The Dow Jones industrial average rose more than 200 points, while technology stocks reversed higher on Wednesday as Bitcoin recovered. Tesla shares wanted to recover from Tuesday’s sell-off, while Square plunged into poor selling results. Nvidia’s earnings are payable after the end.
X
Among the Dow Jones leaders, appeal (AAPL) decreased by 1.7%, while Microsoft (MSFT) has fallen by about 1% in the current stock market. Disney (DIS) is just outside the buying range past a recent buying point.
Tesla (TSLA) rose nearly 5% in morning trading on Wednesday, and wanted to bounce back from Tuesday’s drop of 2.2%. Square (SQ) passed on the earnings after the closing of the shares. Nvidia (NVDA) will report earnings after closing.
Apple, Microsoft and Tesla are IBD Leaderboard shares.
Dow Jones Today
On Wednesday, the Dow Jones Industrial Average rose 0.7%, while the S&P 500 rose 0.5%. The technically heavy Nasdaq compound reversed 0.1% higher in afternoon traffic.
US stock market overview today |
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|---|---|---|---|---|
| Index | 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 | (IWM) | 223.23 | +1.47 | +0.66 |
| IBD 50 | (FFTY) | 46.03 | -0.50 | -1.07 |
Last updated: 10:38 PM ET 2/24/2021 |
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Among exchange-traded funds, Innovator IBD 50 (FFTY) fell 1.4% on Wednesday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) fell 1.4%. Meanwhile, the SPDR S&P 500 ETF (SPY) fell 0.4%.
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.
In the big picture of Tuesday, it says: “Indices closed in a decent shape after the Nasdaq composition plunged nearly 4% in early trading. The Nasdaq – which had the biggest pressure of a sell-off in technology stocks “closed 0.5% lower. This is an impressive setback, especially if the chart levels where it happened.”
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 rebounds
Bitcoin bounced back about 4% on Wednesday morning, rising just above $ 51,000 before making a profit. The price of Bitcoin, according to CoinDesk, traded around $ 49,300 in the morning trade.
The price of Bitcoin reached $ 57,000 on Saturday and $ 58,000 on Sunday, and eventually it was $ 58,332. On Tuesday, Bitcoin fell below $ 45,000 before recovering.
The Grayscale Bitcoin Trust (GBTC) ETF rose nearly 3% and wanted a two-day losing streak.
Dow Jones shares: Disney
Within the Dow Jones industrial average, Disney is outside the buying range past an 183.50 buy point in a flat base, according to IBD MarketSmith’s chart analysis. The buying area of 5% rises to 192.68.
Disney shares rose 0.4% on Wednesday, in pace to expand a three-day winning streak that brought the stock out of the buying range.
Stock market earnings: square
Top Payout Share Square earned strong Q4 earnings, but revenue and gross payout volume missed analysts’ targets. The company also announced a new $ 170 million investment in Bitcoin in addition to the previous $ 50 million purchase.
Square shares dipped 8% early Wednesday, in pace to magnify a loss of three sessions. Shares are still holding above their 50-day support level.
Nvidia earnings
Nvidia’s earnings will be paid out after the close on Wednesday. Analysts expect the company to earn $ 2.81 per share on $ 4.8 billion in sales, according to IBD data.
The Nvidia share caused the loss-cutting rule of 7% -8% by a buy point of 587.76 during Tuesday’s brief slump before falling back. On a positive note, equities did find support at their main moving average of 50 days.
Shares fell more than 1% on Wednesday morning.
According to the IBD Stock Checkup, NVDA shares show a 97 out of the best possible 99 IBD Composite Rating. The compound valuation – an easy way to identify top-growth stocks – is a mix of key fundamental and technical measures to help investors determine the strengths of a stock.
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Tesla Stock
Tesla shares rose nearly 5% on Wednesday, with a fast-moving four-day streak.
The electric motor leader broke through the 50-day moving average line, a critical support level, on Monday.
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. Shares are about 20% less than the everyday high.
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones shares, Apple fell 1.7% on Wednesday. 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 about 1% on Wednesday 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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