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The Dow Jones Industrial Average gained more than 200 points on Thursday, while tech stocks sold off as Treasury yields soared. Apple and Tesla shares fell in morning trading, while Dow Jones leader Nike will report profits after the close.
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Among the leaders of the Dow Jones, Apple (AAPL) fell more than 2% on Thursday, as Microsoft (MSFT) fell almost 2% in the current stock market. Nike (NKE) is approaching a new buying point ahead of today’s earnings results.
You’re here (TSLA) slipped more than 3% in Thursday morning trading. General dollar (DG) and Five below (FIVE) released its results ahead of the stock market opening on Thursday.
Among the best stocks to watch, Applied Materials (AMAT) and MKS Instruments (MKSI) are in or near buy zones in the current stock rally.
Microsoft is an IBD Leaderboard action. Applied Materials was a recent addition to IBD SwingTrader, while MKS Instruments was the IBD title of the day Tuesday.
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The Dow Jones Industrial Average rose 0.4%, while the S&P 500 was down 0.4%. The high-tech Nasdaq composite fell 1.4% in midday trading, even after cutting losses.
Snapshot of the US Stock Market Today |
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|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Change |
| Dow jones | (0DJIA) | 33125.96 | +110.59 | +0.33 |
| S&P 500 | (0S and P5) | 3956.62 | -17.50 | -0.44 |
| Nasdaq | (0NDQC) | 13,340.48 | -184.72 | -1.37 |
| Russell 2000 | (Etc.) | 231.58 | -0.73 | -0.31 |
| IBD 50 | (FFTY) | 47.47 | -0.16 | -0.34 |
Last updated: 10:42 ET 18/03/2021 |
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On Wednesday, the Federal Reserve said it is unlikely to hike rates until 2024 despite the strengthening U.S. economy.
New economic projections have shown that Fed policymakers will remain stable even though inflation will far exceed their 2% target this year and hold steady at 2% or more for the next two years.
The 10-year Treasury yield climbed to 1.754% Thursday morning, hitting a 14-month high.
Among exchange-traded funds, the Innovator IBD 50 (FFTY) fell 0.9% on Thursday. The Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) fell 1.85%. Meanwhile, the SPDR S&P 500 ETF (SPY) fell 0.7%.
Stock market rally: the Nasdaq faces a key test
Amid another stock rally, the Dow Jones Industrial Average and S&P 500 indexes hit all-time highs on Wednesday.
Meanwhile, the highly technological Nasdaq is right at its 50-day moving average and around 5% of its all-time highs. The Nasdaq will need to overcome this major hurdle in order to maintain its upward trajectory. The 50 day line is a critical potential resistance level. If the Nasdaq decisively erases it, new highs could be on the horizon.
IBD’s market outlook was revalued to a “confirmed uptrend” on March 10, as the Dow Jones Industrial Average hit new highs.
Wednesday’s Big Picture commented, “The stock market recovered to its lows on Wednesday after Wall Street got exactly what it expected from the Federal Reserve: another dovish policy statement.”
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Dow Jones Stocks: Nike Results
In the Dow Jones Industrial Average, Nike stock is approaching a buy point of 148.05 on a flat basis, according to graphical analysis from IBD MarketSmith. Shares are about 2% off their buy point in the middle of Thursday’s 0.1% gain.
Late Thursday, Nike will release its quarterly results. The company is expected to earn 76 cents a share on sales of $ 11 billion.
Actions to watch: Applied materials, MKS instruments
IBD SwingTrader Applied Materials stock is close to completing a new base, which would offer a buy point of 124.60. Meanwhile, the stock is bouncing off its key 50-day line after testing that level on March 8. Shares fell about 2% on Thursday.
According to IBD Stock Checkup, AMAT stock enjoys a perfect composite rating of 99 IBD. The IBD Composite Rating helps investors easily measure the quality of a stock’s fundamental and technical metrics.
Tuesday’s IBD stock, MKS Instruments, is in the buy range beyond a 177.46 buy point in a double bottom, according to IBD MarketSmith chart analysis. The 5% buy area rises to 186.33.
Shares slipped around 2% Thursday morning, and it’s just above the entry.
Stock market profits: general dollar, five below
Early Thursday, Dollar General missed its profit targets and offered weak guidance for the full year. Dollar General stock fell 5% on Thursday and is more than 20% off its 52-week high.
Five Below posted better-than-expected fourth quarter results and first quarter guidance on Wednesday evening. Stocks reduced gains to around 1% in morning trading.
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Tesla stock
Tesla stock slid more than 3% on Thursday morning, threatening to abandon the majority of Wednesday’s 3.7% gain. Stocks could form a new basis, but it is too early to identify a new entry.
On February 22, the electric car leader broke down on its key 10-week moving average line, a critical support level.
On January 25, Tesla stock hit an all-time high at 900.40, after climbing 93% from a buy point of 466 in a handle mug. The shares are about 25% lower than ever.
Dow Jones Executives: Apple, Microsoft
Among the major stocks in the Dow Jones, Apple fell about 2% Thursday, on pace to add to Wednesday’s 0.65% decline. Apple stock is bouncing off its long-term 40-week line and may soon try to recover its 10-week line.
On February 18, Apple 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 cup with handle.
Meanwhile, Microsoft’s IBD Leaderboard stock fell nearly 2% on Thursday, seeking to extend Wednesday’s 0.3% loss. Stocks are holding just above their buy point of 232.96 and are in the buy range.
According to the Leaderboard comment, “Microsoft is maintaining support at its 50-day moving average and is above a buy point of 232.96 and an earlier entry of 228.22.”
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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