The Dow Jones industrial average fell more than 300 points briefly on Tuesday, while tech stocks reduced losses on Fed Chief Powell’s monetary remarks. Bitcoin tumbled below $ 45,000. EV leaders, Nio and Tesla, fell 15% and 12% before reducing losses.
X
Among the Dow Jones leaders, appeal (AAPL) decreased by 3.8%, while Microsoft (MSFT) has fallen by more than 1% in today’s stock market. Disney (DIS) is back in the buying range above an entry. Meanwhile, it Home Depot (HD) fell 5% despite strong earnings figures early Tuesday.
Tesla (TSLA) fell as much as 12% on Tuesday Nine (NIO) has crumbled 15% as both continue to decline sharply. Both reduced their heavy losses in the morning trade. Frame design systems (CDNS) and ZoomInfo (ZI) reported strong earnings results late Monday.
Apple, Microsoft, Tesla and ZoomInfo are IBD Leaderboard shares. Shoals Technologies was the IBD Stock Of The Day on Thursday.
Dow Jones Today: Powell Comments
On Tuesday, the Dow Jones Industrial Average fell 0.2%, while the S&P 500 fell 0.3%. The technology-heavy Nasdaq composition declined 1.1% in morning trading after falling to 3.9% in the first minutes of trading.
Early on Tuesday, Fed Chairman Jerome Powell reiterated that the Fed ‘is committed to using our full range of tools to support the economy and to help ensure that the recovery from this difficult period is as robust as possible’, in a speech to members of Congress.
Powell said inflation and employment remain well below the Fed’s targets, meaning easy monetary policy is likely to remain.
US stock market overview today |
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|---|---|---|---|---|
| Index | Symbol | Price | Profit / loss | % Change |
| Dow jones | (0DJIA) | 31368.26 | -153.43 | -0.49 |
| S&P 500 | (0S & P5) | 3844.28 | -32.22 | -0.83 |
| Nasdaq | (0NDQC) | 13273.63 | -259.42 | -1.92 |
| Russell 2000 | (IWM) | 219.19 | -4.54 | -2.03 |
| IBD 50 | (FFTY) | 45.72 | -1.76 | -3.71 |
Last updated: 10:36 PM ET 2/23/2021 |
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Among exchange traded funds, Innovator IBD 50 (FFTY) fell 4.5% on Tuesday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) lost 2.3%. Meanwhile, the SPDR S&P 500 ETF (SPY) fell by 1%.
Stock market rally
Looking back at the current rise, November was an important month for the stock market. IBD’s The Big Picture led the new uptrend after the bullish follow – up day of the market on 4 November. Meanwhile, the Dow Jones industrial average, Nasdaq and S&P 500, retreated from record highs.
The big picture of Monday gave a warning: ‘Just four trading sessions ago, Nasdaq’s market capitalization hit new highs and closed above 14,000 for a third consecutive session. But a fourth decline in the past five sessions has brought the index’s annual current advance to 5%. “
Focus on stocks that are showing strong relative strength during the current weakness. This could be some of the leaders in the market if the indices are again able to set on their record.
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Bitcoin price dip
Bitcoin dipped about 13% on Tuesday morning and fell just below $ 45,000 before reducing its losses to $ 46,700 in morning trading, according to CoinDesk. The price of Bitcoin reached $ 57,000 on Saturday and $ 58,000 on Sunday, and ended up being $ 58,332.
The Grayscale Bitcoin Trust (GBTC) ETF slipped 12% and threatened to contribute to Monday’s down 5.6%.
Dow Jones shares: Disney
Within the Dow Jones Industrial Average, Disney is once again in the buying range past a 183.50 buy point on a flat basis, according to the IBD MarketSmith chart analysis. The buying area of 5% rises to 192.68.
Disney shares rose 4.5% on Monday before rising to less than 0.1% on Tuesday morning.
Dow Jones Earnings: Home Depot
The Dow Jones giant Home Depot fell more than 5% on Tuesday morning after the company’s earnings were ahead of the revelation. Shares are trying to find support near their 50-day line.
The company reported better-than-expected Q4 earnings and sales results. Home Depot earnings grew 16% to $ 2.65 per share, including a one-time cost of 9 cents related to the acquisition of HD Supply. Revenue rose 25% to $ 32.26 billion. Sales in the same store increased by 24.5%, with US competition by 25%.
Stock Market Earnings: Cadence, ZoomInfo
Cadence Design Systems and IBD Leaderboard shares ZoomInfo made a profit after the close on Monday.
Cadence returned to its 50-day line on Monday amid a 4.65% drop. After the close Monday, Cadence reported strong Q4 results. The company earned an adjusted share of 83 cents a share at $ 760 million in the December quarter. Analysts have forecast cadence earnings of 74 cents per share on sales of $ 732 million.
Shares fell 2% on Tuesday morning.
ZoomInfo slipped 6.25% on Monday and closed below a 53.18 entry in a cup base. After the close Monday, ZoomInfo reported strong Q4 results and better than expected Q1 sales guidance. The stock jumped 11% on Tuesday morning.
According to Leaderboard comments, “ZoomInfo was added to Leaderboard on February 1 when it cleared a short handle. But because the handle was so narrow, an alternative entry of 53.18 was also valid. The latest base was the first phase, after the enterprise software company was launched in June. ‘
Nine Stock
Tesla rival Nio crumbled to 17% on Tuesday morning, contributing to 7.9% stumbling block. Shares reduced morning trading losses to around 4%.
Shares broke through their 50-day line on Monday, a major sell signal. Meanwhile, stocks hit the loss-cutting rule of 7% -8% from their 58.30 buying point on 18 February.
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Tesla Stock
Tesla shares threatened to extend Tuesday’s loss to four sessions, falling more than 13% before reducing losses to 1.3%. Shares broke a critical support level of 50 days, a critical support level, on Monday.
Tesla on Sunday stopped taking orders for the cheapest version of the Model Y Standard Range SUV, just over a month after its launch and barely a week after a price reduction, according to its website.
On January 25, Tesla shares reached a record high of 900.40, after climbing to 93% from a 466 buy point in a cup with handle.
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones shares, Apple fell 3.8% on Tuesday. Apple shares are less than the 10-week line, but a strong setback above the level will be positive for the stock’s outlook.
On February 18, the stock caused the 7% -8% loss-cutting sell-off as it fell more than 7% below its 138.89 buying point in a cup with handle.
Meanwhile, Microsoft fell more than 1% on Tuesday morning. The stock is trying to find support at its 232.96 buying point, but is below it.
Follow Scott Lehtonen on Twitter @IBD_SLehtonen for more information on growth stocks and the Dow Jones industrial average.
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