The Dow Jones Industrial Average fell briefly more than 200 points on Monday, before cutting losses, with Bitcoin falling from record levels. Tesla’s stock plummeted after removing its Model Y SR + from its website.
X
Among Dow Jones leaders, Apple (AAPL) fell 2.7%, while Microsoft (MSFT) fell 3% in today’s stock market. Caterpillar (CAT) is just outside the purchase range above an entry, while Nike (NKE) is approaching a new point of purchase.
Tesla (TSLA) slipped almost 5% on Monday, breaking at a key level.
Shoals Technologies (SHLS), Commercial counter (TTD) and Veeva Systems (VEEV) are among the top stocks in or near buying zones in Monday’s stock market action.
Apple, Microsoft and Tesla are shares of the IBD Leaderboard. Shoals Technologies was the stock of IBD’s day on Thursday.
Dow Jones Today
On Monday, the Dow Jones Industrial Average reduced losses to 0.1%, while the S&P 500 fell 0.6%. Nasdaq’s high-tech compound fell 1.8% in morning trading.
Overview of the US stock market today |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain / Loss | % Change |
| Dow Jones | (0DJIA) | 31445.78 | -48.54 | -0.15 |
| S&P 500 | (0S and P5) | 3878.12 | -28.59 | -0.73 |
| Nasdaq | (0NDQC) | 13611.62 | -262.84 | -1.89 |
| Russell 2000 | (IWM) | 224.34 | -0.85 | -0.38 |
| IBD 50 | (FFTY) | 47.92 | -0.98 | -2.00 |
Last update: 11h02 ET 02/22/2021 |
||||
Among the exchange-traded funds, Innovator IBD 50 (FFTY) was down 1% on Monday. The Nasdaq 100 Invesco QQQ Trust (QQQ) ETF fell 1.1%. Meanwhile, the SPDR S&P 500 ETF (SPY) fell 0.5%.
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.
Friday’s Big Picture commented: “Unable to find direction for most of the day, the stock market on Friday closed mixed. But it was not a day for optimists because small cap stocks and the main actions performed much better. “
Due to the recent strength, investors may remain in an offensive stance, as they understand that there are still good reasons for caution. Look for stocks that are outpacing new buying points.
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 reaches $ 58,000 before dive
Bitcoin’s price reached $ 57,000 on Saturday and $ 58,000 on Sunday, before briefly dropping below $ 48,000 on Monday morning. Bitcoin was traded around $ 53,100 in morning trading, according to CoinDesk.
The Grayscale Bitcoin Trust (GBTC) ETF fell 7% and is retreating after last week’s almost 16% advance.
Boeing Stock Reverse
Giant Dow Jones Boeing (BA) reversed higher on Monday after initially crashing after one of its Boeing 777-200s made an emergency landing at Denver International Airport on Saturday, shortly after takeoff due to an engine failure.
Boeing’s shares are about 36% below its 52-week high as it builds a base with a new 244.18 point of purchase.
Dow Jones Shares: Caterpillar, Nike
Within the Dow Jones Industrial Average, Caterpillar is moving out of a 5% buying range above a 200.27 buying point in a short consolidation. The shares were up 0.5% on Monday morning.
CAT shares burst above the point of purchase on February 16. The 5% buying zone ended at 210.28.
Elsewhere, Nike is approaching a 148.05 point of purchase on a flat base. The shares fell 1.9% in morning trading, as they test their 50-day line.
Actions to watch: Shoals, Trade Desk, Veeva
Friday’s IBD day stock, Shoals Technologies, is trying to exceed a 41.86 point of purchase on an IPO basis, according to the analysis of the IBS MarketSmith chart. The stock briefly outperformed the entry on Monday morning, before falling 1.8% below.
The Trade Desk is being traded at about 9% of a 972.90 point of purchase on a glass base. On Friday, the shares jumped nearly 7% in the wake of the company’s strong fourth-quarter results.
In the early hours of Monday, the Trade Desk fell about 2%.
According to the IBD Stock Checkup, the Trade Desk stock shows a strong 98 out of a perfect 99 composite IBD rating. IBD Composite Rating helps investors easily measure the quality of a stock’s fundamental and technical metrics.
Software leader Veeva Systems is trading below 314.09 points of purchase on a canopy basis. The health sciences software company fell nearly 3% on Monday morning.
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Tesla Stock
Tesla’s shares threatened to extend a losing streak to three sessions on Monday, falling more than 4%. On Sunday, Tesla removed the Model Y Standard Range Plus from its website.
Stocks are falling at their 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.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones’ main stock, Apple fell 2.7% on Monday. 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 3% on Monday morning. The stock remains in the 5% buy zone above a 232.96 buy point that 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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