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Dow Jones is down 400 points, as Powell testified; Shares of Apple, Tesla are sold, but the rallies at Disney

The Dow Jones industrial average plunged nearly 400 points early Tuesday before reducing its loss as Fed boss Jerome Powell testified before Congress.

Early Tuesday, Powell reiterated that the Fed was “determined to use our full range of tools to support the economy and help ensure that the recovery from this difficult period is as stable as possible,” the Senate Banking Committee said in a speech.

He commented that inflation and employment remained well below the Fed’s targets, suggesting that easy monetary policy is likely to remain in place.

Technology stocks raised the Nasdaq to 43.6% earnings in 2020 for the fifth best year of all time. The S&P 500 rose 16.3 percent, and the Dow added 7.2 percent last year. Read the Big Picture for a detailed daily market analysis.

US Stock Market Today Overview

Index Symbol Price Profit / loss % Change
Dow Jones (0DJIA) 31402.65 -119.04 -0.38
S&P 500 (0S and P5) 3849,00 -27.50 -0.71
Nasdaq (0NDQC) 13257.37 -275.68 -2.04
Russell 2000 (IWM) 218.82 -4.91 -2.19
IBD 50 (FAST) 45.44 -2.04 -4.30
Last updated: 13:16 ET 23.02.2021

The Covid-19 pandemic continues to shake the US economy as the nationwide blockade approaches its one-year mark. But there are signs of hope as vaccinations spread and cases begin to develop in some countries.

The cumulative cases of Covid-19 worldwide are over 112 million with nearly 2.5 million deaths, according to Worldometer. In the United States, cases are already approaching 29 million with more than 513,000 deaths, although the number of new cases in the United States has slowed dramatically in recent weeks.

Dow Jones Losers and winners

Home Depot (HD) collapsed 4% in intensive trading to fall below its 50-day moving average. The home improvement retailer reported better-than-expected Q4 revenue and pre-opening sales.

Home Depot’s earnings rose 16 percent to $ 2.65 a share, including 9 cents in one-time costs associated with acquiring HD Supply. Revenue rose 25 percent to $ 32.26 billion. Sales in the same store increased by 24.5% and American compromising by 25%.

Apple (AAPL) fell and fell nearly 3% in heavy volume. It is trading below its 50-day line for the last week. On February 18, Apple shares triggered a 7% -8% drop in sales when they fell more than 7% below 138.89 points for buying a glass with a handle.

Other big losers from blue chips are also included Boeing (BA), Intel (INTC), Microsoft (MSFT), Nike (ON), Salesforce.com (CRM) and Walgreens Boots Alliance (WBA), with more than 1.5% each.

Microsoft has now slipped below 232.96 purchase points and is approaching testing of its 50-day moving average line.

Disney (DIS) rose 2.6% to a new high in almost triple normal trading. It has now been expanded from a buying point of 183.50 on a flat basis, according to an analysis of the MarketSmith chart. Disney’s share buyback zone reached 192.68. The media and theme park giant was included in the IBD Stock Of The Day on Monday.

Outside the Dow

Software, automaker and solar stocks led to the downside among the IBD’s 197 industry groups. Banks, utilities and hotel stocks were among the few winners.

In the group of car manufacturers, Tesla (TSLA) collapsed by 13% before reporting a loss of up to 5%. Shares broke their 50-day line on Monday, for the first time in more than three months. He is on the verge of extending his lost streak to four. On Sunday, the manufacturer of electric vehicles stopped accepting orders for the cheapest version of the sports car Model Y Standard Range.

Tesla’s stock remains well extended by 466 points for buying a cup with a handle. It is now about 25% below its January 25.40 peak at 900.40. Tesla is an IBD Leaderboad stock.

Among other stocks of electric cars, Chinese Nio (NIO) and Xpeng (XPEV) lost 8% and 5% respectively. Nio reduced his loss by 17% diving early Tuesday. On Monday, shares fell 8% to close below the 50-day mark for the first time in more than 10 months.

Innovator IBD 50 ETF (FFTY) fell 8% before finding support on its 50-day line. By noon, the shares had reduced their loss to 4%. 360 DigiTech (QFIN) sank 12% while Trex (TREX), Serens (CRNC) and Meridian Bioscience (VIVO) lost over 5% each.

Follow Nancy Gondo on Twitter at @IBD_NGondo


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