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Powell proved that Dow Jones reduced its losses by 400 points; Apple, Tesla stocks sold but Disney rally



Earlier on Tuesday, the Dow Jones Industrial Average fell nearly 400 points, after which Federal Reserve Chairman Jerome Powell testified to Congress to make up for the decline.

Powell reiterated earlier Tuesday that the Federal Reserve is “committed to using our full range of tools to support the economy and help ensure that the recovery during this difficult period will be as strong as possible,” in a speech to the Senate Banking Committee.

He commented that the inflation rate and employment rate are still far below the Fed’s target, which indicates that loose monetary policy may continue to exist.

Technology stocks raised the Nasdaq Index to 43.6% in 2020, the fifth best year ever. The Standard & Poor’s 500 Index rose 16.3%, while the Dow rose 7.2%. Read The Big Picture for detailed daily market analysis.

U.S. stock market overview today

index Symbol price Gain/loss % Change
Dow Jones (0DJIA) 31,402.65 -119.04 -0.38
S&P 500 (0S&P5) 3849.00 -27.50 -0.71
Nasdaq (0NDQC) 13,257.37 -275.68 -2.04
Russell 2000 (IWM) 218.82 -4.91 -2.19
IBD 50 (FFTY) 45.44 -2.04 -4.30
Last update: 1/16/2/23/2 EST

With the national lock-up period approaching one year, the Covid-19 pandemic continues to plague the US economy. But with the introduction of vaccines and cases in certain states began to stabilize, there are promising signs.

According to Worldometer data, the cumulative number of Covid-19 cases worldwide has reached 112 million, and the death toll is close to 2.5 million. In the United States, although the number of new cases in the United States has dropped significantly in recent weeks, the number of cases is now close to 29 million, and the death toll exceeds 513,000.

Dow Jones losers and winners

The Home Depot (HD)’s blockbuster trade fell 4% and fell below its 50-day moving average. Large-scale home furnishing retailers reported that their fourth-quarter revenue and sales were better than expected before the market opened.

Home Depot’s earnings increased 16% to $2.65 per share, including 9 cents in one-time costs related to the acquisition of HD Supply. Revenue increased by 25% to 32.26 billion US dollars. Same-store sales surged by 24.5%, and US same-store sales increased by 25%.

apple (AAPL) fell, trading volume fell nearly 3%. In the past week, its trading price was below its 50 antenna. On February 18, Apple’s stock fell below the 7% to 138.89 buying point for cups with handles, a drop of more than 7%, triggering the 7%-8% reduction selling rule.

Other big blue chip losers include Boeing (BA), Intel (INTC), Microsoft (MSFT), Nike (of), Salesforce.com (CRM) and Walgreens Boots League (WBA), each fell more than 1.5%.

Microsoft has now fallen below the 232.96 buying point and is about to test its 50-day moving average.

Disney (DIS) rose 2.6% to a new high in almost triple normal trading. According to MarketSmith chart analysis, it is now expanding from the flat bottom buying point of 183.50. The highest buying zone for Disney shares is 192.68. The media and theme park giants stood out in Monday’s IBD daily selection.

Outside Dow

Among IBD’s 197 industry groups, software, automakers and solar stocks led the decline. Banks, utilities, and hotel stocks are among the few rising stocks.

In the car manufacturer group, Tesla (TSLA) fell by 13% and then reduced its losses to 5%. The stock broke the 50-day trading line on Monday, the first time in three months. Its pace is expanding to four consecutive defeats. On Sunday, the electric car manufacturer stopped accepting orders for the cheapest Model Y Standard Range off-road vehicle.

Tesla’s stock has maintained good growth from 466 purchase points of cups with handles. It is now about 25% below the January 25 high of 900.40. Tesla is an IBD Leaderboad stock.

Among other electric vehicle stocks, China’s o (NIO) and Xpeng (XPEV) fell 8% and 5% respectively. Nio cut its losses from a 17% dive earlier on Tuesday. On Monday, the stock fell 8% and closed below 50 days, the first time in 10 months.

The Innovator IBD 50 ETF (FFTY) fell as much as 8% and then found support in its 50-day trading volume. By noon, the stock had reduced its loss to 4%. 360 DigiTech (QFIN) fell 12% while Terex (TREX), Serens (CRNC) and Meridian Biological Science (VIVO) each fell more than 5%.

Follow Nancy Gondo on Twitter via @IBD_NGondo

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