Wednesday, June 16, 2021
Bitcoin Dow Jones Falls As Bitcoin Crashes Below $32,000; Tesla Stock Jumps On...

Dow Jones Falls As Bitcoin Crashes Below $32,000; Tesla Stock Jumps On China Sales

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The Dow Jones Industrial Average fell 150 points Tuesday, as Bitcoin plunged below $32,000. Tesla stock reversed lower despite rebounding China sales.


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Among the Dow Jones leaders, Apple (AAPL) rallied 1%, while Microsoft (MSFT) moved up 0.4% in today’s stock market. Caterpillar (CAT) and JPMorgan (JPM) are in buy range past recent buy points.

Tesla (TSLA) reversed from sharp gains Tuesday, falling more than 1% in midday trade.

Among the top stocks to buy and watch, Alphabet (GOOGL), General Motors (GM) and InMode (INMD) are in or near buy zones.

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InMode and Microsoft are IBD Leaderboard stocks. was featured in this week’s Stocks Near A Buy Zone column.

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

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 34566.37 -63.87 -0.18
S&P 500 (0S&P5) 4221.82 -4.70 -0.11
Nasdaq (0NDQC ) 13918.86 +37.14 +0.27
Russell 2000 (IWM) 232.11 +1.66 +0.72
IBD 50 (FFTY) 46.46 -0.05 -0.11
Last Update: 10:38 AM ET 6/8/2021

Among exchange traded funds, the Innovator IBD 50 (FFTY) lost 0.6% Tuesday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) traded up 0.3%. Meanwhile, the SPDR S&P 500 ETF (SPY) was unchanged.

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.

Stock Market ETF Strategy And How To Invest

Bitcoin Price

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.

IBD Live: A New Tool For Daily Stock Market Analysis

Tesla Stock

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.

Software giant Microsoft moved up 0.4% Tuesday, and is approaching a new flat base’s 263.29 buy point, according to IBD MarketSmith chart analysis. The buy zone goes up to 258.54.

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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