The Dow Jones Industrial Average reversed lower after a short-lived increase of more than 100 points, while Bitcoin rose to record highs on Thursday. Tesla stock appeared to be recovering from Wednesday’s sell-off as a significant level of support looms up. Bumble’s IPO will skyrocket on its debut Thursday, while Disney’s revenues are expected post-closing.
X
Among the Dow Jones leaders, Apple (AAPL) was down 0.1%, while Microsoft (MSFT) rose 0.4% in the current stock market. Nike (NKE) is approaching a new buying point after last week’s bullish move. Disney (DIS) is in buy range after Monday’s outbreak, ahead of the company’s earnings results after the close.
Tesla (TSLA) appeared to recover from Wednesday’s 5.3% slip, up about 1% in morning trading. The Tesla share can be set for a 10-week support level test. The Bumble (BMBL) IPO will start trading on Thursday after late Wednesday prices.
Palo Alto Networks (PANW) and Nvidia (NVDA) are among the top stocks in or near buying zones during Thursday’s stock market promotion.
Apple, Microsoft and Tesla are IBD Leaderboard stocks. Nvidia was the IBD stock of the day, while Palo Alto Networks was Tuesday’s IBD 50 Stocks To Watch pick. Meanwhile, Nike was featured in this week’s Stocks Near A Buy Zone.
Dow Jones today
On Thursday, the Dow Jones Industrial Average turned slightly lower, while the S&P 500 rose 0.1%. The tech-heavy Nasdaq composite climbed 0.4% in morning trading.
Overview US stock market today |
||||
|---|---|---|---|---|
| Table of contents | Symbol | price | Profit loss | % Change |
| Dow Jones | (0DJIA) | 31476.63 | +38.83 | +0.12 |
| S&P 500 | (0S & P5) | 3916.10 | +6.22 | +0.16 |
| Nasdaq | (0NDQC) | 14016.72 | +44.18 | +0.32 |
| Russell 2000 | (Etc.) | 228.20 | +1.32 | +0.58 |
| IBD 50 | (FFTY) | 48.52 | +0.43 | +0.89 |
Last update: 10:36 AM ET 2/11/2021 |
||||
Among exchange traded funds, Innovator IBD 50 (FFTY) traded 0.8% on Thursday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) rose 0.3%. Meanwhile, the SPDR S&P 500 ETF (SPY) added 0.2%.
Is the stock market rally overheated?
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-up day on Nov. 4. Meanwhile, the Dow Jones Industrial Average, Nasdaq and S&P 500 hit record highs in early February. But is the stock market rally overheated?
Wednesday’s Big Picture noted, “It looked like Wednesday was going to be a tough day for the stock market after a spate of sell-hit stocks in morning trading. But the Nasdaq composite was able to recover a 1.2% loss. to bring it to nearly 0.3% by the end. “
Due to the recent strength, investors can go back to an offensive stance, realizing that there are still good reasons to be cautious. Look for stocks that are above new selling points, such as Disney, Nvidia and Palo Alto Networks.
Focus on stocks that showed strong relative strength during the recent weakness. They could be some of the market leaders if the indexes are able to continue to set records.
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Bitcoin price
Bitcoin’s price rose more than 7% to record highs on Thursday morning. According to Coindesk, Bitcoin hit a high of $ 48,297 before slashing gains to around $ 47,900 in morning trading.
The Grayscale Bitcoin Trust (GBTC) was up 8% and approaching a new high.
Dow Jones Shares: Nike
Within the Dow Jones Industrial Average, Nike finds a new flat base with a buy point of 148.05. Stock rose 0.6% Thursday morning and is just 4% away from new imports.
Nike stocks bullishly rebounded their 50-day moving average line in recent sessions.
Scholarship Income: Uber, Yeti
Uber shares cut losses to just 0.1% early Thursday in the wake of the company’s mixed fourth-quarter results, which fell short of revenue targets. The company reduced its loss to 54 cents a share on revenues of $ 3.2 billion.
Shares hit a new high on Wednesday, but are now falling from that level.
Yeti reported strong fourth-quarter gains early Thursday as consumers remain out for recreation during the pandemic. Yeti’s earnings were up 52% to 74 cents a share, and sales were up 26% to $ 352.53 million.
The stock fell more than 8% in morning trading and tested its 50-day line.
Bumble IPO set to skyrocket
Bumble’s initial public offering fetched $ 2.15 billion on Wednesday, at a price of 43 per share. The shares will be traded on Thursday under the ticker BMBL. According to preliminary trade data, Bumble will skyrocket 72%. The shares were listed at 74 per share, 72% higher than the 43 IPO price.
Don’t forget to wait for an IPO base to form before buying a new IPO stock.
Dow Jones Earnings: Disney
Dow Jones stock of Disney broke Monday and is in the buy 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. Disney shares fell higher Thursday and are about 3% above imports.
Disney will report earnings after closing. Analysts expect the media giant to lose 34 cents a share on sales of $ 15.9 billion.
Stocks to Watch Out For: Palo Alto, Nvidia
Tuesday’s IBD 50 Stocks To Watch pick, Palo Alto Networks, is in the buy range above a buy point of 375.10 on a flat basis. Shares fell 0.2% Thursday morning and are close to extending.
The IBD 50 stock is expected to report its earnings for the second quarter of 2021 after the market closed on Feb. 22.
According to IBD Stock Checkup, Palo Alto stock has a 96 out of a perfect 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.
IBD Leaderboard shares of Nvidia are in the buy range past the 587.76 buy point from a flat base amid a 2% rise Thursday. On February 8, shares broke above an early subscription at 560.07.
According to the Leaderboard’s comment, “Nvidia has cleared an alternate entry of January’s highlights. The stock continues to operate on a flat basis. Nvidia was cut to a quarter position on January 27 and dropped to a half position on Monday.
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Tesla stock
The Tesla stock appeared to be recovering from Wednesday’s sharp loss and rose nearly 1% on Thursday. Stocks may be heading for a test of their 10-week line, a major tipping point.
The IBD Stock Of The Day column on Jan. 8 indicated that Tesla showed several signs of a cluster top amid sharp vertical movement in recent weeks. Until Wednesday, the stock showed strong resilience.
On January 25, Tesla stock hit a record high of 900.40, rising to 93% from a buy point of 466 in a handle cup.
Dow Jones Leaders: Apple, Microsoft
In the top Dow Jones stocks, Apple fell 0.1% on Thursday and remains below the buying point of 138.89 in a handle cup. Shares gave up enrollment on January 28.
Meanwhile, Microsoft rose 0.4% on Thursday morning and is just shy of record highs. Shares of the software giant broke in recent sessions after a buy point of 232.96. The stock tops the 5% buying zone which rises to 244.61.
Follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more information on growth stocks and the Dow Jones Industrial Average.
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