The Dow Jones Industrial Average surged 500 points before cutting gains Thursday, as Bitcoin plunged on a tweet from Tesla CEO Elon Musk. Apple and Tesla stock looked to rebound from Wednesday’s sell-offs.
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Among the Dow Jones leaders, Apple (AAPL) rallied 1.5% Thursday, while Microsoft (MSFT) moved up 1.4% in today’s stock market. Goldman Sachs (GS) gave up its buy point in the recent market sell-offs, while JPMorgan (JPM)’s breakout attempt has fizzled.
Tesla (TSLA) skidded over 3% Thursday after reversing lower. Late Wednesday, CEO Elon Musk tweeted that Tesla will no longer accept Bitcoin for vehicle purchases.
Among the top stocks to buy and watch, Signature Bank (SBNY) and Southern Copper (SCCO) are in or near new buy zones.
Microsoft is an IBD Leaderboard stock. Signature Bank was Wednesday’s IBD Stock Of The Day. Southern Copper was Tuesday’s IBD 50 Stocks To Watch pick, while JPMorgan was featured in this week’s Stocks Near A Buy Zone column.
Dow Jones Today
The Dow Jones Industrial Average traded up 1.1% midday Thursday, while the S&P 500 moved up 0.9%. The tech-heavy Nasdaq composite slashed gains to 0.3% in midday trade.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 34075.99 | +488.33 | +1.45 |
| S&P 500 | (0S&P5) | 4119.18 | +56.14 | +1.38 |
| Nasdaq | (0NDQC ) | 13199.67 | +167.99 | +1.29 |
| Russell 2000 | (IWM) | 215.61 | +3.76 | +1.77 |
| IBD 50 | (FFTY) | 43.44 | +1.05 | +2.48 |
Last Update: 10:50 AM ET 5/13/2021 |
||||
Among exchange traded funds, the Innovator IBD 50 (FFTY) rose 1.1% Thursday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) traded up 0.5%. Meanwhile, the SPDR S&P 500 ETF (SPY) gained 1%.
Split Stock Market Rally
The Dow Jones Industrial Average and S&P 500 slid further from record highs during Wednesday’s sell-offs. The tech-heavy Nasdaq hit its lowest level in six weeks Wednesday and is about 8% from its all-time high.
Wednesday’s Big Picture column commented, “The Nasdaq composite again took the hardest hit, as growth and technology shares came under heavy shelling. The Nasdaq plunged 2.7% and is at a six-week low. It undercut Tuesday’s low and, opposite of that day’s action, closed at session lows.”
For more stock market commentary, check out IBD’s The Big Picture.
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Dow Jones Stocks: JPMorgan
Dow Jones financial leader JPMorgan is trying to break out past a 161.79 buy point in a flat base, according to IBD MarketSmith chart analysis. Shares are about 1% below the entry amid Thursday’s 2% gain.
Last week, Dow Jones stock Goldman Sachs broke out past a 356.95 buy point, entering a buy range that goes up to 374.80. Goldman shares pulled back below the buy point Wednesday, but is back above it Thursday morning.
Stock Market Earnings: Alibaba, Yeti
Ahead of the market open Thursday, Chinese e-commerce giant Alibaba reported mixed fiscal-Q4 results. The company missed earnings estimates, reporting adjusted earnings of $1.58 a share. Sales topped analyst targets at $28.6 billion.
Alibaba stock slid almost 5% in midday trade and is about 30% off its 52-week high.
Yeti reported first-quarter earnings that easily beat estimates early Thursday. The company’s earnings surged 245% to 38 cents a share. Revenue jumped 42% to $247.6 million.
Yeti stock traded up over 3% Thursday morning and is finding support around its 80.99 buy point, according to IBD MarketSmith chart analysis.
Stocks To Buy And Watch: Signature Bank, Southern Copper
Wednesday’s IBD Stock Of The Day, Signature Bank, is back below a 250.04 buy point following Wednesday’s 3.4% tumble. The stock fell almost 2% Thursday midday.
According to IBD Stock Checkup, SBNY stock shows a solid 93 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating helps investors easily measure the quality of a stock’s fundamental and technical metrics.
Tuesday’s IBD 50 Stocks To Watch pick, Southern Copper, is nearing a 83.25 buy point in a cup-shaped base. Shares reversed 1.5% lower Thursday midday.
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Tesla Stock: Musk Tweet On Bitcoin
Tesla stock reversed over 3% lower Thursday, adding to Wednesday’s 4.4% skid. Late Wednesday, Tesla CEO Elon Musk tweeted that “Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worse emissions of any fuel.”
The price of Bitcoin plunged, trading as low as $46,294 before paring losses. Bitcoin traded around $50,200 Thursday morning, according to Coindesk.
On Jan. 25, Tesla stock hit a record high at 900.40, after climbing as much as 93% from a 466 buy point in a cup with handle.
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple gained 1.8% Thursday, looking to snap a three-day losing streak. Shares remain below their 50-day line.
The stock is trading below its critical 50-day line after trigging the 7%-8% loss-cutting sell rule from a 135.63 buy point.
IBD Leaderboard stock Microsoft moved up 1.8% Thursday, as it again trades below a flat base’s 246.23 buy point, according to IBD MarketSmith chart analysis. The buy zone goes up to 258.54.
Per Leaderboard commentary, “Microsoft fell below its buy point. It tried to rebound off its 50-day moving average, but is looking for support here once again, and is now trading below the line.”
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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