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Dow Jones Slides As Bitcoin Plunges On Elon Musk Tweet; Tesla Inventory Skids 

The Dow Jones Industrial Common dropped 150 factors Monday, as Bitcoin plunged on a tweet from Tesla CEO Elon Musk. Tesla inventory skidded in morning commerce, irritating its try to seek out assist at a essential long-term degree.


Among the many Dow Jones leaders, Apple (AAPL) declined 1.1% Monday, whereas Microsoft (MSFT) additionally moved down 1.35% in right this moment’s inventory market. Goldman Sachs (GS) stays in purchase vary after briefly giving up its purchase level final week, whereas JPMorgan (JPM) can also be in purchase vary after a latest breakout.

Tesla (TSLA) slid about 2% Monday. Over the weekend, CEO Elon Musk implied in a tweet Tesla might need bought or will promote its remaining Bitcoin earlier than clarifying feedback.

Among the many high shares to purchase and watch, ASML (ASML), Jefferies Monetary Group (JEF) and Maravai Lifesciences (MRVI) are in or close to purchase zones.

ASML and Microsoft are IBD Leaderboard shares. Jefferies was Wednesday’s IBD 50 Shares To Watch decide. Maravai was Friday’s IBD Inventory Of The Day, whereas JPMorgan was featured in final week’s Shares Close to A Purchase Zone column.

Dow Jones At this time

The Dow Jones Industrial Common traded down 0.45% early Monday, whereas the S&P 500 moved down 0.5%. The tech-heavy Nasdaq composite dropped 0.7% in morning commerce.

U.S. Inventory Market At this time Overview

Index Image Value Acquire/Loss % Change
Dow Jones (0DJIA) 34241.10 -141.03 -0.41
S&P 500 (0S&P5) 4157.76 -16.09 -0.39
Nasdaq (0NDQC ) 13364.34 -65.64 -0.49
Russell 2000 (IWM) 220.08 -0.77 -0.35
IBD 50 (FFTY) 44.33 -0.29 -0.65
Final Replace: 10:52 AM ET 5/17/2021

Amongst change traded funds, the Innovator IBD 50 (FFTY) declined 1.1% Monday. Nasdaq 100 tracker Invesco QQQ Belief ETF (QQQ) traded down 1%. In the meantime, the SPDR S&P 500 ETF (SPY) misplaced 0.4%.

Cut up Inventory Market Rally

The Dow Jones Industrial Common and S&P 500 eyed their latest all-time highs following Friday’s sturdy features. In the meantime, the tech-heavy Nasdaq stays about 5% off its document excessive.

Friday’s Massive Image column commented, “The inventory market ended the week on a excessive notice Friday regardless of disappointing retail gross sales information earlier than the open. The Nasdaq composite jumped 2.3% in decrease quantity. However after discovering assist close to the 13,000 degree Wednesday, the index misplaced 2.3% for the week and continues to be under its 50-day shifting common.”

For extra inventory market commentary, try IBD’s The Massive Image.

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Dow Jones Shares: JPMorgan

Dow Jones monetary chief JPMorgan is within the 5% purchase zone previous a 161.79 purchase level in a flat base, in keeping with IBD MarketSmith chart evaluation. Shares are about 1% above the entry amid a 0.3% fall in Monday’s early motion.

On Might 5, Dow Jones inventory Goldman Sachs broke out previous a 356.95 purchase level, coming into a purchase vary that goes as much as 374.80. Goldman shares gave up the entry on Might 12 earlier than retaking the entry on Thursday. The inventory misplaced 0.5% Monday morning.

Shares To Purchase And Watch: ASML, Jefferies, Maravai

IBD Leaderboard inventory ASML rebounded from its key 50-day assist degree on Thursday and Friday, in keeping with IBD MarketSmith chart evaluation. Shares slipped over 2% Monday, on tempo to snap their two-day win streak.

Per Leaderboard commentary, “ASML is staging a bullish rebound off the 10-week line and is in purchase vary. It’s a new half dimension place.”

Wednesday’s IBD 50 Shares To Watch decide, Jefferies, is approaching a cup with deal with’s 34.52 purchase level. Shares declined 1.3% Monday morning and try to carry above their 50-day line.

Based on IBD Inventory Checkup, JEF inventory reveals a powerful 97 out of an ideal 99 IBD Composite Score. The IBD Composite Score helps buyers simply measure the standard of a inventory’s basic and technical metrics.

Friday’s IBD Inventory Of The Day Maravai is approaching a 39.95 purchase level, because the inventory rebounds from its 50-day line. The inventory rallied over 1% in Monday morning commerce.

IBD Reside: A New Instrument For Each day Inventory Market Evaluation

Tesla Inventory: Musk Tweet On Bitcoin

Tesla inventory skidded about 2% Monday, giving again part of Friday’s 3.2% climb. Shares are looking for assist round their long-term 200-day shifting common.

Over the weekend, Tesla CEO Elon Musk implied in a tweet that Tesla might need bought or will promote its remaining Bitcoin. He tweeted early Monday saying, “To make clear hypothesis, Tesla has not bought any Bitcoin.”

The value of Bitcoin plunged, buying and selling as little as $42,212 earlier than paring losses. Bitcoin traded round $44,000 Monday morning, in keeping with Coindesk. Bitcoin-tracking ETF Grayscale Bitcoin Belief (GBTC) dived about 9% in morning commerce.

On Jan. 25, Tesla inventory hit a document excessive at 900.40, after climbing as a lot as 93% from a 466 purchase level in a cup with deal with.

Dow Jones Leaders: Apple, Microsoft

Among the many high Dow Jones shares, Apple misplaced 1.1% Monday, trying to snap a two-day win streak. Shares are combating to carry above their 50-day line.

Final week, the inventory triggered the 7%-8% loss-cutting promote rule from a 135.63 purchase level.

IBD Leaderboard inventory Microsoft moved down 1.35% Monday, because it once more trades under a flat base’s 246.23 purchase level, in keeping with IBD MarketSmith chart evaluation. The purchase zone goes as much as 258.54.

Remember to observe Scott Lehtonen on Twitter at @IBD_SLehtonen for extra on progress shares and the Dow Jones Industrial Common.


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