The Dow Jones Industrial Average fell 150 points Tuesday, as Bitcoin plunged below $32,000. Tesla stock reversed lower despite rebounding China sales.
Tesla (TSLA) reversed from sharp gains Tuesday, falling more than 1% in midday trade.
Dow Jones Today
The Dow Jones Industrial Average fell 0.1% Tuesday, while the S&P 500 moved down 0.1%. The tech-heavy Nasdaq composite reversed 0.1% lower in midday trade.
U.S. Stock Market Today Overview
Last Update: 10:38 AM ET 6/8/2021
Stock Market Rally
The Dow Jones Industrial Average and S&P 500 continue to hold near record highs. Meanwhile, the tech-heavy Nasdaq is again rebounding from its 50-day moving average, on pace to rise for a third straight day Tuesday. Potential resistance looms around 14,000.
Monday’s Big Picture column commented, “The stock market kicked off the week with a quiet, yet constructive session Monday after bullish gains Friday. IBD’s market outlook went back to confirmed uptrend Friday, helped by an all-time closing high for the SPDR S&P 500 ETF.”
For more stock market commentary, check out IBD’s The Big Picture.
The price of Bitcoin plunged early Tuesday, trading as low as $31,035 before paring some losses. Bitcoin traded around $31,400 in morning trade, according to Coindesk.
Bitcoin-tracking ETF Grayscale Bitcoin Trust (GBTC) dived 12% Tuesday morning and is below its long-term 200-day moving average line. The ETF is about 50% off its 52-week high.
Dow Jones Stocks: Caterpillar, JPMorgan
Dow Jones financial leader JPMorgan is trading in buy range above a 161.79 buy point in a flat base, according to IBD MarketSmith chart analysis. Shares fell 0.9% Tuesday morning, despite a modest price target hike to 200, from 195, by Wells Fargo. The note kept the stock’s rating at overweight.
Meanwhile, Caterpillar is in the 5% buy zone past a 237.88 buy point in a flat base. The 5% buy range goes up to 249.77. Shares lost about 1% Tuesday morning.
Stocks To Buy And Watch: Alphabet, General Motors, InMode
General Motors dropped nearly 1% Tuesday morning, falling further below a 63.54 buy point in a cup base, according to IBD MarketSmith chart analysis.
IBD Leaderboard stock InMode is in buy range past an 87.10 buy point in a narrow cup with handle following Monday’s 5% jump. Leaderboard commentary noted that the new base is second stage. The 5% buy zone runs up to 91.46. Shares gained 0.5% Tuesday.
Friday’s IBD Stock Of The Day Alphabet, also an IBD Leaderboard listing, is within striking distance of a 2,431.48 buy point in a flat base. Shares rallied 0.2% Tuesday morning and are just 1% away from the entry.
Tesla stock reversed lower Tuesday morning, on pace to give back the entirety of Monday’s 1% gain. The company’s sales rebounded in May, as China Passenger Car Association data showed Tesla sold 33,463 EVs in May, up 29.5% from 25,845 in April.
The stock is trying to retake its long-term 200-day moving average. A new base could be forming, but the stock is far away from any new buy point.
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 gained 1% Tuesday, on pace to add to Monday’s slight gain. The stock is again trying to find support around its long-term 200-day line, while battling to retake the 50-day line. The stock’s lagging RS line indicates significant stock market underperformance.
In early May, the stock triggered the 7%-8% loss-cutting sell rule from a 135.63 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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