The Dow Jones Industrial Average fell 0.3% in early trades Tuesday as fresh economic and housing data came in. Small caps and the IBD 50 outperformed.
X
The S&P 500 was slightly lower, by less than 0.1% in the stock market today. Among the S&P sectors, consumer discretionary and utilities gained, while energy and financials suffered.
The Nasdaq bucked the trend among the other indexes and rose 0.2%.
Volume on the NYSE and on the Nasdaq was higher compared with the same time on Monday.
The small-cap Russell 2000 did better as it gained 1%. The Innovator IBD 50 ETF (FFTY) also outperformed and rose over 1%.
Bitcoin Tops $57,000 As It Extends Gains
In crypto news, Bitcoin rose and took the $57,000 price level. Bitcoin and other crypto assets have been rallying this week.
The yield on the benchmark 10-year Treasury note fell 1 basis point to 4.28% as the stock market took in some economic data.
The Case-Shiller Home Price Index met consensus and rose 0.2% in December, according to Econoday. Meanwhile, the FHFA House Price Index for December also met views and rose 0.1%.
The Conference Board’s consumer confidence index was at 106.7 for February. Wall Street had expected 115. New orders for durable goods for January fell more than expected, off 6.1%. Economists had expected a fall of 4.5%.
Late Monday, Bloomberg reported that Treasury Secretary Janet Yellen views rate hikes around the world as a potential risk to a generally healthy economic outlook. Tightening via rate hikes is happening in some countries even as others lower rates.
Dow Jones Stocks
Salesforce (CRM) fell but remained in a profit zone ahead of earnings on Wednesday.
Health care and tech leaders in the Dow fared poorly, while Disney (DIS), Goldman Sachs (GS) and Home Depot (HD) gained some ground.
Turning away from the Dow, shares of Workday (WDAY) fell 2% after fourth-quarter results were announced. Earnings topped views while sales were in line with expectations.
Also in software, Unity Software (U) fell further below the 50-day moving average as the stock slid nearly 8% AutoZone (AZO) gapped up 6% after a strong quarter. Shares have cleared a buy zone.
Zoom Video Communications (ZM) surged 9% after revenue and earnings came above views. IBD Leaderboard stock Trex (TREX) opened higher on its 2024 outlook but the stock reversed lower after passing the 100 level.
C3.ai (AI) will report results on Wednesday. Shares are rising for the second straight day and have retaken the 50-day moving average this week. Celsius (CELH) will release its Q4 report on Thursday. Celsius is approaching a buy point of 68.95, after it cleared resistance around 62.
Birkenstock, Cava Among Stock Market Movers
Among recent new issues Cava (CAVA) soared past a buy zone after earnings topped expectations.
Birkenstock (BIRK) is trying to rebound. The stock pulled back after trying to break out at 52.12 ahead of first quarter earnings on Thursday, while Shark Ninja (SN) is in a buy zone from a 53.40 entry, despite a 1.7% decline this morning.
MongoDB (MDB) is still in a buy zone and just above a buy point of 442.84. In travel stocks, Airbnb (ABNB) has been volatile after topping a handle buy point at 153.38, but is up 1.7% today.
Coinbase (COIN) added more than 3% to a two-year high as Bitcoin rose to $57,000. Shares are extended from a cup base’s entry at 187.39.
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