The Dow Jones Industrial Average fell more than 200 points before reversing higher amid strong US GDP data early Thursday, after the heavy sell-off in the stock market on Wednesday. Apple’s earnings are due late, while Alphabet, Amazon and Facebook will also announce their earnings after the shutdown. Tesla is up more than 1%, while Pinterest is up 39% on earnings.
Among the leaders of Dow Jones, an Apple (AAPL) Jumped 2.5% while Microsoft (MSFTIt rose 1.1% in Stock market today. at the same time, Tesla (TSLAIt briefly advanced by over 1% right after the stock market opened.
JD.com, Microsoft, and Tesla all of them Stock IBD Leaderboard.
Dow Jones Today: Gross Domestic Product Beats Estimates
The Dow Jones Industrial Average rose 0.2% after reversing higher, while the S&P 500 index gained 0.6%. The heavy Nasdaq composite index rose 1.1% in morning trade.
The Commerce Department released its GDP report at 8:30 a.m. ET, as it reported that GDP rose 33.1% in the third quarter, better than estimates, after a record low of 31.4% in the second quarter as the economy rebounded from lockdown due to the virus Corona.
Amidst a stock market rally due to the coronavirus, the tech-heavy Nasdaq rose 22.6% for the year through Wednesday’s close. Meanwhile, the S&P 500 is up 1.2%, while the Dow is down 7.1% year-to-date, through the October 28 close.
According to th Worldometer data tracker, The cumulative number of confirmed coronavirus cases in the United States surpassed 9.1 million on Thursday. The total deaths associated with the virus have risen to over 233,000.
The cumulative total of confirmed Covid-19 cases worldwide since the start of the outbreak surpassed 44.8 million on Thursday, with more than 1.18 million deaths linked to the virus.
Coronavirus stock market rally
According to IBD The Big PictureThe stock market rally due to the Coronavirus has begun to falter amid heavy selling from institutions.
Wednesday’s big picture He warned that “the stock market faced a harsh selling round on Wednesday, one day after the Dow Jones Industrial Average closed below its lowest level on September 30th. Follow-up day. This in itself was another bad sign for the stock market which has seen an increasing amount of it recently. The sell-off really picked up late in the session. ”
An uptrend under pressure means that investors need to be more cautious, but not completely heading towards liquidity. Watch the sell signals closely. Make sure to sell any stock that is down 7% or 8% of the purchase price, and maybe even 3% or 4% if you want to collect cash.
Avoid buying stocks at the moment, unless the breakout is exceptionally good. The best candidates are those who have proven to be more resilient during the recent stock market weakness. Keep an eye out for stocks with Strong Relative Strength Lines. These ideas could become a leader in the stock market.
use MarketSmith features Like the RS Line Blue Dot to easily identify these candidate stocks. The RS Line Blue Dot It is assigned to stocks whose RS lines are achieving new highs while the stock is at the base or breakout.
Includes stocks to watch Long-term leaders of IBD, Companies with steady earnings growth and price performance.
Dow Jones profits: Visa
I mentioned Visa The fourth quarter financial results are better than expected Late on Wednesday. The company earned $ 1.12 a share, dropping revenue 17% to $ 5.1 billion. The volume of payments increased by 4%.
Payment processor shares rose more than 1% in morning trade, but remained about 17% from their 52-week high.
Apple, the leader of Dow Jones, gained 2.5% ahead of the company’s earnings results after the shutdown. Wall Street expects earnings per share at 69 cents, down 9% compared to the same quarter last year, in sales of $ 63.39 billion, down 1% in the fourth fiscal quarter.
Apple tumbled 4.6% on Wednesday, snapping a two-day winning streak. Stocks are further down from the 50-day moving average line, according to MarketSmith Graph analysis.
The blue-chip giant is the # 1 Dow Jones stock performance of 2020, with a 51.5% advance through Wednesday’s close. The latest addition of the Dow Jones 30 Salesforce.com (CRMIt is the second performer with a 46.6% YTD ratio.
Wall Street expects Amazon earnings to jump 72.6% to $ 7.30 a share as revenues rise 32.8% to $ 92.92 billion. Amazon experienced strong growth this year as the pandemic fueled a rush to buy online.
Amazon stock is tracking a cup with a handle of 3,496.34 buy points.
Alphabet, Facebook designation for reporting
Alphabet and Facebook are set to report after closing Thursday, according to IBD Investment Action Plan.
The search giant is expected to see EPS rise 12.7% to $ 11.40 with revenue growing 7% to $ 35.36 billion. Equities close to forming a handle cup at 1,634.22 buy points, but below the 50-day line.
The social media giant Facebook is expected to earn $ 1.93 a share, down 9%, on revenue of $ 19.87 billion, up 12.6%. Wall Street predicts that Facebook will benefit from an improved digital ad spending environment, and recover from headwinds associated with the pandemic.
Facebook stock is struggling to gain support around the 50-day line after Wednesday’s steep drop.
Stock Market Earnings: Pinterest
Pinterest jumped 39% after the company reported Third quarter results Late Wednesday, it blew past Wall Street estimates, driven in part by strong user growth. The company reported an adjusted profit of 13 cents from its $ 443 million revenue share.
Shares hit record highs on Thursday.
Stocks near Buying Zones: Chewy, JD.com
Chewy is in 5% buy territory above 70.82 long points in a double handle after Wednesday’s strong breakout move. The buying area increased to 74.36.
According to th Inventory check for IBDAnd the All stocks He has 86 of the best 99 possible IBD compound classification. The composite rating – an easy way to identify the highest-growing stocks – is a combination of fundamental and technical metrics to help investors gauge a stock’s strengths.
Chewy was on a Wednesday IBD stocks today.
to me IBD Leaderboard The comment, “JD.com base has turned into a cup with a handle. It’s half centered on the leaderboard. The RSL has already made new highs, a bullish sign for the next breakout.”
JD.com came out this week The stocks are near the buying area pole.
Tesla shares gave up support around the 50-day line amid Wednesday’s drop of 4.4%. Shares are down nearly 20% from their 52-week high, forming a new base with 466 buy points. Tesla rose more than 1% early Thursday.
to me IBD Leaderboard The comment, “The new rule is an afterthought, after advancing from the cup-handle rules and the raised narrow flag that is also base. So, the latter mode has higher stakes.”
Dow Jones Leaders: Microsoft
From among the top Dow Jones StocksMicrosoft, the software giant, is looking to recover from Wednesday’s 5% drop. Shares advanced 1.1% in morning trade, but remained directly below the 50-day line.
Year-to-date, Microsoft is one of the biggest stocks of Dow Jones, rising 35.2% through Tuesday’s close.
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