Dow Jones Futures Fall As Bitcoin Tumbles From Record Highs; This EV Leader Surges Again
Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were mixed late Monday, as Bitcoin tumbled from record highs. Tesla stock and Apple jumped, while EV leader Volkswagen surged to new highs Monday.
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On Monday, the Dow Jones Industrial Average advanced 0.5%. The S&P 500 rose 0.65%, while the tech-heavy Nasdaq composite outperformed, rising more than 1%.
Among the Dow Jones leaders, Apple (AAPL) rallied over 2% Monday, while Microsoft (MSFT) moved down 0.4% in today’s stock market. Nike (NKE) is approaching a new buy point.
Tesla (TSLA) raced over 2% higher Monday. EV leader Volkswagen (VWAGY) surged 7.2% to hit a new high.
After the close Monday, HealthEquity (HQY) reported its quarterly earnings results.
Among the top stocks to watch, Applied Materials (AMAT), Discover Financial (DFS) and Hain Celestial (HAIN) are in or near buy zones in the new stock market rally.
Microsoft and Tesla are IBD Leaderboard stocks. Applied Materials was Monday’s IBD Stock Of The Day, while Discover Financial and Hain Celestial were featured in this week’s Stocks Near A Buy Zone column. Westlake was Monday’s IBD Stock Of The Day.
Dow Jones Futures
After the stock market close Monday, Dow Jones futures fell 0.1% vs. fair value, while S&P 500 futures inched higher. Nasdaq 100 futures rose 0.3% 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.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 32952.28 | +173.64 | +0.53 |
| S&P 500 | (0S&P5) | 3968.77 | +25.43 | +0.64 |
| Nasdaq | (0NDQC ) | 13459.71 | +139.85 | +1.05 |
| Russell 2000 | (IWM) | 234.44 | +0.85 | +0.36 |
| IBD 50 | (FFTY) | 47.46 | +0.44 | +0.94 |
Last Update: 5:30 PM ET 3/15/2021 |
||||
Among exchange traded funds, the Innovator IBD 50 (FFTY) traded up 0.9% Monday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) rallied 1.1%. Meanwhile, the SPDR S&P 500 ETF (SPY) moved up 0.6%.
Stock Market Rally: Nasdaq Faces Key Test
Amid a new stock market rally, the Dow Jones Industrial Average and S&P 500 made more record highs Monday.
Meanwhile, the tech-heavy Nasdaq is right at its 50-day moving average line and about 5% off its all-time highs. The Nasdaq will need to overcome this key hurdle in order to maintain its upward trajectory. The 50-day line is a critical potential resistance level. If the Nasdaq decisively clears it, then new highs could also be on the horizon.
IBD’s market outlook was upgraded to “confirmed uptrend” on March 10, as the Dow Jones Industrial Average set new highs.
Friday’s Big Picture commented, “Avoid the pitfall of staying married to the big leaders of 2020. While growth stocks will have their day in the sun again, many former leaders won’t necessarily be leaders when growth stocks start rallying again. New leadership has emerged across a variety of subgroups and sectors, including financial, oil and gas, construction, mining, steel, chemical, fertilizer and travel stocks.”
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Bitcoin Price
Bitcoin briefly topped $61,000 over the weekend to hit an all-time high before tumbling late Monday. The price of Bitcoin touched its high-water mark on Saturday, topping out at $61,556.
The price of Bitcoin traded around $54,500 late Monday, according to CoinDesk.
The Grayscale Bitcoin Trust (GBTC) ETF advanced over 14% last week, continuing to climb from its 10-week line. GBTC gained 2.8% Monday and is about 12% below its old high.
Dow Jones Stocks: Nike
Inside the Dow Jones Industrial Average, Nike stock is approaching a 148.05 buy point in a flat base, according to IBD MarketSmith chart analysis.
Shares are about 2% away from their buy point amid Monday’s 3.2% advance.
Stocks To Watch: Applied Materials, Discover, Hain
Monday’s IBD Stock Of The Day, Applied Materials, is close to completing a new base, which would offer a 124.60 buy point. Meanwhile, the stock is rebounding from its key 50-day line after testing that level on March 8. The company plans to host an investor day April 6, where updated long-term guidance could be a catalyst for AMAT stock.
Shares rallied 0.5% Monday.
Discover Financial gave up its 101.06 buy point Monday, according to IBD MarketSmith chart analysis, amid Monday’s 1.5% loss. On Thursday, the stock broke out above a flat base.
According to IBD Stock Checkup, Discover stock shows a modest 69 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.
Friday’s IBD Stock Of The Day, Hain Celestial, is rapidly approaching a 45.52 buy point in a flat base. Shares rose 1.3% Monday and are about 2% away from the new entry.
The organic and natural foods company delivered an earnings comeback as the pandemic spurs cooking at home, along with healthy eating and wellness trends. In the most recent quarter, Hain earned 34 cents per share on revenue of $528.4 million. Earnings soared 100%, while sales rose 4% vs. the year-ago period.
Stock Market Earnings: HealthEquity
HealthEquity reported better-than-expected Q4 earnings and sales results late Monday. The stock fell about 1% in extended trade.
Shares ended Monday at their 50-day line, about 14% off their 52-week high.
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Volkswagen Stock
Volkswagen stock surged over 7% Monday, hitting a new high. The company outlined a significant new EV roadmap Monday, focusing on batteries and charging technology. By 2030, the German auto giant will set up six “gigafactories” for battery cells in Europe, relying on both partnerships and the expansion of in-house production.
Shares are nearly 50% above a 20.44 buy point in a consolidation after a breakout on Dec. 16.
Tesla Stock
Tesla stock rallied 2.05% Monday, rebounding from Friday’s 0.8% loss. Shares could be forming a new base, but it’s too early to identify a new entry.
On Feb. 22, the electric-auto leader 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. Shares are about 37% off that all-time high.
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple rallied 2.45% Monday following Friday’s 0.8% decline. Apple stock remains below its 10-week line, but a strong rebound back above the level would be bullish for the stock’s prospects. Meanwhile, shares are rebounding from their long-term 40-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.
Meanwhile, Microsoft slid 0.4% Monday, adding to Friday’s 0.6% loss. Shares are holding just above their 232.96 buy point.
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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