The Dow Jones Industrial Average fell more than 300 points early Thursday, as Bitcoin dived. EV giant Tesla stock reversed lower in morning trade, while Dow Jones leader Nike dropped 5%.
Among the Dow Jones leaders, Apple (AAPL) rose 0.3% Thursday, while Microsoft (MSFT) moved up 0.1% in today’s stock market. Boeing (BA) is back in buy range following a recent breakout, while Nike (NKE) dived 5%.
Tesla (TSLA) reversed lower in morning trade.
Dow Jones Today: Treasury Yields
The Dow Jones Industrial Average fell 0.4%, while the S&P 500 moved down 0.4%. The tech-heavy Nasdaq composite briefly reversed higher before sliding 0.8% in morning trade.
U.S. Stock Market Today Overview
Last Update: 10:42 AM ET 3/25/2021
Bonds were steady, with the 10-year Treasury yield holding near 1.6% Thursday morning.
Among exchange traded funds, the Innovator IBD 50 (FFTY) halved its opening loss to 0.7% on Thursday. The Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was effectively flat. Meanwhile, the SPDR S&P 500 ETF (SPY) moved down 0.2%.
Stock Market Rally
Amid the current stock market rally, the Dow Jones Industrial Average and S&P 500 indexes fell sharply Wednesday.
Meanwhile, the tech-heavy Nasdaq pared early losses, but continues to see resistance around the 13,000 level and its key 50-day moving average line. 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 moves decisively above resistance, then new highs could be on the horizon.
Wednesday’s Big Picture commented, “It was another ugly session for the stock market Wednesday as the Dow Jones Industrial Average and S&P 500 closed near lows after early strength, while another wave of selling hit the Nasdaq indexes and small-cap stocks.” For daily stock market commentary, check out IBD’s The Big Picture.
Bitcoin briefly topped $61,000 in mid-March to hit an all-time high. The price of Bitcoin touched its high-water mark on March 13, topping out at $61,556.
Dow Jones Stocks: Boeing, Nike
Inside the Dow Jones Industrial Average, Boeing is just above a 244.18 buy point in a cup base, according to IBD MarketSmith chart analysis. The 5% buy zone goes up to 256.39.
Shares fell 1.4% Thursday, on pace to extend a losing streak to six sessions.
Nike stock briefly dived 5% following calls in China for a boycott of its products. Shares are about 14% off their 52-week high.
Chip Stocks To Watch: Applied Materials, ASML, Qorvo
Chip stocks continue to be some of the best technology names amid the recent stock market weakness.
Applied Materials hit a new high Wednesday. Shares fell 1.3% Thursday. The chip leader is an IBD SwingTrader stock.
ASML continues to build the right side of a potential base. The minimum length of a cup base is six weeks, so a new buy point could emerge at the end of the week. ASML shares fell 0.6% Thursday morning.
Qorvo gave up its 50-day line amid Wednesday’s sell-off. Shares are closing in on a 191.93 buy point, while an early entry exists at 185.96. Early Thursday, Qorvo stock moved down 1%.
According to IBD Stock Checkup, MKSI stock boasts a perfect 99 IBD Composite Rating. The IBD Composite Rating helps investors easily measure the quality of a stock’s fundamental and technical metrics.
Stocks Near Buy Zones: Alphabet, Wayfair
IBD Leaderboard stock Alphabet is approaching a flat base’s 2,145.24 buy point, according to IBD MarketSmith chart analysis. Shares are about 6% below the new entry. GOOGL stock moved up 0.2% Thursday.
According to Leaderboard commentary, “Alphabet has made better progress than other big-cap techs lately. Support at the 21-day line is defining the current chart action. The last base was second stage.”
Monday’s IBD 50 Stocks To Watch pick, Wayfair, is trying to break out past a 343.09 buy point in a cup with handle. Shares fell 2.4% Thursday and are below the buy point.
Tesla stock reversed about 1% lower Thursday morning, looking to add to Wednesday’s 4.8% fall.
Shares of Tesla ended Tuesday about 28% off their 52-week high. Tesla stock 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 rose 0.3% Thursday, looking to rebound from Wednesday’s 2% loss. Apple stock had been rebounding from its long-term 40-week line until the recent weakness and could soon again try 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.
Meanwhile, software giant Microsoft moved up 0.1% Thursday, and remains just above its key 50-day line. Shares are back above their 232.96 buy point and are approaching a 246.23 buy point in a new flat base.
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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