The Dow Jones Industrial Average hit a new high on Tuesday, along with the S&P 500 and the Nasdaq compound, but Nasdaq’s initial gains have eased. After rising above its 50-day moving average earlier this month, Salesforce shares were the biggest gainers on the Dow Jones today, up 3%. But Peloton (PTON) was hit in the Nasdaq 100, falling almost 6%. Peloton’s shares had a good position on their 10-week moving average last week after disclosing profits, but support eased on Tuesday.
X
Advanced micro devices (OMG), Modern (MRNA) and Tesla (TSLA) also lagged behind the Nasdaq, with losses of more than 2% each.
At the close, Dow Jones industrialists rose 0.2%; the S&P 500 fell less than 0.1% and the Nasdaq lost 0.3%. Preliminary data showed that the volume on the NYSE and Nasdaq rose more than on Friday.
Leaderboard stock previous Palantir Technologies (PLTR) fell below its 50-day moving average after the earnings report. Revenue increased 40% to $ 322.1 million. That was better than the $ 300.7 million consensus estimate, but its 2021 revenue forecast was a little light. Palantir first joined the Leaderboard when he opened an IPO base on November 5.
Overview of the US stock market today |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain / Loss | % Change |
| Dow Jones | (0DJIA) | 31520.57 | +62.17 | +0.20 |
| S&P 500 | (0S and P5) | 3932.48 | -2.35 | -0.06 |
| Nasdaq | (0NDQC) | 14047.50 | -47.97 | -0.34 |
| Russell 2000 | (IWM) | 225.86 | -1.40 | -0.62 |
| IBD 50 | (FFTY) | 48.95 | -0.24 | -0.49 |
Last updated: 16h08 ET 16/02/2021 |
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Bitcoin crossed the $ 50,000 level on Tuesday, but fell back on the highs. MicroStrategy (MSTR) has announced that it plans to offer $ 600 million in convertible debt to buy more Bitcoin. The enterprise software company already owns about 72,000 units, valued at nearly $ 3.5 billion on Tuesday.
Earlier this month, Tesla (TSLA) disclosed that it bought $ 1.5 billion in Bitcoin. Right after that, MasterCard (MA) agreed to facilitate some cryptocurrency transactions, while Bank of New York Mellon (BK) announced plans to be a custodian of crypto assets. Apple (AAPL) Paid users can now also pay in Bitcoin.
Dow Jones Movers
Furthermore Salesforce.com (CRM), JP Morgan (JPM) and Goldman Sachs (GS) also outperformed the blue-chip index, helped by a big jump in 10-year Treasury yield, which rose 9 basis points to 1.3%. JPMorgan surpassed an alternative entry of 142.85, but Goldman Sachs is extended after a first test of its 10-week line.
Caterpillar (CAT) was above the 200 level, increasing 2% to 202.38. CAT shares recently found support on their 10-week line and today exceeded a tight three-week entry of 200.27.
Boeing has surpassed its 50-day moving average, up about 3%, but it still has a long way to go to reach a buying point of 244.18.
Outside the Dow Jones
Among the best ETFs, the Innovator IBD 50 (FFTY) returned 0.5% after an intraday 1.6% increase. Remember that FFTY jumped 8.1% two weeks ago and another 5.5% last week. This means that some consolidation is to be expected.
The IBD 50 index of the main growth stocks was adversely affected by the weakness in Meridian Bioscience (VIVO), which fell 12% after the Food and Drug Administration requested more information about the company’s Covid-19 molecular diagnostic test. Meridian’s shares soared 23% on February 5, after the company reported a 550% increase in quarterly profit and a 96% jump in revenue.
Meanwhile, the Innovator IBD Breakout Opportunities ETF (BOUT) outperformed, up 0.4%.
The iShares Expanded Tech-Software Sector (IGV) ETF decreased 0.3%. VanEck Vectors Semiconductor ETF (SMH) was up 0.6%.
Moving growth stock
360 DigiTech (QFIN) and Generac (GNRC) were the biggest winners in the IBD 50, up 12% and 7%, respectively. After a huge price gain, QFIN’s shares increased on Tuesday after already having their price extended too much. This is a sign of a climax. Generac’s stock was strong after bad weather in Texas fueled speculation that demand will remain strong for the company’s domestic backup generators. Generac is one of the main holdings of the ETF Innovator Breakout Opportunities.
Business software inventory Five9 (FIVN) was one of the first to win at MarketSmith Growth 250, while trying to get out of a double-bottomed base. But the stock closed below the 184.08 buying point. A double bottom base has the appearance of the letter W and is formed when the low of the second leg down (154.25) decreases the low part of the first leg down (163.71).
In the meantime, several participants with strong performance in the MarketSmith Growth 250 faced intense selling pressure. Going up in life (UPST), Dream Finders Houses (DFH) and Glowing Genetics (FLGT) ended with losses ranging from 7% to 14%.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insights.
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