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Dow Jones Today Slumps, Nasdaq Dives Ahead Of Powell Testimony; ZoomInfo, Nexstar Jump On Earnings

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Tech stocks led the market into sharp early losses Tuesday, ahead of Senate testimony from Fed Chief Jerome Powell. The $1.9 trillion federal stimulus package moved forward in the House late Monday, helping to lift oil prices and some pandemic reopening plays. Earnings news ignited ZoomInfo, and sent Nexstar Media into a buy range. Meanwhile, Home Depot swung low on the Dow Jones today, following its fourth-quarter report.




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The Nasdaq Composite unwound 3.5% at the starting bell as Baidu (BIDU) and Tesla (TSLA) dropped more than 11% each at the starting bell. The S&P 500 opened to a 1.4% loss. The Dow industrials shed more than 200 points, down 0.7%. Procter & Gamble (PG) topped the Dow Jones today, rising nearly 3%.

Etsy (ETSY), Tesla and Enphase Energy (ENPH) traded lowest among S&P 500 stocks. CBRE Group (CBRE) and Extra Storage (EXR) led, up more than 5% each on earnings news.

Earnings News: ZoomInfo Spikes, Nexstar Breaks Out

In earnings news, Nexstar Media Group (NXST) and IBD Leaderboard stock ZoomInfo (ZI) rose after reporting results late Monday.

ZoomInfo rallied more than 10% after topping analysts’ fourth-quarter revenue and earnings views late Monday. At least four analysts raised price targets on the stock early Tuesday. Piper Sandler weighed in at the top of the list with a 70 price target.  ZoomInfo stock has been volatile, reversing an 11% advance from a Feb. 3 breakout and diving back below the 53.18 buy point — as well as cutting support at its 21-day exponential moving average on Monday.

Technically, the pullback triggered a sell rule, but it stopped short of setting off the automatic stop-loss rule. Tuesday’s premarket action points to the stock retaking the buy point in early trade, a valid buy opportunity. But investors should be sure to mind the shifting status of the uptrend, especially before diving into volatile young stocks with recent initial public offerings.

Texas-based television broadcaster Nexstar Media Group popped 4.6% after its healthy fourth-quarter report. The move sent shares into a buy range above a 131.10 buy point in a 12-week ascending base. The buy range runs to 137.66.

Dow Jones Today: Home Depot Breaks Support

Home Depot (HD) crumbled 5% on the Dow Jones today, despite reporting a strong fourth-quarter earnings and revenue beat late Monday. The company also increased its quarterly dividend 10%, to $1.65 per share.

IBD Live: A New Tool For Daily Stock Market Analysis

The drop sent Home Depot stock up to cut below its 10-week moving average. The stock has been seesawing above and below the line since August, forming in the process a 26-week flat base. The base has a 293.05 buy point. Shares ended Monday 6% below that entry.

Stimulus Set For House Floor Vote

In Washington, the House Budget Committee passed President Joe Biden’s $1.9 trillion American Rescue Plan Monday after a 19-16 vote, with Republicans opposing the measure. The move sets the package up for a House floor vote later this week. House Democrats are aiming to have the package ready for the president’s signature before current supplemental unemployment benefits expire on March 14.

Federal Reserve Chairman Jerome Powell is due to address the Senate Banking, Housing and Urban Affairs Committee at 10 a.m. ET.

Bonds, Copper Flat; Oil At 13-Month High

Among other U.S. markets, bonds flattened, with the 10-year yield at 1.36%, up sharply from lows around 0.50% in August. Yields had started 2020 at around 1.8%, down from about 2.7% a year earlier.

Oil prices rose, with West Texas Intermediate crude up 0.5% to above $62 a barrel, and at its highest level since Jan. 8, 2020. Europe’s Brent crude benchmark rose to near $66. Copper also paused its rally, with futures trading flat near $4.15 a pound, the highest mark since July 2011.

Stock Market ETF Strategy And How To Invest In The Current Uptrend

Bitcoin Dips Below $46,000

Bitcoin recovered some early losses Tuesday, after sinking below $46,000 to touch its lowest level since Feb. 11, according to CoinDesk. Bitcoin had climbed to a record high above $58,000 on Sunday.

Among Bitcoin-related stocks, Marathon Patent Group (MARA) tanked 15%, while MicroStrategy (MSTR) traded down 7.4%. The Amplify Transformational Data Sharing ETF (BLOK) slumped 10.5%.

Stock Market ETF Strategy And How To Invest In The Current Uptrend

IBD Leaderboard stock PayPal Holdings (PYPL) dropped 6.5%. PayPal stock has felt some influence from Bitcoin price swings since October, when the company launched a cryptocurrency trading service that deals in Bitcoin. The loss points PayPal stock toward a drop below its 21-day moving average, and a possible test of support at its 10-week line.

Coronavirus Update: 41-Day Decline Ends

As the cumulative death toll from the coronavirus pandemic in the U.S. climbed above 500,000 on Monday, the seven-day average for new Covid-19 cases reported daily in the U.S. and worldwide ticked higher for the first time in 41 days. New cases reported worldwide, averaged across the prior seven days, increased to 360,341 on Monday. That is more than 50% below the high of 745,985, recorded on Jan. 11.

In the U.S., the seven-day average for new reported cases rose on Monday to 69,528, still down more than 72% from the peak of 255,258 reached on Jan. 11, according to Worldometer.

Why This IBD Tool Simplifies The Search For Top Stocks

Deaths also ticked higher for a second day. The seven-day average for deaths reported daily rose to 2,042 on Monday. The daily average for deaths reported had fallen for 25 days after hitting a high of 3,447 on Jan. 26.

The Centers for Disease Control and Prevention reports that 75.2 million doses of vaccine have so far been distributed in the U.S. Some 64.177 million doses have been administered, meaning just under 20% of the U.S. population has so far received at least one shot.

Among related stocks, Co-Diagnostics (CODX) and Moderna (MRNA) were taking early hits, down 4.1% and 1.5%, respectively. No clear news was driving the moves.

Dow Jones Today: Salesforce Earnings

IBD Long-Term Leader Salesforce.com (CRM) will be the last regular-season earnings report among Dow Jones stocks. It’s due to report its fourth-quarter earnings after the close on Thursday. Salesforce shares fell 2% in early trade on the Dow Jones today.

Salesforce stock is climbing the right side of a cup base that formed after a failed November breakout from a double-bottom base. MarketSmith puts the buy point at 271.02, and Salesforce shares were about 10% below that mark at the end of trade on Friday.

Find Alan R. Elliott on Twitter @IBD_Aelliott

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Business

Dow Jones Futures Rise After Tech Stocks Sell Off As Tesla Stock Dives; 3 Earnings Movers Late

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Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed late Monday after tech stocks sold off sharply. Bitcoin tumbled from all-time highs, while Tesla stock dived through a key support level.




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On Monday, the tech-heavy Nasdaq composite sold off 2.5%, its worst day since Jan. 27. The S&P 500 moved down 0.8%, while the Dow Jones Industrial Average traded up 0.1%.

Among the Dow Jones leaders, Apple (AAPL) slid 3%, while Microsoft (MSFT) descended 2.7%. Apple stock fell further below its 10-week line, while Microsoft is testing a recent buy point. Disney (DIS) is back in buy range after Monday’s sharp gain.

Tesla (TSLA) dived 8.55% Monday, breaking down through its 50-day support level.

Late Monday, Cadence Design Systems (CDNS), Palo Alto Networks (PANW) and ZoomInfo (ZI) reported earnings results.

Among top stocks in or near buy zones, hot IPO stock Shoals Technologies (SHLS) is trying to break out past a new buy point, while Trade Desk (TTD) continues to form a new base.

Apple, Microsoft, Tesla and ZoomInfo are IBD Leaderboard stocks. Shoals Technologies was Thursday’s IBD Stock Of The Day. Trade Desk was featured in this week’s Stocks Near A Buy Zone column.

Dow Jones Futures Today

After the stock market close Monday, Dow Jones futures were up 0.1%, while S&P 500 futures and Nasdaq 100 futures rose 0.2% vs. fair value. Remember that trading in Dow Jones futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Among exchange traded funds, Innovator IBD 50 (FFTY) tumbled 2.9% Monday. The Nasdaq 100-linked Invesco QQQ Trust ETF (QQQ) traded down 2.6%. Meanwhile, the SPDR S&P 500 ETF (SPY) lost 0.8%.

U.S. Stock Market Today Overview
Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 31523.40 +29.08 +0.09
S&P 500 (0S&P5) 3876.51 -30.20 -0.77
Nasdaq (0NDQC ) 13533.05 -341.41 -2.46
Russell 2000 (IWM) 223.73 -1.46 -0.65
IBD 50 (FFTY) 47.48 -1.42 -2.90
Last Update: 4:28 PM ET 2/22/2021

Stock Market Rally

Looking back at the current uptrend, November was a key month for the stock market. IBD’s The Big Picture flagged the new uptrend following the market’s bullish follow-through day on Nov. 4. Meanwhile, the middle of February has the Dow Jones Industrial Average, Nasdaq and S&P 500 pulling back from record highs.

Friday’s Big Picture commented, “Unable to find direction much of the day, the stock market Friday closed narrowly mixed. But it wasn’t a wasted day for the bulls, because small caps and leading stocks vastly outperformed.”

Focus on stocks that show strong relative strength during the current weakness. They could be some of the market’s leaders if the indexes are able to get back to their record-setting ways.

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Bitcoin Price

The price of Bitcoin topped $57,000 on Saturday and $58,000 on Sunday before briefly diving back below $48,000 Monday morning. Bitcoin rebounded, trading around $54,000 in evening trade, according to CoinDesk.

The Grayscale Bitcoin Trust (GBTC) ETF slid over 4% Monday, falling from record highs.

Dow Jones Stocks: Disney

Dow Jones stock Disney is back in buy range past a 183.50 buy point in a flat base, according to IBD MarketSmith chart analysis. The 5% buy area goes up to 192.68.

Disney stock advanced 4.5% Monday.

Stocks In Or Near Buy Zones: Shoals, Trade Desk

Friday’s IBD Stock Of The Day, Shoals Technologies, is attempting to break out past a 41.86 buy point in a narrow IPO base, according to IBD MarketSmith chart analysis. Shares briefly topped the buy point before reversing over 1% lower. Shares closed about 5% below the entry.

Shoals is an IBD IPO Leader. The firm provides an array of gear needed to operate solar energy systems, according to the Shoals IPO filing. Moreover, it provides the components needed to carry electric currents from solar panels to solar inverters and ultimately to the power grid.

Trade Desk is trading about 13% away from a 972.90 buy point in a cup base amid Monday’s more than 6% fall.

On Friday, the stock jumped nearly 7% in the wake of the company’s strong Q4 results. Earnings and sales grew 149% and 48%, respectively, vs. the year-ago period.

According to IBD Stock Checkup, Trade Desk stock shows a strong 98 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.

Trade Desk ranks No. 10 on the IBD Big Cap 20.

Stock Market Earnings: Cadence, Palo Alto, ZoomInfo

Cadence Design Systems, Palo Alto Networks and IBD Leaderboard stock ZoomInfo reported earnings after the close Monday.

Cadence pulled back to its 50-day line Monday amid a 4.65% fall. After the close Monday, Cadence reported strong Q4 results. The company earned an adjusted 83 cents a share on sales of $760 million in the December quarter. Analysts had predicted Cadence earnings of 74 cents a share on sales of $732 million.

Shares rallied 5% in overnight trade.

Cybersecurity leader Palo Alto Networks reported better-than-expected fiscal Q2 earnings and sales results, but the company’s earnings outlook range fell short of consensus. Palo Alto stock pared losses to about 2% in overnight trade.

Shares closed Monday in the buy range past a 375.10 buy point in a flat base.

ZoomInfo slid 6.25% Monday, closing below a 53.18 entry in a cup base. After the close Monday, ZoomInfo jumped 10% on strong Q4 results and better-than-expected Q1 sales guidance.

According to Leaderboard commentary, “ZoomInfo broke out over a short handle on Feb. 1. But it topped an alternate entry that leaves shares in buy range. The stock is becoming more volatile, a risk.”

IBD Live: A New Tool For Daily Stock Market Analysis

Tesla Stock Breaks Support

IBD Leaderboard stock Tesla dived 8.55% Monday, cracking through its key 50-day moving average. Shares are below the critical support level for the first time since a Nov. 18 breakout above a 466 buy point.

On Sunday, Tesla stopped taking orders for the cheapest version of the Model Y Standard Range sport utility vehicle, just over a month after its launch and barely a week after a price cut, according to its website.

The Jan. 8 IBD Stock Of The Day column signaled that Tesla was flashing several signs of a climax top amid a sharply vertical run in recent months.

On Jan. 25, Tesla stock hit a record high at 900.40. Shares are about 84% above a 466 buy point in a cup with handle amid Monday’s action.

Dow Jones Leaders: Apple, Microsoft

Among the top Dow Jones stocks, Apple fell 3% Monday, as it dropped further below its 10-week line.

On Thursday, the 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.

Meanwhile, Microsoft declined 2.7% Monday. Shares of the software giant are in the 5% buy zone from a 232.96 buy point that goes up to 244.61

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones futures.

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Business

Dow Jones Futures Fall As Biden Meets With Republicans; GME Stock Dives 30%

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Dow Jones futures, along with S&P 500 futures, turned lower late Monday amid key coronavirus stimulus talks between President Joe Biden and a group of Republican senators. GME stock plunged 30% amid the ongoing short squeeze. Tesla stock surged on a price-target hike Monday, while Dow Jones leader Apple is again approaching a buy point.




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The stock market recovered from Friday’s sell-off, as the tech-heavy Nasdaq composite surged 2.55%. The S&P 500 rallied 1.6%, while the Dow Jones Industrial Average followed up with a 0.8% gain.

Among the Dow Jones leaders, Apple (AAPL) rallied 1.6%, while Microsoft (MSFT) rose 3.3%. Apple stock remains below its recent buy point, while Microsoft is now just out of buy range.

Tesla (TSLA) recovered from Friday’s 5% sell-off, racing 5.8% higher Monday. Among the Chinese EV leaders, Nio (NIO) fell further below its buy point, while Xpeng Motors (XPEV) remains far from its old highs. Both reported strong January sales. Li Auto (LI) is expected to report January sales in the near future.

Among top stocks in or near buy zones, AdaptHealth (AHCO) broke out past a new buy point and is in buy range, while PayPal (PYPL) continued to rebound from its key 50-day support level. Meanwhile, ServiceNow (NOW) is just under its own buy point.

Apple, Microsoft, PayPal and Tesla are IBD Leaderboard stocks. AdaptHealth was Monday’s IBD Stock Of The Day, while ServiceNow was featured in this week’s Stocks Near A Buy Zone.

Dow Jones Futures Today: Biden Stimulus Talks

After the close Monday, Dow Jones futures and S&P 500 futures slipped 0.1% each vs. fair value. Nasdaq 100 futures were slightly higher vs. fair value. Remember that trading in Dow Jones futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

At 5 p.m. ET on Monday, President Biden is expected to discuss potential coronavirus stimulus plans with a group of 10 Republican senators at the White House. On Sunday, the group proposed a $618 billion package, far less than Biden’s $1.9 trillion plan. The Republican plan includes new stimulus checks of $1,000 per person, depending on income level.

Among exchange traded funds, Innovator IBD 50 (FFTY) jumped 3.1% Monday. The Nasdaq 100-linked Invesco QQQ Trust ETF (QQQ) traded up 2.5%. Meanwhile, the SPDR S&P 500 ETF (SPY) rallied 1.6%.

U.S. Stock Market Today Overview
Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 30212.37 +229.75 +0.77
S&P 500 (0S&P5) 3773.77 +59.53 +1.60
Nasdaq (0NDQC ) 13403.39 +332.69 +2.55
Russell 2000 (IWM) 210.60 +5.04 +2.45
IBD 50 (FFTY) 44.47 +1.35 +3.13
Last Update: 4:28 PM ET 2/1/2021

Stock Market Pulls Back, Finds Support

Looking back at the current uptrend, November was a key month for the stock market. IBD’s The Big Picture flagged the new uptrend following the market’s bullish follow-through day on Nov. 4. Meanwhile, the start of February has the Dow Jones Industrial Average, Nasdaq and S&P 500 trying to find support near key levels during the current pullback.

Friday’s Big Picture commented, “The major stock indexes experienced a sharp sell-off Friday, ending the week on a down note. Top growth stocks were hit hard and the Nasdaq fell through a key support level, resulting in a stock market downgrade.”

Due to the recent weakness, it would be a great time to play some defense. Weakness can snowball, so it’s usually best to get off margin to avoid outsize losses. Meanwhile, you can reduce some exposure by cutting positions that show a loss after recently breaking out.

Focus on stocks that showed strong relative strength during last week’s sell-off. They could be some of the market’s leaders if the indexes are able to rebound.

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Dow Jones Stocks To Buy And Watch: Nike’s New Buy Point

Dow Jones stock Nike is tracing a new flat base with a 148.05 buy point, according to IBD MarketSmith chart analysis. The stock rallied 1.6% Monday.

Shares of the retailer remain below their 50-day moving average line, and about 8% off their 52-week high.

Stocks In Or Near Buy Zones: AdaptHealth, PayPal, ServiceNow

Monday’s IBD Stock Of The Day, AdaptHealth, broke out above a 39.86 buy point in a consolidation base. Shares rallied 4.9% Monday and are in the buy zone that tops out at 41.85.

IBD Leaderboard stock PayPal continues to rebound from its 50-day line, placing the payments leader in a new buy area Monday. The stock rose 3.2% Monday.

According to Leaderboard commentary, “PayPal is trading below a new alternate entry (244.35) and making its first test of the 10-week moving average in 2021.”

ServiceNow is approaching a 566.84 buy point in a flat base, according to IBD MarketSmith chart analysis. Shares rallied 2.9% early Monday.

According to IBD Stock Checkup, NOW stock shows a solid 94 out of a perfect 99 IBD Composite Rating. The Composite Rating — an easy way to identify top growth stocks — is a blend of key fundamental and technical metrics to help investors gauge a stock’s strengths.

GME Stock Short Squeeze

The GME stock short squeeze faltered Monday, as shares plunged nearly 31% to give back a large portion of Friday’s 67% surge. GameStop (GME) stock slipped as much as 23% before paring some losses in extended trade Monday.

Robinhood continues to limit purchases in short-squeeze targets, like GameStop and AMC Entertainment (AMC). Robinhood customers could only buy one share of GameStop early in the short squeeze, and five options contracts. However, Robinhood raised that to 20 shares on Monday, CNBC reported.

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Chinese EV Leaders: Li Auto, Nio, Xpeng Motors

Li Auto is expected to announce its January sales in the coming days. Li Auto stock is trading below its 50-day line, about 33% off its 52-week high.

Early Monday, Nio and Xpeng Motors reported strong January sales numbers.

In January, Nio grew sales 352% to 7,225 electric vehicles. Nio stock reversed from early gains to edge lower Monday. Shares are below their 57.30 buy point in a cup base.

Meanwhile, Xpeng Motors grew sales 470% to 6,015 electric vehicles. Xpeng stock rallied 2.3% Monday.

Tesla Stock Gets Price-Target Hike

IBD Leaderboard stock Tesla snapped a three-day losing streak Monday, racing nearly 6% higher. Ahead of the stock market open, Piper Sandler upped its Tesla stock price target from 515 to 1,200.

The Jan. 8 IBD Stock Of The Day column signaled that Tesla was flashing several signs of a climax top amid a sharply vertical run over the past few weeks. But so far the stock is showing tremendous resilience after hitting record highs last week.

On Jan. 25, Tesla stock hit a record high at 900.40. Shares are about 80% above a 466 buy point in a cup with handle amid Monday’s action.

Dow Jones Leaders: Apple, Microsoft

Among the top Dow Jones stocks, Apple moved up 1.6% Monday, but remains below its 138.89 buy point in a cup with handle. Shares gave up the entry during last week’s sharp weakness.

Meanwhile, Microsoft rallied over 3.3% Monday, recovering the entirety of Friday’s 2.9% decline.

Shares of the software giant broke out past a 228.22 buy point in recent sessions. The stock is just out of the 5% buy zone that goes up to 239.63.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones futures.

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