The Dow Jones Industrial Average briefly dropped over 100 points Thursday, as Treasury yields fell ahead of comments from Fed Chair Powell. Apple jumped, despite reports of production delays, and is testing a key level, while Tesla stock raced higher in morning trade.
Among the Dow Jones leaders, Apple (AAPL) jumped over 1.5% Thursday, while Microsoft (MSFT) moved up 1.6% in today’s stock market. Boeing (BA) is back in buy range following this week’s losses.
Tesla (TSLA) advanced over 2% Thursday, looking to rebound from Wednesday’s 3% tumble. FANG leaders Alphabet (GOOGL) and Facebook (FB) are in buy ranges after this week’s breakouts.
Among the top stocks to watch, Nvidia (NVDA) and Yeti (YETI) are close to new buy points.
Alphabet, Boeing and Microsoft are IBD Leaderboard stocks. Nvidia was featured in this week’s Stocks Near A Buy Zone column. Alphabet and Microsoft were discussed in Monday’s IBD Live show.
Dow Jones Today: Powell Speech, Treasury Yields
The Dow Jones Industrial Average fell 0.1%, while the S&P 500 moved up 0.2%. The tech-heavy Nasdaq composite climbed 0.8% in morning trade.
The 10-year Treasury yield fell to 1.63% early Thursday, after settling at 1.65% Wednesday, according to the CBOE, on pace to drop for a third straight day.
Fed Chairman Jerome Powell will join an International Monetary Fund debate on the global economy, beginning at 12 p.m. ET.
Among exchange traded funds, the Innovator IBD 50 (FFTY) traded down 0.3% Thursday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) rose 0.8%. Meanwhile, the SPDR S&P 500 ETF (SPY) gained 0.2%.
Stock Market Rally: Dow, S&P At Record Highs
Amid the current stock market rally, the Dow Jones Industrial Average just off record highs, while the S&P 500 climbed to new high ground on Thursday.
Meanwhile, the tech-heavy Nasdaq regained its key 50-day moving average last week and is on pace to snap a two-day losing streak.
Wednesday’s Big Picture commented, “Neither the Nasdaq nor the S&P 500 seem overexerted. The S&P 500 is about 4.5% above its 50-day moving average. That’s mostly within the range of moves above the 50-day line since the November peak, another indication that the S&P 500 is pacing itself.”
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Bitcoin hit its high-water mark on March 13, topping out at $61,556. On Thursday, the price of Bitcoin rallied near $57,500 in morning trade, according to CoinDesk.
The Grayscale Bitcoin Trust (GBTC) moved up about 3% Thursday, on pace to snap a two-day slide.
Dow Jones Stocks: Boeing
Inside the Dow Jones Industrial Average, Boeing is back in buy range above a 244.18 buy point in a cup base. The 5% buy range goes up to 256.39.
Early Thursday, shares fell 1%.
Stocks In Buy Zones: Alphabet, Facebook
IBD Leaderboard stock Alphabet is breaking out past a flat base’s new buy point at 2,145.24, according to IBD MarketSmith chart analysis. Shares are at the top of the 5% buy zone that goes up to 2,252.50 amid Thursday’s 0.5% rise.
According to Leaderboard commentary, “Alphabet held up better than other big-cap techs when the sector slumped. Support at the 21-day line helped the stock climb to new highs. The stock also found support at the 50-day line. The last base was second stage, which is positive.”
Fellow FANG stock leader Facebook is trading just above a cup-with-handle’s 299.81 buy point. On Thursday, Facebook stock reversed 0.4% lower and is still in buy range.
Tech Titans Lead As Rally Pauses; Tesla Retreats To Key Support
Stocks To Buy And Watch: Nvidia, Yeti
Graphics-chip maker Nvidia continues to move up the right side of a new cup base, offering a 615 buy point. Be on the lookout for a potential handle to offer a more risk-optimal entry.
Nvidia stock rallied about 2% Thursday, looking to add to Wednesday’s 2% advance.
According to IBD Stock Checkup, Nvidia stock shows a solid 92 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 Stock Of The Day, Yeti, is trying to break out past a 76.87 buy point in a double bottom with handle. Shares rallied over 1% Thursday morning and are nearing the buy point.
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Tesla stock rallied over 2% Thursday morning. Shares of Tesla are eyeing their 10-week line, which is a key resistance level.
Tesla could be forming a new base, but it is too early for a new risk-optimal buy point.
On Feb. 22, Tesla broke down through its key 10-week moving average line, a critical support level. 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 jumped 1.6% Thursday, on pace to extend a five-day win streak. The company is delaying some MacBook and iPad production due to the global chip shortage, according to Japan’s Nikkei news service.
Apple stock is rebounding from its 40-week line and is trying to reclaim its 10-week line. On Feb. 18, Apple stock triggered the 7%-8% loss-cutting sell rule when it fell more than 7% below its 138.89 buy point in a cup with handle.
Software giant Microsoft gained 1.6% in morning trade Thursday. Microsoft is breaking out past a flat base’s 246.23 buy point and is in the buy range that tops out at 258.54.
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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