsoft, Tesla, and ZoomInfo are IBD stocks. Shoals Technologies was the IBD title of the day Thursday. Trade Desk was featured in the Stocks Near A Buy Zone column this week.
Dow Jones Futures today
After the market closed on Monday, Dow Jones futures, as well as S&P 500 and Nasdaq 100 futures contracts were little changed from fair value. Remember that trading Dow Jones futures and elsewhere does not necessarily translate into actual trading during the next regular trading session.
Among exchange-traded funds, the Innovator IBD 50 (FFTY) fell 2.9% on Monday. The Invesco QQQ Trust ETF (QQQ) linked to the Nasdaq 100 traded down 2.6%. Meanwhile, the SPDR S&P 500 ETF (SPY) lost 0.8%.
Snapshot of the US Stock Market Today |
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|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Change |
| Dow Jones | (0DJIA) | 31523.40 | +29.08 | +0.09 |
| S&P 500 | (0S and P5) | 3876.51 | -30.20 | -0.77 |
| Nasdaq | (0NDQC) | 13,533.05 | -341.41 | -2.46 |
| Russell 2000 | (Etc.) | 223.73 | -1.46 | -0.65 |
| IBD 50 | (FFTY) | 47.48 | -1.42 | -2.90 |
Last updated: 4:28 PM EST 2/22/2021 |
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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.
Friday’s Big Picture commented: “Unable to find direction much of the day, the stock market closed very mixed on Friday. But it was not a wasted day for the bulls as small caps and the major stocks significantly outperformed. “
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.
ETF stock market strategy and how to invest
Bitcoin price
Bitcoin’s price topped $ 57,000 on Saturday and $ 58,000 on Sunday before briefly falling below $ 48,000 on Monday morning. Bitcoin rebounded, trading around $ 54,000 in the evening, according to CoinDesk.
The Grayscale Bitcoin Trust (GBTC) ETF slipped more than 4% on Monday, falling from record levels.
Dow Jones Stocks: Disney
Dow Jones Disney stock is back 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 shares rose 4.5% on Monday.
Stocks in or near purchasing areas: Shoals, Trade Desk
Friday’s IBD stock Shoals Technologies is attempting to break above a buy point of 41.86 in a narrow IPO base, according to IBD MarketSmith chart analysis. Stocks briefly passed the buy point before falling more than 1%. The shares closed around 5% below the entry.
Shoals is a leader in IBD IPOs. The company supplies a range of equipment needed to run solar power systems, according to the Shoals filing. In addition, it provides the components necessary to carry electrical currents from solar panels to solar inverters and, ultimately, to the power grid.
Trade Desk is trading around 13% from a 972.90 buy point in a cup base amid Monday’s 6% plus decline.
The stock jumped nearly 7% on Friday following the company’s strong fourth quarter results. Profits and sales increased 149% and 48%, respectively, compared to the same period a year ago.
According to IBD Stock Checkup, the Trade Desk stock shows a strong 98 out of a perfect IBD composite rating of 99. The IBD composite rating helps investors easily measure the quality of a stock’s fundamental and technical indicators.
Trade Desk ranks 10th on the IBD Big Cap 20.
Stock market benefits: Cadence, Palo Alto, ZoomInfo
Cadence Design Systems, Palo Alto Networks 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.
Stocks rose 5% in overnight trading.
Cyber security leader Palo Alto Networks reported better than expected second-quarter earnings and sales results, but the company’s earnings outlook range remained below consensus. The Palo Alto stock reduced losses to around 2% in overnight trading.
Stocks closed in the buy range on Monday after a buy point of 375.10 on a flat basis.
ZoomInfo slipped 6.25% on Monday, closing below an entry of 53.18 in a cup base. After the close on Monday, ZoomInfo jumped 10% on strong fourth quarter results and better-than-expected sales guidance for the first quarter.
According to the Leaderboard commentary, “ZoomInfo broke out on a short handle on February 1. But it broke an alternate entry that leaves stocks in the buy range. Stock becomes more volatile, a risk.”
IBD Live: a new tool for daily stock market analysis
Tesla Out of Stock Assistance
The IBD Leaderboard Tesla stock plunged 8.55% on Monday, passing through its key 50-day moving average. Stocks are below the critical support level for the first time since a Nov. 18 breakout above a buy point of 466.
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.
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 months.
On January 25, Tesla stock hit a record high at 900.40. The stocks are about 84% 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 fell 3% on Monday, as it fell further below its 10-week line.
On Thursday, 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 2.7% on Monday. Shares of the software giant are in the 5% buy zone from a buy point of 232.96 which climbs to 244.61
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and Dow Jones futures.
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