Major stock market indexes started the new year in mostly negative territory Tuesday, as the Nasdaq was hit hard. The Dow Jones Industrial Average, however, managed to edge into positive ground even though, Magnificent Seven stock Apple (AAPL) took a beating. Meanwhile, Tesla (TSLA) moved higher on delivery numbers.
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The Dow recovered from early morning losses of more than 225 points and inched higher while the S&P 500 skidded 0.7%. Stocks on the Nasdaq took a gut punch, falling 1.9% on the stock market today. All three major indexes are coming off nine straight weeks of gains.
Meanwhile, the small-cap Russell 2000 slid 0.2%. And the 10-year Treasury yield added 7 basis points to 3.94%.
The Invesco QQQ Trust (QQQ), which tracks the Nasdaq 100, fell 1.7%. The Innovator IBD 50 ETF (FFTY) sank 2.8%.
Volume rose on the New York Stock Exchange and the Nasdaq vs. the same time on Friday.
Stock Market Movers: Apple Not Impressing
Dow Jones component Apple (AAPL) sank more than 3% after Barclay’s downgraded the stock to underweight from equal weight and shaved its price target to 160 from 161. Analysts see weakness in sales of iPhones and Mac computers, according to Barron’s. Apple retreated below the 192.93 buy point of a cup-with-handle base and tested its 50-day moving average. AAPL stock was a big loser on the Dow on Tuesday in heavy volume.
IBD Leaderboard stock Tesla (TSLA) advanced 0.5% after the electric-vehicle maker reported Tuesday that it delivered 484,507 vehicles in the fourth quarter, beating estimates from FactSet for 473,000.
Shares are below their latest entry at 252.75. Tesla stock sits in a double-bottom base with a 278.98 conventional buy point, according to MarketSmith pattern recognition.
Chinese EV rival BYD (BYDDF) slumped more than 2% in heavy trading after the company reported its fourth-quarter deliveries on Monday. The stock was already below its 50-day line and sank below its 21-day line.
Rivian (RIVN) plunged nearly 10% after the EV maker reported it produced 17,541 EVs and delivered 13,972 vehicles in its fourth quarter, compared with 10,020 vehicles produced and 8,054 delivered in the same period a year ago. Rivian said it delivered full-year 2023 deliveries of 50,122 vehicles, up 146.5% from a year ago, but below FactSet’s estimate for 51,000. RIVN is in a consolidation with a 28.06 entry point and a trendline forming around 24.50.
Netherlands-based chip equipment maker ASML (ASML) tumbled after the company said the Dutch government partially revoked an export license to China on a lithography system. Shares retreated from the buy zone of a 696.97 buy point of a cup-with-handle base.
Stock Shakers: Bitcoin Stocks Rally
Bitcoin miner Marathon Digital (MARA) spiked in heavy volume, as the price of bitcoin jumped past $45,000 for the first time since April 2022. Enthusiasm sprung from hope the Securities and Exchange Commission will shortly begin approving Bitcoin exchange-traded funds. Shares recovered a portion of Friday’s 16.4% plunge in heavy volume.
Coinbase Global (COIN), a cryptocurrency exchange platform operator, gave back early morning gains and toppled around 6%. COIN shares are extended from a cup base with a 114.43 buy point.
MicroStrategy (MSTR) surged more than 10% along with cryptocurrency-related stocks. Shares are also extended from a cup base with a 114.43 buy point. MSTR hit a 52-week high on Tuesday stock market action. MicroStrategy has a large holding in bitcoin.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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Source: investors.com
