The Dow Jones Industrial Average rose more than 200 points, while tech stocks got higher on Wednesday as Bitcoin recovered. Tesla stock appeared to be recovering from Tuesday’s sell-off, while Square posted weak sales. Nvidia’s earnings are due after closing.
X
Among the Dow Jones leaders, Apple (AAPL) was down 1.7%, while Microsoft (MSFT) fell about 1% in the current stock market. Disney (DIS) is just out of the buy range after a recent buy point.
Tesla (TSLA) rose nearly 5% in morning trading on Wednesday, appearing to recover from Tuesday’s decline of 2.2%. Square (SQ) dived into earnings results after the stock market closed Tuesday. Nvidia (NVDA) will report earnings after closing.
Apple, Microsoft and Tesla are IBD Leaderboard stocks.
Dow Jones today
On Wednesday, the Dow Jones Industrial Average rose 0.7%, while the S&P 500 rose 0.5%. The tech-heavy Nasdaq composite turned 0.1% higher in afternoon trading.
Overview US stock market today |
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|---|---|---|---|---|
| Table of contents | Symbol | price | Profit loss | % Change |
| Dow Jones | (0DJIA) | 31618.55 | +81.20 | +0.26 |
| S&P 500 | (0S & P5) | 3884.11 | +2.74 | +0.07 |
| Nasdaq | (0NDQC) | 13402.71 | -62.49 | -0.46 |
| Russell 2000 | (Etc.) | 223.23 | +1.47 | +0.66 |
| IBD 50 | (FFTY) | 46.03 | -0.50 | -1.07 |
Last update: 10:38 AM ET 2/24/2021 |
||||
Under exchange traded funds, Innovator IBD 50 (FFTY) was down 1.4% on Wednesday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) fell 1.4%. Meanwhile, the SPDR S&P 500 ETF (SPY) was down 0.4%.
Exhibition meeting
Looking back on the current upward trend, November was a key month for the stock market. IBD’s The Big Picture marked the new uptrend after the market’s bullish follow-through day on Nov. 4. Meanwhile, the Dow Jones Industrial Average, Nasdaq and S&P 500 pulled back from record highs in mid-February.
Tuesday’s Big Picture noted, “Indexes closed in decent shape after the Nasdaq composite plunged nearly 4% during early trading. The Nasdaq – worst hit by a sell-off in technology stocks – closed 0.5% lower. map levels where it happened. “
Focus on stocks that show strong relative strength during the current weakness. They could be some of the market leaders if the indexes are able to get back to their record breaking ways.
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Bitcoin price is recovering
Bitcoin rebounded around 4% Wednesday morning and briefly rallied above USD 51,000 before diminishing gains. Bitcoin’s price traded around $ 49,300 in morning trading, according to CoinDesk.
Bitcoin’s price hit $ 57,000 on Saturday and $ 58,000 on Sunday, eventually reaching $ 58,332. On Tuesday, Bitcoin dipped below USD 45,000 before recovering.
The Grayscale Bitcoin Trust (GBTC) ETF was up nearly 3%, looking for a two-day loss streak.
Dow Jones Shares: Disney
Within the Dow Jones Industrial Average, Disney is out of the buying range past a buy point of 183.50 on a flat basis, according to the analysis of the IBD MarketSmith chart. The sales area of 5% increases to 192.68.
Shares of Disney were up 0.4% on Wednesday, on the pace of extending a three-day earnings streak that carried the stock outside the buying range.
Stock market income: square
Major payment stocks Square reported strong fourth-quarter earnings results, but revenue and gross payment volume missed analyst targets. The company also announced a new $ 170 million investment in Bitcoin on top of its previous $ 50 million purchase.
Square shares fell 8% early Wednesday, at the pace of extending a loss streak to three sessions. The stocks are still holding above their 50-day support level.
Nvidia earnings
Nvidia’s gains are expected after the stock market closed on Wednesday. Analysts expect the company to earn $ 2.81 per share on sales of $ 4.8 billion, according to IBD data.
Nvidia shares triggered the 7% -8% loss cut rule from a buy point of 587.76 on Tuesday’s short plunge before recovering. On the upside, the stocks found support near their top 50-day moving average.
Shares fell more than 1% Wednesday morning.
According to the IBD Stock Checkup, NVDA stock shows a 97 of the best possible 99 IBD Composite Rating. The Composite Rating – an easy way to identify the best growth stocks – is a mix of important fundamental and technical measures to help investors measure a stock’s strengths.
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Tesla stock
Tesla stock rose nearly 5% on Wednesday, at a pace to hit a four-day loss streak.
The electric car leader broke through the 50-day moving average line on Monday, a critical support level.
On January 25, Tesla’s stock hit a record high at 900.40, after a 93% increase from a 466 buy point in a handle cup. The shares are about 20% lower than that all-time high.
Dow Jones Leaders: Apple, Microsoft
In the top stocks of Dow Jones, Apple fell 1.7% on Wednesday. The Apple stock is below the 10-week limit, but a strong rebound above the level would be optimistic for the stock’s outlook.
On Feb. 18, the stock triggered the 7% -8% loss-making sell rule when it dropped more than 7% below its buy point of 138.89 in a handle cup.
Meanwhile, Microsoft fell by about 1% Wednesday morning. The stock is trying to find support at the buy-point of 232.96, but is below it.
Follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more information on growth stocks and the Dow Jones Industrial Average.
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