Dow Jones Plunges As Treasury Yields Fall; Tesla stock slips despite strong sales in China

The Dow Jones Industrial Average briefly plunged more than 500 points on Thursday, as the 10-year Treasury yield continued to fall. Tesla stock trimmed its losses at noon amid strong sales in China, as the company unveiled a cheaper version of its China-made Model Y crossover.


Among the leaders of the Dow Jones, Apple (AAPL) sold 1.4% on Thursday, while Microsoft (MSFT) fell 1% in today’s stock market. Nike (NKE) retreated to new highs after a breakaway gap on June 25.

You’re here (TSLA) cut its losses to around 0.3% at noon, but still threatened to slide for a third day in a row.

Among the main stocks to buy and watch, Apple, (AMZN), Burlington Stores (BURL) and Shopify (SHOP) are in or near new shopping areas.

Microsoft and Shopify are stocks of the IBD rankings. Burlington Stores was the IBD action of the day for Wednesday.

Dow Jones Today: 10-Year Treasury Yield Drops Again

The Dow Jones Industrial Average cut losses to 0.7% on Thursday at noon, while the S&P 500 was down 0.8%. The high-tech Nasdaq composite lost 0.9% at midday.

Snapshot of the US Stock Market Today

Index symbol Price Loss of profit % Switch
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
Russel 2000 (IWM) 220.62 -3.14 -1.40
MICI 50 (FFTY) 42.69 -1.13 -2.58
Last Modified: 10:36 AM ET 8/7/2021

The 10-year Treasury yield fell to 1.26% on Thursday morning before cutting a few losses. The 10-year Treasury yield traded around 1.3% at midday and is at its lowest level since mid-February.

Among exchange-traded funds, the Innovator IBD 50 (FFTY) cut its first losses to 1.85% on Thursday. The Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) fell 0.9%. Meanwhile, the SPDR S&P 500 ETF (SPY) lost 0.8%.

Stock exchange rally

The Nasdaq retreated from Wednesday’s records, while the S&P 500 remained just short of its own all-time highs. The Dow Jones Industrial Average fell slightly below support at its 50-day moving average line.

Wednesday’s Big Picture column commented: “The stock market didn’t like the 10-year yield that jumped to 1.76% at the end of March. Now the stock market is worried about falling yields and this. what it means for the economic recovery. For now, the bond market says it is not worried about the persistence of inflation. Instead, it is worried about an economic recovery that may not. not be as robust as expected.

For more stock market commentary, check out The Big Picture from IBD.

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Dow Jones Stocks: Nike

Dow Jones leader Nike reversed higher, rallying 0.1% on Thursday. Nike stock is extended beyond the buy point of a consolidation of 148.05. The 5% buy zone goes all the way to 155.45, according to IBD MarketSmith’s chart analysis.

Nike have looked to extend a four-day winning streak and are right next to their all-time highs. Shares surged beyond entry on June 25 when the company exploded fourth quarter earnings estimates.

Stocks to buy and watch: Amazon, Burlington, Shopify

Tech giant is back in the beyond a cup buying range with the handle’s buy point of 3,524.96 after Tuesday’s strong breakout move. The buy area peaked at 3,701.21. Stocks fell 0.75% on Thursday at noon.

According to IBD Stock Checkup, AMZN stock has a strong rating of 92 out of a perfect IBD composite rating of 99. The IBD composite rating easily identifies stocks with a mix of strong fundamental and technical characteristics.

Wednesday’s IBD Stock of the Day, Burlington Stores, remains near a buy point of 339.38 in a cup base. Shares were up 0.2% Thursday at noon and are around 5% of the new entry.

The new IBD Shopify ranking stock is trying to surpass a buy point of 1,552.33 in a handle cup, according to IBD MarketSmith chart analysis. Shares fell more than 3% Thursday at noon after Wednesday’s downside reversal.

According to the classification analysis, “The grip formed after the stock formed a long cup-base pattern within 18 weeks. The relative line of force moved sideways during consolidation. handle. An upward point will be constructive in the future. “

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Tesla shares

Tesla stock slashed losses to 0.3% on Thursday, still threatening to slide for a third consecutive session. Tesla slid 2.85% on Tuesday and 2.3% on Wednesday. The electric vehicle giant is testing support around its key 50 and 200 day moving averages. Abrupt breaks in these support levels would be bearish for the stock’s outlook.

Ahead of the market opening on Thursday, the China Passenger Car Association reported that Tesla’s sales in China were strong in June, while the U.S. auto giant also unveiled a cheaper version of its Model Y crossover made in China. China. The CPCA said Thursday that Tesla sold 33,155 electric vehicles in June, including 21,532 locally-made Model 3 sedans and 11,623 Model Y crossovers. The overall figure includes 28,138 local sales and 5,017 exports.

On January 25, Tesla stock hit an all-time high at 900.40, after climbing 93% from a buy point of 466 in a handle mug.

Dow Jones Executives: Apple, Microsoft

Among the main stocks of the Dow Jones, the leader of the Dow Jones Apple sold about 1.5% Thursday. Apple stock is trading in the 5% buy zone after entering 137.17 in a cup base, according to IBD MarketSmith chart analysis.

Apple action appeared to end a seven-day winning streak.

Microsoft is stretched slightly beyond the buy range above the buy point of 263.29 for a new cup base, according to IBD MarketSmith’s graphical analysis.

Stocks fell 1% on Thursday and are just outside the buy zone. The 5% buy area rises to 276.45.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.


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