The Dow Jones Industrial Average rose more than 200 points, while technology stocks reversed higher on Wednesday with Bitcoin’s recovery. Tesla’s shares appeared to recover from Tuesday’s liquidation, while Square plunged with poor sales results. Nvidia’s earnings will be released after closing.
X
Among Dow Jones leaders, Apple (AAPL) decreased 1.7%, while Microsoft (MSFT) fell about 1% in today’s stock market. Disney (DIS) is out of range after a recent point of purchase.
Tesla (TSLA) rose almost 5% in Wednesday morning trading, looking to recover from Tuesday’s 2.2% drop. Square (SQ) plunged into earnings results after the stock market closed on Tuesday. Nvidia (NVDA) will report earnings after closing.
Apple, Microsoft and Tesla are shares of the IBD Leaderboard.
Dow Jones Today
On Wednesday, the Dow Jones Industrial Average was up 0.7%, while the S&P 500 was up 0.5%. Nasdaq’s high-tech compound reversed 0.1% upward in midday trading.
Overview of the US stock market today |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain / Loss | % Change |
| Dow Jones | (0DJIA) | 31618.55 | +81.20 | +0.26 |
| S&P 500 | (0S and 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 ET 2/24/2021 |
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Among the exchange-traded funds, the Innovator IBD 50 (FFTY) traded down 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 bullish trend, November was an important month for the stock market. IBD’s The Big Picture signaled the new upward trend after the next day of the market’s rise on November 4th. Meanwhile, mid-February saw the Dow Jones Industrial Average, Nasdaq and S&P 500 retreat from record highs.
Tuesday’s Big Picture commented: “The indexes closed in a decent way after the Nasdaq compound plunged almost 4% at the start of the trading session. The Nasdaq – feeling the impact of a technology stock liquidation – closed 0.5 % below. This is an impressive recovery, especially at the chart levels where it happened. “
Focus on actions that show strong relative strength during the current weakness. They may be some of the market leaders if the indexes manage to return to their records.
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Bitcoin price touches
Bitcoin rebounded around 4% on Wednesday morning, rising briefly above $ 51,000 before reducing earnings. Bitcoin’s price was traded at around $ 49,300 in morning trading, according to CoinDesk.
Bitcoin’s price reached $ 57,000 on Saturday and $ 58,000 on Sunday, reaching $ 58,332. On Tuesday, Bitcoin fell below $ 45,000 before recovering.
The ETF Grayscale Bitcoin Trust (GBTC) was up almost 3%, looking to break a two-day losing streak.
Dow Jones Shares: Disney
Within the Dow Jones Industrial Average, Disney is out of the buying range, moving from 183.50 points of purchase on a flat basis, according to analysis by the IBD MarketSmith chart. The 5% buying area rises to 192.68.
Disney shares rose 0.4% on Wednesday, in pace to extend a three-day winning streak that took stocks out of the buying range.
Stock market profit: square
The main payment stock, Square, reported strong earnings results in the fourth quarter, but revenue and gross payment volume did not meet analysts’ goals. The company also released a new $ 170 million investment in Bitcoin on top of its previous $ 50 million purchase.
Square’s shares plunged 8% on Wednesday, to extend a losing streak to three sessions. The shares are still above the 50-day support level.
Nvidia earnings
Nvidia’s earnings are expected to come out after the stock market closed on Wednesday. Analysts expect the company to earn $ 2.81 per share on sales of $ 4.8 billion, according to IBD data.
Nvidia’s stock triggered the 7% -8% loss-cutting rule from a 587.76 buying point during Tuesday’s brief drop before recovering. On a positive note, the shares found support at their 50-day moving average.
The shares fell more than 1% on Wednesday morning.
According to the IBD Stock Checkup, NVDA’s stock shows 97 out of a best possible 99 IBD rating. The Composite Rating – an easy way to identify the main growth stocks – is a combination of fundamental and technical metrics to help investors assess a stock’s strengths.
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Tesla Stock
Tesla’s shares rose nearly 5% on Wednesday, on the way to breaking a four-day losing streak.
The electrical automotive industry leader on Monday broke the 50-day moving average line, a critical support level.
On January 25, Tesla shares reached a record high of 900.40, after rising 93% from a 466 point of purchase in a glass with handle. The shares are about 20% below the historical record.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones’ main stock, Apple fell 1.7% on Wednesday. Apple’s stock is below its 10-week line, but a strong recovery above the level would be optimistic for the stock’s prospects.
On February 18, the stock triggered the sale rule with a 7% -8% loss cut when it fell more than 7% below its 138.89 point of purchase in a glass with a handle.
Meanwhile, Microsoft fell about 1% on Wednesday morning. The stock is trying to find support at its 232.96 point of purchase, but is below it.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more information on growth stocks and the Dow Jones Industrial Average.
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