Dow Jones Dives 500 Points As Treasury Yields Tumble; Apple Sells Off, Tesla Stock Skids Despite Strong China Sales

2 weeks ago 5

The Dow Jones Industrial Average dived implicit 500 points Thursday, arsenic the 10-year Treasury output continued to tumble. Tesla banal skidded astir 3% contempt beardown China sales, portion the institution unveiled a cheaper mentation of its made-in China Model Y crossover.

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Among the Dow Jones leaders, Apple (AAPL) sold disconnected 1.8% Thursday, portion Microsoft (MSFT) moved down 1% successful today's banal market. Nike (NKE) backed disconnected from caller highs pursuing a June 25 breakaway gap.

Tesla (TSLA) threatened to descent for a 3rd consecutive day, dropping much than 2%.

Among the apical stocks to bargain and watch, Apple, Amazon.com (AMZN), Burlington Stores (BURL) and Shopify (SHOP) are successful oregon adjacent caller bargain zones.

Microsoft and Shopify are IBD Leaderboard stocks. Burlington Stores was Wednesday's IBD Stock Of The Day.

Dow Jones Today: 10-Year Treasury Yield Slides Again

The Dow Jones Industrial Average dived 1.35% Thursday morning, portion the S&P 500 declined 1.4%. The tech-heavy Nasdaq composite mislaid 1.6% successful midday trade.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 34199.38 -482.41 -1.39
S&P 500 (0S&P5) 4298.06 -60.07 -1.38
Nasdaq (0NDQC ) 14468.34 -196.72 -1.34
Russell 2000 (IWM) 220.62 -3.14 -1.40
IBD 50 (FFTY) 42.69 -1.13 -2.58
Last Update: 10:36 AM ET 7/8/2021

The 10-year Treasury output tumbled arsenic debased arsenic 1.26% Thursday greeting earlier paring immoderate losses. The 10-year Treasury output traded astir 1.27% successful greeting commercialized and is astatine its lowest level since mid-February.

Among exchange traded funds, the Innovator IBD 50 (FFTY) trimmed aboriginal losses to 2.7% Thursday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) moved down 1.2%. Meanwhile, the SPDR S&P 500 ETF (SPY) mislaid 1.3%.

Stock Market Rally

The Nasdaq backed disconnected from Wednesday's grounds highs, portion the S&P 500 remained conscionable disconnected its ain all-time highs. The Dow Jones Industrial Average dropped narrowly beneath enactment astatine its 50-day moving mean line.

Wednesday's Big Picture file commented, "The banal marketplace didn't similar it erstwhile the 10-year output jumped to 1.76% successful precocious March. Now, the banal marketplace is disquieted astir plunging yields and what that means astir the economical recovery. For now, the enslaved marketplace is saying it's not disquieted astir persistent inflation. Instead, it's worrying astir an economical betterment that whitethorn not beryllium arsenic robust arsenic expected."

For much banal marketplace commentary, cheque retired IBD's The Big Picture.


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Dow Jones Stocks: Nike

Dow Jones person Nike dropped 0.6% Thursday. Nike banal is extended past a consolidation's 148.05 bargain point. The 5% bargain portion goes up to 155.45, according to IBD MarketSmith illustration analysis.

Nike looked to drawback a four-day triumph streak, but remains conscionable disconnected its all-time highs. Shares surged past the introduction connected June 25 erstwhile the institution blew distant fiscal fourth-quarter net estimates.

Stocks To Buy And Watch: Amazon, Burlington, Shopify

Tech elephantine Amazon.com is backmost successful bargain scope past a cupful with handle's 3,524.96 buy point pursuing Tuesday's beardown breakout move. The bargain portion topped retired astatine 3,701.21. Shares mislaid 1.7% Thursday morning.

According to IBD Stock Checkup, AMZN stock shows a coagulated 92 retired of a cleanable 99 IBD Composite Rating. The IBD Composite Rating easy identifies stocks with a blend of beardown cardinal and method characteristics.

Wednesday's IBD Stock Of The Day, Burlington Stores, remains adjacent a 339.38 bargain constituent successful a cupful base. Shares fell 2% Thursday greeting and are astir 5% distant from the caller entry.

New IBD Leaderboard banal Shopify is trying to interruption retired past a 1,552.33 bargain constituent successful a cupful with handle, according to IBD MarketSmith illustration analysis. Shares dropped astir 3% Thursday greeting pursuing Wednesday's downside reversal.

Per Leaderboard analysis, "The grip formed aft the banal formed a agelong cupful basal signifier implicit the abstraction of 18 weeks. The comparative spot enactment has been moving sideways during the grip consolidation. An upward spike volition beryllium constructive going forward."


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Tesla Stock

Tesla banal halved its losses to 1.5% Thursday, inactive threatening to descent for a 3rd consecutive session. Tesla skidded 2.85% Tuesday and different 2.3% Wednesday. The EV elephantine is investigating enactment astir its cardinal 50- and 200-day moving averages. Sharp breaks of these enactment levels would beryllium bearish for the stock's prospects.

Ahead of the marketplace unfastened Thursday, The China Passenger Car Association reported Tesla China sales were beardown successful June, portion U.S. car elephantine besides unveiled a cheaper mentation of its made-in-China Model Y crossover. The CPCA said Thursday that Tesla sold 33,155 EVs successful June, including 21,532 locally made Model 3 sedans and 11,623 Model Y crossovers. The wide fig includes 28,138 section income and 5,017 exports.

On Jan. 25, Tesla banal deed a grounds precocious astatine 900.40, aft climbing arsenic overmuch arsenic 93% from a 466 bargain constituent successful a cupful with handle.

Dow Jones Leaders: Apple, Microsoft

Among the top Dow Jones stocks, Dow Jones person Apple sold disconnected implicit 2% Thursday. Apple banal is trading successful the 5% bargain portion past a 137.17 introduction successful a cupful base, according to IBD MarketSmith illustration analysis.

Apple banal looked to drawback a seven-day triumph streak.

Microsoft is somewhat extended past the bargain scope supra a caller cupful base's 263.29 bargain point, according to IBD MarketSmith illustration analysis.

Shares declined 1% Thursday and are conscionable retired of the bargain zone. The 5% bargain portion goes up to 276.45.

Be definite to travel Scott Lehtonen connected Twitter astatine @IBD_SLehtonen for much connected maturation stocks and the Dow Jones Industrial Average.

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