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The Dow Jones Industrial Average hit a new high on Tuesday, along with the S&P 500 and Nasdaq composite, but early gains for the Nasdaq have faded. After breaking its 50-day moving average earlier this month, Salesforce stock was the biggest winner in the Dow Jones today, up 3%. But Platoon (PTON) took a hit in the Nasdaq 100, down nearly 6%. Peloton stock held up well to its 10-week moving average last week after reporting earnings, but support fell on Tuesday.
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Advanced micro-systems (AMD), Modern (ARNM) and You’re here (TSLA) also lagged the Nasdaq with losses of more than 2% each.
At the close, the Dow Jones industrialists edged up 0.2%; the S&P 500 fell by less than 0.1% and the Nasdaq lost 0.3%. Preliminary data showed NYSE and Nasdaq volume was higher on Friday.
Former ranking action Palantir Technologies (PLTR) fell below its 50-day moving average after reporting profit. Revenue increased 40% to $ 322.1 million. It was better than the consensus estimate of $ 300.7 million, but his revenue forecast for 2021 was a bit light. Palantir first joined the rankings when it cleared an IPO on November 5.
Snapshot of the US Stock Market Today |
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|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Change |
| Dow Jones | (0DJIA) | 31,520.57 | +62.17 | +0.20 |
| S&P 500 | (0S and P5) | 3932.48 | -2.35 | -0.06 |
| Nasdaq | (0NDQC) | 14047.50 | -47.97 | -0.34 |
| Russell 2000 | (Etc.) | 225.86 | -1.40 | -0.62 |
| IBD 50 | (FFTY) | 48.95 | -0.24 | -0.49 |
Last updated: 16:08 ET 16/02/2021 |
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Bitcoin broke through the $ 50,000 level early on Tuesday, but fell back. MicroStrategy (MSTR) has announced plans to offer $ 600 million in convertible debt to buy more Bitcoin. The enterprise software company already has nearly 72,000 units, worth almost $ 3.5 billion on Tuesday.
Earlier this month, You’re here (TSLA) revealed he bought $ 1.5 billion worth of Bitcoin. A little after, MasterCard (MA) has agreed to facilitate some cryptocurrency transactions, while Bank of New York Mellon (BK) has announced its intention to become a custodian of crypto assets. Apple (AAPL) Paying users can now also pay in Bitcoin.
Dow Jones Movers
outraged Salesforce.com (CRM), JP Morgan (JPM) and Goldman Sachs (GS) also outperformed the blue chip index, helped by a sharp rise in the yield on 10-year Treasuries, which rose 9 basis points to 1.3%. JPMorgan broke an alternate entry of 142.85, but Goldman Sachs is extended after an initial test of its 10-week line.
caterpillar (CAT) broke through the 200 level, rising 2% to 202.38. CAT stock recently found support at its 10 week line and today broke a tight three week entry at 200.27.
Boeing has passed its 50-day moving average, increasing by around 3%, but it still has a way to go to hit a buy point of 244.18.
Outside the Dow Jones
Among the best ETFs, the Innovator IBD 50 (FFTY) returned 0.5% after rising 1.6% intraday. Keep in mind that FFTY jumped 8.1% two weeks ago and 5.5% last week. This means that some consolidation is to be expected.
The IBD 50 index of major growth stocks was weighted by weakness Meridian Bioscience (VIVO), which fell 12% after the Food and Drug Administration requested more information on the company’s Covid-19 molecular diagnostic test. Shares of Meridian climbed 23% on February 5 after the company announced a 550% increase in quarterly profits and 96% in revenue.
Meanwhile, the Innovator IBD Breakout Opportunities (BOUT) ETF outperformed, up 0.4%.
The iShares Expanded Tech-Software Sector (IGV) ETF fell 0.3%. The VanEck Vectors Semiconductor ETF (SMH) rose 0.6%.
Growth stocks in motion
360 DigiTech (QFIN) and Generac (GNRC) were the top winners in the IBD 50, up 12% and 7%, respectively. After a huge price gain, QFIN stock traded on Tuesday after having already been very extended in price. It is the sign of a climax. Generac shares were strong after bad weather in Texas fueled speculation that demand will remain strong for the company’s back-up generators. Generac is one of the main holdings of the Innovator Breakout Opportunities ETF.
Enterprise software inventory Five9 (FIVN) was one of the early winners of the MarketSmith Growth 250 as he tried to break out of a double base. But the stock closed below the 184.08 buy point. A double bottom base has the appearance of the letter W and is formed when the bottom of the second leg down (154.25) cuts the bottom of the first leg down (163.71.).
Meanwhile, several successful players in the MarketSmith Growth 250 faced intense selling pressure. Reached (UPST), Dream Finders Homes (DFH) and Fulgent genetics (FLGT) finished with losses ranging from 7% to 14%.
Follow Ken Shreve on Twitter @IBD_KShreve for more analysis and market information.
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