The Dow Jones Industrial Average reversed downward after rising briefly by more than 100 points, with Bitcoin rising to historic levels on Thursday. Tesla’s shares appeared to recover from Wednesday’s liquidation as a key support level approaches. The Bumble IPO is set to fire on its debut on Thursday, while Disney’s earnings are expected to come out after closing.
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Among Dow Jones leaders, Apple (AAPL) fell 0.1%, while Microsoft (MSFT) rose 0.4% in today’s stock market. Nike (NKE) is approaching a new buying point after last week’s bullish move. Disney (DIS) is in the buying range after Monday’s breach, before the company’s earnings results after closing.
Tesla (TSLA) seemed to recover from Wednesday’s 5.3% slippage, rising about 1% in morning trading. Tesla’s inventory can be set to test its 10-week support level. THE Bumble (BMBL) The IPO will begin trading on Thursday, after pricing on Wednesday.
Palo Alto Networks (PANW) and Nvidia (NVDA) are among the top stocks in or near buying zones in Thursday’s stock market action.
Apple, Microsoft and Tesla are shares of the IBD Leaderboard. Nvidia was the IBD share of the day, while Palo Alto Networks was the choice of IBD 50 shares to watch on Tuesday. Meanwhile, Nike was featured in this week’s Stocks Near A Buy Zone.
Dow Jones Today
On Thursday, the Dow Jones Industrial Average fell slightly, while the S&P 500 rose 0.1%. The high-tech Nasdaq compound rose 0.4% in morning trading.
Overview of the US stock market today |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain / Loss | % Change |
| Dow Jones | (0DJIA) | 31476.63 | +38.83 | +0.12 |
| S&P 500 | (0S and P5) | 3916.10 | +6.22 | +0.16 |
| Nasdaq | (0NDQC) | 14016.72 | +44.18 | +0.32 |
| Russell 2000 | (IWM) | 228.20 | +1.32 | +0.58 |
| IBD 50 | (FFTY) | 48.52 | +0.43 | +0.89 |
Last updated: 10:36 ET 11/02/2021 |
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Among the exchange-traded funds, the Innovator IBD 50 (FFTY) was up 0.8% on Thursday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was up 0.3%. Meanwhile, the SPDR S&P 500 ETF (SPY) amounted to 0.2%.
Is the stock market boom overheating?
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, early February saw the Dow Jones Industrial Average, Nasdaq and S&P 500 break records. But is the stock market boom overheating?
Wednesday’s Big Picture commented: “It looked like Wednesday would be a tough day for the stock market after a wave of sales hit stocks in the morning trade. But the Nasdaq composition managed to reduce a loss of 1, 2% to almost 0.3% at closing. “
Due to the recent strength, investors may again adopt an offensive stance, knowing that there are still good reasons for caution. Look for stocks that are outpacing new buying points, like Disney, Nvidia and Palo Alto Networks.
Focus on actions that showed strong relative strength during the recent weakness. They may be some of the market leaders if the indices continue on their record highs.
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Bitcoin Price
Bitcoin’s price rose more than 7%, reaching historic highs on Thursday morning. Bitcoin reached $ 48,297 before reducing earnings to around $ 47,900 in the morning’s trades, according to Coindesk.
The Grayscale Bitcoin Trust (GBTC) is up 8% and is approaching a new record.
Dow Jones shares: Nike
Within the Dow Jones Industrial Average, Nike is plotting a new flat base with a buying point of 148.05. The shares rose 0.6% on Thursday morning and are just 4% from the new entry.
Nike shares have optimistically recovered its 50-day moving average line in the past few sessions.
Profit from the stock market: Uber, Yeti
Uber’s shares reduced losses to just 0.1% at the beginning of Thursday, in the wake of the company’s mixed results in the fourth quarter, falling short of revenue targets. The company reduced its loss to 54 cents per share, with sales of $ 3.2 billion.
The stock hit a new high on Wednesday, but is now falling from that level.
Yeti reported strong gains in the fourth quarter on Thursday, with consumers continuing to go outdoors for recreation during the pandemic. Yeti’s profit jumped 52% to 74 cents a share, with sales growing 26% to $ 352.53 million.
The stock fell more than 8% in morning trading, testing its 50-day line.
Bumble IPO set for rocket
Bumble’s IPO raised $ 2.15 billion on Wednesday, with a price of 43 per share. The shares will begin trading on Thursday, under the ticker BMBL. Bumble is set to fire 72%, according to preliminary commercial data. The shares were indicated at 74 per share, 72% above the price of 43 IPO.
Remember to wait for an IPO base to form before buying a new IPO stock.
Dow Jones earnings: Disney
Disney’s Dow Jones shares burst on Monday and is in the buying range above 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 on Thursday, and are about 3% above the entry.
Disney will report earnings after closing. Analysts expect the media giant to lose 34 cents per share on revenue of $ 15.9 billion.
Actions to watch: Palo Alto, Nvidia
The stock choice for watching Tuesday’s IBD 50, Palo Alto Networks, is in the buying range above 375.10 buying points on a flat basis. The shares fell 0.2% on Thursday morning and are almost extended.
The IBD 50 stock is expected to report its fiscal earnings for the second quarter of 2021 after the market closed on February 22.
According to the IBD Stock Checkup, Palo Alto’s shares boast 96 out of a perfect rating made up of 99 IBD. The Composite Rating – an easy way to identify key growth stocks – is a combination of fundamental and technical metrics to help investors assess a stock’s strengths.
IBD Leaderboard Nvidia’s shares are in the buy range, exceeding the 587.76 flat-base purchase point amid a 2% increase on Thursday. On February 8, the stock burst above an early entry of 560.07.
According to the Leaderboard comment, “Nvidia has released an alternative entry from its January highs. Shares continue to work on a flat basis. Nvidia was reduced to a quarter of the position on January 27 and raised to half in the Monday.”
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Tesla Stock
Tesla’s shares appeared to recover from Wednesday’s heavy loss, rising nearly 1% on Thursday. Stocks may be heading towards a 10-week line test, a key inflection point.
The January 8 IBD Stock Of The Day column signaled that Tesla was showing several signs of a climax amid a sharp vertical run in recent weeks. Until Wednesday, the stock had shown strong resilience.
On January 25, Tesla’s shares reached a record high of 900.40, climbing up to 93% from a 466 point of purchase in a glass with handle.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones’ top stocks, Apple fell 0.1% on Thursday, and remains below its 138.89 buying point in a cup with cable. The shares withdrew from entry on January 28.
Meanwhile, Microsoft rose 0.4% on Thursday morning and is just shy of records. The software giant’s shares surpassed a buying point of 232.96 in recent sessions. The stock is at the top of the 5% buying zone, which rises to 244.61.
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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