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Business

Dow Jones Futures: Nasdaq Suffers Worst Loss Of 2021 As Treasury Yields Jump; Tesla, Apple Hit Resistance

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Dow Jones futures rose slightly late Thursday, along with S&P 500 futures and Nasdaq futures. The stock market rally had a tough session Thursday. The Dow fell modestly while the Nasdaq suffered its worst loss since late October, as Apple stock, Tesla (TSLA) and many other techs tumbled from resistance areas.




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Soaring Treasury yields were the trigger, though a new Covid shutdown in France and plunging crude oil prices didn’t help. Investors should largely steer clear of tech stocks while investing prudently in other rising sectors.

FedEx (FDX) and Nike (NKE) headlined earnings after the close.

FedEx earnings were better than expected, with EPS and sales growth accelerating for a third straight quarter. FDX stock rose 4% in extended trade after dipping 0.9% to 263.51 on Thursday.

Nike earnings beat while revenue fell short. Nike stock sank 3% overnight, suggesting a test of its 50-day line on Friday. The Dow Jones giant fell 1.1% on Thursday to 143.17. NKE stock has a 148.05 buy point.

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Meanwhile, some big tech and growth stocks hit resistance with the Nasdaq under pressure again. A few examples include Tesla stock, PayPal (PYPL), Pinterest (PINS), Nvidia (NVDA), Apple (AAPL) and Twilio (TWLO).

Volkswagen (VWAGY), which had become greatly extended amid euphoria for its big EV push, plunged 15%. Even now, VWAGY stock is 18.5% above its 10-day line.

Williams-Sonoma (WSM) broke out Thursday, surging 18.5%. WSM stock gapped out of a base on strong earnings and guidance as well as a dividend hike and buyback.

PayPal and Nvidia stock are on IBD Leaderboard. AAPL stock is on SwingTrader. PayPal stock is on IBD Long-Term Leaders. Tesla stock, PayPal and Williams-Sonoma are on the IBD 50. PINS stock is on the Big Cap 20.

Dow Jones Futures Today

Dow Jones futures advanced 0.15% vs. fair value. S&P 500 futures rose 0.2%. Nasdaq 100 futures climbed 0.2%.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live.

Coronavirus News

Coronavirus cases worldwide reached 122.32 million. Covid-19 deaths topped 2.7 million.

Coronavirus cases in the U.S. have hit 30.35 million, with deaths above 552,000.

The European Medicines Agency said the AstraZeneca (AZN) coronavirus vaccine is not linked to blood clots. That could pave the way for European nations to resume AstraZeneca jabs. Even before the AstraZeneca vaccine suspensions, the EU had badly lagged the U.K. and U.S. in terms of vaccinations.

Many European countries are seeing rising Covid cases rise as a result. Paris and much of France will enter a partial lockdown starting Saturday and lasting for four weeks. Italy reimposed many restrictions on Monday. That will keep Europe’s economic recovery in the slow lane, while the U.S. rapidly rolls back coronavirus restrictions.

The FDA has not yet approved the AstraZeneca vaccine, awaiting results from a U.S. trial. The Biden administration says it’ll ship a few million of stored doses to Canada and Mexico.

Stock Market Rally Thursday

The stock market rally was on the defensive, with the Nasdaq leading the indexes to close near session lows.

The Dow Jones Industrial Average closed down 0.5% in Thursday’s stock market trading. The S&P 500 index fell 1.5%. The Nasdaq composite plunged 3% in higher volume, its worst decline since a 3.7% loss on Oct. 28.

The 10-year Treasury yield jumped 7 basis points to 1.71%. The intraday peak of 1.754% was the highest since January 2020. With GDP growth likely to surge 6%-8% in 2021 as the pandemic fades while fiscal and monetary policy is at full tilt, Treasury yields rising from historic lows makes a lot of sense.

U.S. crude oil prices plunged 7.1% to $60 a barrel, declining for a fifth straight session. U.S. crude inventories rose again last week, the Energy Information Administration reported Wednesday. Gasoline supplies turned higher again after refinery shutdowns hit production for weeks. Meanwhile, Europe’s coronavirus woes will weigh on energy demand there.

Crude oil and solar stocks were hard hit Thursday, headlining the S&P 500’s biggest losers.

Growth Stocks Hit Resistance

Tesla stock skidded 6.9% to 653.16. It’s been hitting resistance around the 21-day exponential moving average, with the 50-day line significantly above that. On Wednesday, TSLA stock reversed higher, closing just above its 21-day.

Apple stock slid 3.4% to 120.53, also retreating from its 21-day line. On Tuesday, Apple popped above the 21-day and a steep downtrend. PYPL stock, TWLO, PINS and Nvidia fell back from their 21-day and 50-day lines, losing 5%-9% on Thursday.

Among the best ETFs, the Innovator IBD 50 ETF (FFTY) slumped 2.7%, while the Innovator IBD Breakout Opportunities ETF (BOUT) lost 3.7%. The iShares Expanded Tech-Software Sector ETF (IGV) retreated 3.5%. The VanEck Vectors Semiconductor ETF (SMH) fell 4%%, with Nvidia stock a major component.

Reflecting more-speculative story stocks, ARK Innovation ETF tumbled 5.8% and ARK Genomics ETF 4.7%. Like many of the speculative growth names that they own, both ARK ETFs fell back from their 21-day lines. Tesla stock is the largest holding across ARK Investments’ ETFs.

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Stock Market Rally Analysis

On Wednesday, the Nasdaq rebounded from intraday lows as Treasury yields pared gains following the Federal Reserve meeting and Fed chief Jerome Powell’s comments.

But Thursday’s spike in the 10-year Treasury yield sent the Nasdaq tumbling below the 50-day line after three days above the key level. The Nasdaq and growth stocks may be able to handle rising Treasury yields, but not spiking yields. Much like brave Sir Robin in Monty Python’s “Holy Grail,” the Nasdaq is quick to yell “run away” and flee at the first sign of trouble.

The Nasdaq closed below its 21-day line for the first time since March 10 and undercut Wednesday’s intraday lows.

Bottom line: The composite essentially is still in a correction. As long as the Nasdaq is below its 50-day line — as well as resistance near last week’s highs — That’s especially true of those stuck below key levels, such as Tesla, Apple and Twilio, with many others in far-worse shape.

But even techs that have been breaking out or flashing early entries — such as Applied Materials (AMAT), MKS Instruments (MSKI) and some other chip names — are at the mercy of the Nasdaq.

If you have some long-term holds or pilot positions in a couple of techs, that’s OK, but right now investors should focus on what’s working.

Dow Jones Looks Strong, For Now

Out of techs, the stock market rally is still looking healthy. The Dow Jones hit a fresh high intraday, with the S&P 500 and Russell 2000 not far off. Real economy/economy reopening plays continue to break out, extend gains or at least hold up.

If the Nasdaq starts to head toward its recent lows, the broader market is likely to weaken, as the Dow did in early March. Indeed, on Thursday, the Nasdaq’s slide, along with energy prices, triggered sharp losses in the S&P 500 and ultimately dragged down the Dow Jones.

So don’t feel like you have to be heavily invested. Don’t go chasing stocks that are extended from buy zones.

As always, stay flexible and engaged.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.

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Technology

Xbox Live suffers major outage

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Josh Goldman/CNET

Xbox Live’s online platform for console gamers suffered a major outage Thursday, with gamers worldwide taking to Twitter to report troubles logging in.

“We are aware that users may not be able to sign-in to Xbox Live at this time,” the company’s support account tweeted Thursday afternoon. “Our teams are currently investigating to fix this issue.”

Users may also be experiencing issues with purchasing content and party chat too, Xbox Support tweeted later Thursday.

The outage appears to have started shortly after noon PT on Thursday. It’s not the first Xbox outage in recent memory — the platform hit a difficult patch in 2020, with multiple outages as gamers flocked onto the platform for pandemic-borne entertainment.

“We will update here and on http://xbox.com/status when we have more information to share,” the company added on Twitter.



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Entertainment

Disney+ Suffers Outages as Users Rush to Stream Latest ‘WandaVision’ Episode

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12:28 AM PST 2/19/2021

by


Abid Rahman

Outage tracker Downdetector reported that some users were experiencing technical problems shortly after midnight Pacific Time.

Disney+ experienced technical problems for some users in the early hours of Friday morning as people rushed to view the latest episode of Marvel’s WandaVision.

Outage tracking website Downdetector reported a huge spike in user-submitted problems with Disney+, rising from zero reported problems to over 8,000 just after midnight when the new episode dropped. Downdetector reported that most of the outages occurred on the West Coast, with clusters centered around Los Angeles, San Francisco and Seattle.

At the same time, there were also thousands of tweets about the Disney+ outage and the inability to watch episode seven of WandaVision.

The technical problems appeared short-lived with many of the users reporting problems on Downdetector providing updates that they were able to stream the show once again ten to fifteen minutes later.

The Hollywood Reporter has reached out to Disney for comment on the reports of technical problems.



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US

Fox News suffers ratings slump while staffers fret about post-Trump future

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“We are lost,” a Fox News insider remarked to me recently, and there are lots of data points to back up the assertion.

Nielsen numbers for the month of January were released on Tuesday, and Fox ranked third in the three-horse cable news race for the first time since 2001. Furthermore, CNN was the No. 1 channel across all of cable.

Think about it this way: January was one of the biggest months of political news in a generation, yet Fox couldn’t capitalize. Instead of competing by promoting correspondents and putting news coverage front and center, the network prioritized ever more outrageous, ever more extreme opinion. “Tucker Carlson Tonight” essentially expanded to “Tucker Carlson Day and Night.”

That may very well prove to be Fox’s best bet from a business POV. “Win back a base audience that disdains the news by ignoring the news and affirming their views 24/7” makes sense from an economic, if not ethical, standpoint. But for the time being Fox is floundering in third place, and it’s shocking to see. The lack of editorial leadership is palpable, according to numerous sources at the network. And even in its weakened ratings state, Fox is reflecting and propelling the radicalization of the GOP…

Reporting over pontificating

Here’s how The Daily Beast’s team described Fox’s “nosedive” on Tuesday: “Signaling a seismic shift in the media landscape as defeated former president Donald Trump hibernates in strangely silent exile at Mar-a-Lago, Fox News’ two-decade-long winning streak came to an abrupt end Tuesday while rivals CNN and MSNBC claimed the No. 1 and No. 2 rankings, respectively, in all of cable television. Fox News’ embarrassing third-place showing is the continuation of a downward trend in which the right-leaning outlet lost 2020’s fourth quarter to CNN and alienated Trump-supporting loyal viewers by calling Arizona early for Joe Biden during its election-night coverage.”

Certainly, there are many reasons for these trendlines. The Fox base’s frustration in the election outcome is one. The availability of Newsmax as a Fox alternative is another. The scrambled politics of this moment, with President Biden visibly trying to work with Republicans, is yet another.

The public’s demand for news is another big reason. Between the pandemic, the transition of power, and the insurrection, many people want reporting ahead of pontificating, and CNN is built for that. Fox is not. (Just count the number of CNN bureaus versus Fox.) Fox is actively avoiding the news when producers believe bluster will rate better — on Tuesday night, for example, CNN and MSNBC showed the US Capitol ceremony for police officer Brian Sicknick while Fox stuck with Sean Hannity’s screech fest. Laura Ingraham only briefly showed the ceremony when Biden visited the Capitol to pay his respects…

Is this Trump’s fault?

President Trump helped the network in the short term — but ultimately the network hurt Trump and he wounded them too. “Never before had a network been so closely affiliated with a commander in chief,” WaPo’s Sarah Ellison and Jeremy Barr wrote Tuesday. Now Fox is experiencing “something of an identity crisis.”

Now, according to many Fox sources, Rupert Murdoch is reasserting himself at the network and is fixated on turning around the ratings. Ellison and Barr reported that Rupert “has been fielding a steady stream of callers with advice about how to handle Trump’s political posture, which is cleaving the Republican Party.”

“A work in progress”

Rupert Murdoch has gotten into the habit of replying to reporter emails on the record. It’s a habit I strongly support.

In response to WaPo, specifically the outlet’s reporting that Fox News president Jay Wallace is under scrutiny, Rupert wrote that “Lachlan, myself and Suzanne Scott have complete confidence in Jay Wallace.” His other quotes:

— “Chris Stirewalt’s leaving had nothing to do with the correct Arizona call by the Fox decision desk.”

— “The new daytime lineup is the work of Ms. Scott and [new managing editor for news] Tom Lowell, and to some extent is still a work in progress.”

The big unknowns

— Bill Keveney’s headline for USA Today asks the big Q: “CNN moves to No. 1, Fox drops in post-election ratings shake-up: Will it last?”

— What schedule changes are in store at CNN? What about MSNBC?

— Will the beginning of the Biden presidency cause a broader decline in news interest and viewership?

— Fox’s schedule revamp in January was just the beginning. What’s next?

— What do the Fox ratings trends, including a strong preference for sinister talk over straight forward news, say about the right-wing audience?

— Certain Fox narratives (think Benghazi and “Obamagate”) make viewers feel like they’re part of a campaign; what will the next campaign be?

— Newsmax has come down off its post-election highs but is still a painful thorn in Fox’s side. Will the insurgent network find ways to grow?

Newsmax segment flies off the rails

Oliver Darcy writes: “Have you seen this viral video yet? It’s what happens when a network faces massive legal exposure. On Tuesday Newsmax invited MyPillow head honcho Mike Lindell on its air for a discussion about cancel culture and Big Tech ‘censorship’ — and it ironically ended with the hosts effectively ‘canceling’ Lindell and ‘censoring’ his speech. The discussion went off the rails when Lindell started promoting discredited conspiracy theories about voting machines. Host Bob Sellers, who was clearly prepared for this possibility, jumped in and rejected the fraud allegations. But Lindell kept pushing the claims, so Sellers asked producers if they could move on: ‘Can we get out of here, please?’ I thought this was odd; at CNN, anchors are empowered to end segments rather than plea for help from the control room. Moments later, Sellers gave up and walked out of camera range, while co-anchor Heather Childers kept going with Lindell…”

>> The context: Newsmax has not been sued by Smartmatic or Dominion yet. But the legal threats from the companies have clearly spooked the network…

>> Naturally, some Newsmax fans took Lindell’s side over the network’s side…

It’s not an “all the channels” problem

Oliver Darcy writes: “Nicolle Wallace asked former Sen. Bob Corker on Tuesday whether Fox deserves responsibility for all of the disinfo surging through the Republican Party. It was a good question (and the answer is, obviously, yes) but Corker dodged by blaming ‘all of the channels’ for opinion programming. However, it must be stressed: opinion programming based on a shared set of facts and delivering outright propaganda to millions each night are two entirely different things and should not be conflated…”



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