Stocks rose at the starting gates on Thursday, with the Nasdaq leader and the Dow industrials and Russell 2000 wanting to extend their progress to a fifth live session. A final vote in the House of Representatives on Wednesday guaranteed the rollout of $ 1.9 billion in federal stimulus. EV manufacturers, chips and China-based names strengthened the Nasdaq. Bitcoin returned to nearly $ 57,000. IPO Roblox skyrocketed on its second trading day. Meanwhile, Boeing and Apple today set the pace on the Dow Jones, while Microsoft would make an early outbreak.
The Nasdaq Composite achieved an early 1.7% increase, similar to that of Argentina MercadoLibre (MELI) rose 5.2% to the top of the index with an analyst upgrade. ASML Holding (ASML) and Skyworks Solutions (SWKS) were also early leaders, as disk stocks made seven of the Nasdaq 100’s top 10 early advances.
The Dow industrials climbed a modest 0.5%, by about 100 points – enough to ward off another new high. The S&P 500 rose 0.7% on the stock market today, just behind the Russell 2000 advance of 0.9%.
Electric car manufacturers based with China Li Auto (LI) and Xpeng (XPEV) each increases by more than 5%. Nine (NIO) jumped by 4.2%, while Tesla (TSLA) increased by 2.8%. Mizuho launched coverage over Tesla with a buy rating and a price target at 775.
Chip stocks also showed early strength with 4% ASML stock and 4% Leaderboard stocks Taiwan Semiconductor (TSM) rose 3.4% in early action, boosting the Philadelphia Semiconductor Index. Both stocks are trying to design floors after breaking the support through sharp four-week withdrawals. The VanEck Vectors Semiconductor ETF (SMH) rose 2.9% in opening trading. Taiwan Semi is also an IBD 50 stock.
IPO Roblox (RBLX) climbed 4.8% higher, contributing to the 54% profit from the online platform on its opening day Wednesday. South Korea’s Coupang (CPNG) IPO would launch its first trading day on Thursday.
Fuel cell manufacturer Ballard Power (BLDP) vaulted 4.7%, despite the lack of earnings and revenue views in its fourth-quarter report. Recent IPOs Rush Street Interactive (RSI) and Bumblebee (BMBL) increased 13% and 10% respectively following their earnings reports.
Oracle (ORCL) was an early position among technical equities, trading at 5.8%, despite beating analysts’ fiscal targets for the third quarter, raising its dividend by 33% and repurchasing shares increased. Software developer Cloudera (CLDR) also posted a 13% drop after beating a fourth-quarter profit but providing poor year-round guidance.
Stimulus Progress; Claims for unemployment, relief of effects
In Washington, the $ 1.9 billion US bailout plan passed a final vote in the House on Wednesday and is on its way to the White House for the signing of President Joe Biden, which is expected on Friday. The Labor Department reported that applications for unemployment assistance disrupted for the first time, suppressed expectations for a second consecutive week and dropped to 712,000 in the week ended March 6 compared to forecasts for 725,000 claims.
In addition, bond yields leveled off, with the 10-year yield at 1.52%. Yields rose to a high of above 1.61% on Monday, and the rapid rise of lows around 0.50% in August caused inflation problems. Despite the rapid rise, yields remain at a healthy level, starting at around 1.8% in 2020, down from around 2.7% a year earlier.
Dow Jones Today: Boeing Nears Handles Southwest
Boeing (BA) rose 3%, easily leading the Dow Jones today. Reuters reported on Wednesday that the company was approaching a deal to sell Southwest Airlines (LUV) ‘dozens’ of its 737 Max aircraft. One unnamed source said the deal could involve 130 fixed orders for the aircraft, with options for another 170. Boeing shares ended Wednesday in a buy range above 244.18 in a 12-week cup basis. The buy range extends to 256.38.
appeal (APPL) increased by 1.4%. Apple shares are working on a third week of strict trading, as it may be lower to test support on its 200-day moving average.
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China shares rise with data, Alaska meeting
Shares in China climbed as China’s markets grew on better-than-expected bank lending data and news that US Secretary of State Antony Blinken told the Foreign Affairs Committee on Wednesday that he and his Chinese counterpart would be in Alaska next week meeting. The Shanghai composition rose by 2.4%, while Hang Seng in Hong Kong rose by 1.7%.
In US markets, online clothing retailer JD.com (JD) advanced 5.9% when investors dug into the company’s earnings report in the fourth quarter. Search Engine Giant Baidu (BIDU) rose 3.8% higher. Futu Holdings (FUTU) jumped by 7.8% and extended its setback from the ten-week support. 360 digital (QFIN) traded below IBD 50 shares, up nearly 6% early.
In buy series: CF Industries, Polaris, Generac
On the Leaderboard list, fertilizer producer CF Industries (CF) added 3% in early trading, rising above 48.98 in a buy range. Generac Holdings (GNRC), a manufacturer of solar components and emergency generators, achieved 3.3%. Generac ended up in a buyout series on Wednesday with a setback of ten weeks of support.
SwingTrader shares ETFMG Prime Mobile Payments ETF (IPAY) ended in a buying zone on Wednesday on a denial of its ten-week moving average. Off-road vehicle manufacturer Polaris (PII) added 1.2% early Thursday. It is also in a buying series after clearing a 129.10 entry in a five-week flat base. The buying range extends to 135.55. Polaris is listed on both IBD’s SwingTrader and Leaderboard grids.
Bitcoin Nears $ 57,000, PayPal Rise
PayPal Holdings (PYPL) jumped 3.4% early on Thursday when Bitcoin climbed above $ 56,900. IBD Leaderboard shares PayPal has been affected by the price changes of Bitcoin since October, when the company launched a cryptocurrency trading service that trades on Bitcoin. Shares rose 1.3% for the week to Wednesday as it works to stem a four-week decline. Shares retreated after hitting profit targets, following a breakthrough in December.
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According to CoinDesk, Bitcoin has risen nearly 2% over the past 24 hours, as well as its record high of more than $ 58,300 as of February 21st.
Among Bitcoin-related stocks, Marathon Patent Group (MARA) Achieved 3.5%, while MicroStrategy (MSTR) traded 2.5% higher. The amplification of transformation data sharing ETF (BLOCK) added 2.7%, and the Grayscale Bitcoin TrustGBTC rose 2.1%.
Russell 2000, Dow Jones Today Go For 5
The Nasdaq Composite rose to an early test of resistance against the index’s 50-day moving average. The Nasdaq easily handled challenges on this line in November and September. In the small-cap and blue-chip segments, the Russell 2000 and the Dow Jones today each want to extend their rallies to five consecutive days.
For a more detailed analysis of the current stock market and its status, study the big picture.
The Dow industries have reached new record highs in the past three sessions, climbing above 32,000 for the first time on Wednesday. The Russell 2000 ended Wednesday at less than 1.4% below its February 10 record high of 2,318.
On the Dow, Visa (V) en Travelers (TRV) is in buying series above buying points. Microsoft (MSFT) gained 1.1% in early trading, regaining a buying point of 232.96 in opening trading. UnitedHealth Group (UNH) ended 5% below a cup base buying point at 368.05 on Wednesday.
Find Alan R. Elliott on Twitter @IBD_Aelliott
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