The Dow Jones Industrial Average has set a new record for encouraging new data, while President Joe Biden is preparing to sign Covid’s stimulus project. new list Roblox (RBLX) skyrocketed higher on its second trading day, while EV stocks Tesla (TSLA) and Nio (NIO) also showed great gains.
Technology stocks continued to rise as yields stabilized below recent highs, with Apple (AAPL) and Microsoft (MSFT) among the top first-tier executors. Meanwhile, chip stocks were also showing strength. The tastes of ASML (ASML) and scoreboard stock Taiwan Semiconductor (TSM) posted robust increases. Finally, Bitcoin is eyeing a new record, although it has reduced some gains.
X
Biden set to sign stimulus project; Figures of unemployed with ease
President Biden is preparing to sign Covid’s $ 1.9 trillion relief bill on Thursday afternoon.
The measures include direct payments of up to $ 1,400 to Americans and an extension of the $ 300 weekly unemployment insurance supplement.
Markets have gained some traction with the numbers of claims for unemployment benefits in the U.S., which have fallen near their lowest levels since the coronavirus pandemic was declared in late January 2020.
The Department of Labor figures showed that the number of workers applying for unemployment insurance dropped from 42,000 last week to 712,000. The figure is important, as it serves as a proxy for dismissals.
Economists expect the claims to decline as the economy reopens, with increased availability of coronavirus vaccines helping to provide a favorable wind.
Since the pandemic started a year ago, the lowest number of weekly unemployment insurance claims has been 711,000 in November.
The 10-year Treasury yield continues to trade at lower levels. It remained practically stable at 1.53%, well below Friday’s 1.62% high.
Nasdaq Surges, S&P 500 Rallies
Nasdaq was the highlight among the main indexes, with an increase of more than 2.5%. Pinduoduo (PDD) had the best performance, gaining almost 10%.
Overview of the US stock market today |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain / Loss | % Change |
| Dow Jones | (0DJIA) | 32655.32 | +358.30 | +1.11 |
| S&P 500 | (0S and P5) | 3956.24 | +57.43 | +1.47 |
| Nasdaq | (0NDQC) | 13405.70 | +336.87 | +2.58 |
| Russell 2000 | (IWM) | 231.60 | +4.38 | +1.93 |
| IBD 50 | (FFTY) | 46.98 | +1.87 | +4.15 |
Last updated: 11h54 ET 11/03/2021 |
||||
The S&P 500 achieved a more moderate gain of around 1.5%. Mining stock Freeport-McMoRan (FCX) and Etsy (ETSY) was the biggest winner here, with both winning around 8%.
The volume was lower compared to the same time as Wednesday. Trading fell 12% on Nasdaq and fell 13% on the NYSE. CAN SLIM investors prefer the volume to be higher on a bullish day.
The S&P sectors were all showing gains. Technology was the big winner, leading communication services and discretionary consumption.
Growth stocks were also having a solid session, with the Innovator IBD 50 ETF (FFTY) showing a gain of more than 4%.
Apple shares, Boeing Boost Dow Jones
The Dow Jones Industrial Average lagged behind the other major indices. However, it reached a new record after rising more than 1% and earning almost 500 points.
Apple’s shares were among Dow’s biggest winners, up 1.9%. His recent reversal has pulled him closer to his 200-day line, but he is moving away again. The relative strength of Apple’s stock needs to improve as it has been dropping since the end of January.
Microsoft’s shares are in a buying zone after posting an even better 2.6% gain. It came out of a consolidation pattern, shows MarketSmith’s analysis. The ideal point of purchase is 232.96.
Boeing (BA) presented the biggest gain, however, rising almost 4%. He is trying to reach a basic point of purchase of 244.18 cups, according to MarketSmith’s analysis. The gains and performance of the stock market remain weak, however.
Roblox Stock jumps again
The online gaming platform Roblox was charging higher again on its second day of trading, up about 4%. However, it has reduced some of its initial earnings.
Roblox had a suggested price of $ 45 per share, giving it a fully diluted market value close to $ 29 billion. But Roblox’s shares rose 54.4% on its first trading day, closing at 69.50.
Roblox’s IPO was a direct listing on the New York Stock Exchange.
With a direct listing, no new shares of the company are created and sold. Nor will Roblox’s IPO raise any capital. Instead, current investors can start selling existing shares based on demand when trading opens.
The company’s game of the same name “Roblox” was the largest mobile game of 2020 in the United States in terms of revenue, according to data provided by Sensor Tower. He overtook “Candy Crush”, which had been the best game in the past three years.
Roblox reported having 32.6 million daily active users at the end of 2020, an increase of 85% over the end of the previous year. Revenue jumped 82% in the year, to $ 924 million. It showed a net loss of $ 253 million, versus a net loss of $ 71 million the previous year, according to Roblox’s IPO request.
Tesla Stock, Nio Charge Superior
Tesla’s stock peaked again on Thursday. It went up by about 3%. This means that it is growing at Tuesday’s 19.6% high, despite yesterday’s downturn. Its RS line has increased again, which is an encouraging sign.
Tesla’s shares previously fell on their 50-day moving average, but have stayed well away from their 200-day line. It has a composite rating of 90.
The recent poor performance of Tesla’s shares has made it lose its place on the Leaderboard.
Chinese rival Nio had an even better gain, rising more than 6%. It also suffered a retraction on Wednesday, after a 17.4% gain on Tuesday. It remains isolated below its 50-day moving average, but is now well out of its 200-day line.
Nio’s shares were hard hit after an attempt to escape a 57.30 entry failed.
FANG Fruit Bars
Technology stocks are among the hardest hit amid rising earnings. But great technology is recovering from cooling.
the Facebook (FB) rose almost 4%, increasing after resuming its 50-day line. It formed a pattern of consolidation and aims to reach an entry point of 304.77.
Amazon (AMZN) achieved a more moderate gain of just over 2%. It has already resumed its 200-day line, an important step. It is quite shy in relation to its standard of purchase point consolidation of 3,552.35.
Giant streaming Netflix (NFLX) stepped out of its 200-day line after posting a nearly 2% gain. It seems to be in the process of forming a new base. However, its line of relative strength remains weak.
Father of Google Alphabet (GOOGL) had been one of the strongest technology performers. After a slow start, the trend is upward, with a gain of almost 3%.
Google’s inventory is extended from a flat-base purchase point of 1,843.93.
Chip Stocks Flex Muscles
Several notable chip inventories recorded good gains. IBD 50 ASML shares increased by almost 5%.
Now, he has managed to go beyond his 50-day moving average.
ASML stock is extended from a double bottom base. The ideal entry point was 401.25
Taiwan Semiconductor’s ranking shares increased by almost 6%. It is just below its 50-day line. It is extended from a 102.54 flat base purchase point.
VanEck Vectors Semiconductor ETF (SMH) was up more than 4%. It is now closing its 50-day line.
Bitcoin Eyes Record
Bitcoin fell 0.1% on Thursday, according to CoinDesk. A single Bitcoin was being traded for around $ 56,600.
Bitcoin’s price reached an all-time high on February 21, reaching $ 58,332, a mark that now seems within reach.
However, the price of Grayscale Bitcoin background (GBTC) increased anyway. Earned about 2%.
She is looking to extend her current winning streak to five consecutive sessions. GBTC shares continue to fall from their 50-day moving average.
These stocks pass purchase points
OK (VALE) the stock skyrocketed in the purchase zone. It came out of a cup base with handle with a purchase point of 17.78. It is above its 50 day line and its RS line is growing.
Vale is one of the largest iron ore miners. Its stock rose after commodity prices rebounded when the global economy began to reopen, helped by infrastructure spending in China, along with limited supply elsewhere.
The recent IBD Stock Of The Day has a perfect composite IBD rating of 99.
Electric motor manufacturer Regal Beloit (RBC) is also in the shopping zone after leaving a cup base. The ideal point of purchase here is 147.07.
The stock has a solid Composite Rating of 85. Big money has been snapping up the stock lately, which is reflected in its B Accumulation / Distribution Rating.
Follow Michael Larkin on Twitter at @IBD_MLarkin for more information on growth and analysis actions.
YOU MAY ALSO LIKE:
These are the best stocks of Robinhood to buy or watch now
GME shares: idea of option to profit from madness
Get full access to IBD stock and ranking lists
What’s new in the IBD ranking? Check out the main growth stocks here
These are the 5 best stocks to buy and watch now