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Dow Jones Rallies; Tesla Stock Spikes Elon Musk Issues This Warning; bitcoin bounces after recession

Dow Jones Rallies; Tesla Stock Spikes Elon Musk Issues This Warning; bitcoin bounces after recession

The Dow Jones Industrial Average rose, with Apple ,AAPL) And unitedhealth ,uhh) Being the top performer. Tesla ,TSLA) CEO Elon Musk confirmed the layoffs and issued a warning. Bitcoin bounced back above the $20,000 level after last week’s bearish run.


No breakout activity occurred after challenging the recent action. but dollar general ,DG) is worth a look after being pushed towards a bullish buying point.

According to early data, volumes split, slipping on the Nasdaq and falling flat on the New York Stock Exchange. Due to quadruple witch it is not comparable.

Meanwhile, the yield on the benchmark 10-year Treasury note rose seven basis points to 3.31%. West Texas Intermediate crude was trading up 1% at around $111 a barrel.

Nasdaq jumps as growth stocks bounce

The Nasdaq was making a strong comeback after beating last week. The tech-heavy index rose 2.5%. Lucid Motors ,LCD) was a top performer as it rose 7.6%.

The S&P 500 was also in rally mode, rising much like the Nasdaq. Diamondback Energy ,fang) was a standout here as it gained 8.2%.

The S&P 500 sectors were all positive. Energy, consumer discretionary and technology were among the best performing sectors.

The small cap also stunned the bears. The Russell 2000 dropped 1.9%.

Growth stocks were also affected, along with the Innovator IBD 50 ETF (Innovator IBD 50 ETF).ffty), a bellwether for growth stocks, ended the session up 3.5%.

Dow Jones Today: Apple Stock Pops

The Dow Jones Industrial Average also had a strong session as it rose over 600 points, or 2.2%. It is back above the key 30,000 level.

Apple stock was one of the best performers, rising 3.3%. Nevertheless, painful recent action means it is trading below its 50-day moving average, According to MarketSmith Analysis,

But it was UnitedHealth that was making the best gains on the Dow Jones today. While it closed higher, it still gained 6.3%.

Walt Disney ,district) the worst performer, as it declined 1.1%. It was one of only three components to leave the field on Tuesday.

Tesla stock soars as Elon Musk confirms move

Tesla stock was rising after CEO Elon Musk confirmed the carmaker is cutting 10% of its workforce on Tuesday.

“Tesla is slashing its salaried workforce by about 10% over the next three months,” the eccentric executive told a Bloomberg event.

While he still expects his company’s hourly workforce to increase, he said the firm has grown “a little too fast in some areas.”

The news strengthened TSLA stock, which moved away from its current consolidation lows. It was the top performer on both the Nasdaq and the S&P 500 as it ended the day up 9.4%.

Still, it is a far cry from a possible entry of 1,208.10, Marketsmith analysis reveals, The former leaderboard stock sits about 10% below its 50-day moving average.

Musk also said a recession is “inevitable at some point.”

“Whether there is a slowdown in the near term or not, it is more likely,” he said.

Musk also gave an update on his mooted acquisition Twitter ,TWTR) He highlighted three “unresolved matters” that need to be addressed: fraudulent accounts, securing debt financing and obtaining shareholder approval. Twitter’s stock ended Tuesday with a gain of 2.9%.

Bitcoin jumps after shellacking

Bitcoin was rallying after a severe selloff. Whether it was just a dead cat prank remains to be seen.

It was trading at less than $21,000, up 3.5% over the past 24 hours. according to CoinDesk,

The cryptocurrency has been rocked as investors rush to exit as they drop riskier assets from their portfolios.

“Rising borrowing costs, margin calls and highly leveraged speculation helped intensify selling pressure over the past two weeks,” Edward Moya, senior market analyst at Oanda, said in a note to clients. “Some buyers are emerging across the crypto market as the selling pressure could be high.”

bitcoin plays like Riot Blockchain ,riot) And coinbase global ,coin) popped. Bitcoin miner RIOT is up 9.5%, while cryptocurrency exchange COIN is up 12.2%.

However, both stocks are miles away from their all-time highs. Both are also trapped below their major moving averages.

Grayscale Bitcoin Trust (GBTC) was also in rally mode, ending the session up 12.3%.

Outside the Dow Jones: Dollar moves towards general entry

With the market still in the grip of a correction, investors should look for watchlist candidates.

Dollar General is a good candidate as it moved towards a cup-with-handle base with a buy point of 240.07 on Tuesday.

The RS line has been looking strong in recent weeks and has just hit new highs.

The discount retailer’s shares are now turning away from the key 50-day moving average. DG stock fell 1.1% to 230.80 last week but is looking strong now.

With the recession approaching, Dollar General’s shoppers are also getting their gears up. American consumers, the backbone of economic growth, are not as optimistic these days as they usually are.

Dollar General has struggled to top the sales and earnings growth it posted during the pandemic. Still, the company boosted its outlook for the year in its latest quarterly report as buyers continue to seek deals to ease the pain of inflation.

DG Stock site near the pinnacle of the retail-discount and variety industry conglomerate. dollar Tree ,DLTR) And BJ Wholesale ,bj) is also among the highest rated stocks of the group.

Dollar General got some airtime at the end of Tuesday’s IBD Live Show on Zoom,

Please follow Michael Larkin on Twitter @IBD_MLarkin For more on growth stocks and analysis.

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Dow Jones Rallies; Tesla Stock Spikes Elon Musk Issues This Warning; bitcoin bounces after recession

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