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Dow Jones Futures: Market Rally Mixed As Apple Hits New High, Bitcoin Dives; Tesla

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Dow Jones futures tilted higher Tuesday night, along with S&P 500 futures and Nasdaq futures. The stock market rally was mixed, though Apple stock, Tesla (TSLA) and some other big-cap leaders fared well. Software and industrial names retreated. Bitcoin and other cryptocurrencies tumbled, though they and Bitcoin-related stocks such as Coinbase (COIN) pared losses somewhat.


Investors will get Tesla China sales data for August before Wednesday’s open, part of industrywide reports of Chinese auto sales overall and electric vehicles.

Coupa Software (COUP), Smartsheet (SMAR) and UiPath (PATH) headlined earnings reports after the close.

Coupa easily beat EPS views and guided higher. Smartsheet also topped while guiding fiscal 2022 EPS in line. UiPath topped views and offered in-line to slightly higher guidance. COUP stock initially surged more than 10% overnight, but pared gains to 6%. SMAR stock, slightly extended from a buy zone, fell 3% in extended trade. PATH stock tumbled 7.5%, near post-IPO lows.

Meanwhile, Bumble (BMBL) fell 4% overnight. The dating app where women choose the matches will offer 15 million shares on behalf of existing holders. BMBL stock, which came public in February, hit 60.87 intraday Tuesday, briefly clearing a 60.44 bottoming base buy point. But shares reversed to close down 3.6% to 57.77.

Global-e Online (GLBE) will sell 12 million shares on behalf of existing holders. GLBE stock, another 2021 IPO, fell 2% in extended action. Shares have been on a big run, but have pulled back over the last several sessions.

Apple Stock Leads Big Techs

Apple (AAPL) rose 1.55% to 156.69, hitting a new high. The Dow Jones tech titan said it will hold a product launch event on Sept. 14, with new versions of the iPhone and Apple Watch expected to be unveiled. Meanwhile, Ford (F) hired Doug Field, who had been in charge of the secretive Apple Car project. Field previously was a top Tesla executive and decades ago worked at Ford.

Apple stock is still above a 150.10 buy point, within the 5% chase zone that goes to 157.61, but it’s starting to feel a little extended. On the plus side, the relative strength line for AAPL stock hit a seven-month high. The RS line, the blue line in the charts provided, track a stock’s performance vs. the S&P 500 index.

Netflix (NFLX) popped 2.7% to 606.71, breaking out above a 593.39 buy point from a long consolidation, according to MarketSmith analysis. NFLX stock has risen in 16 of the last 17 sessions. (AMZN) rose 0.9% to 3,509.29, rebounding from its 50-day and breaking a trend line, both offering early buy signals. The official buy point is 3,773.18 in an eight-week consolidation, but AMZN stock has been moving sideways for at least a year.

PayPal (PYPL) advanced 1.4% to 293.26. PYPL stock rose from its 50-day line and cleared a downward-sloping trend line, offering an early entry. PayPal stock has an official flat-base buy point of 310.26.

Facebook (FB) climbed 1.6% to 382.18. FB stock reclaimed a 377.65 buy point from a flat base.

Tesla stock rallied 2.6% to 752.92 on Tuesday, still in range from a 730 aggressive entry. The RS line for TSLA stock, though still well off all-time levels, is at a four-month best.

Tesla China Sales

Tesla China sales for August will include local deliveries and exports, mostly to Europe. That makes it hard to gauge Tesla’s actual demand in China, especially on a month-to-month basis. In September, all or nearly all of Tesla Shanghai production will be for local markets.

Tesla rivals Nio, Li Auto, Xpeng (XPEV) and local giant BYD (BYDDF) have all reported August sales. All four reported hefty increases vs. a year earlier, but Xpeng and Nio reported declining sales vs. July. Li Auto and especially BYD reported sizeable sequential gains.

Bitcoin Tumbles

Bitcoin plunged 10% vs. 24 hours earlier to $47,260. After nearly hitting $53,000 on Monday, the highest in months, the Bitcoin price plunged as low as $42,921.27 before rebounding somewhat. El Salvador, as promised months ago, now deems Bitcoin as legal tender. The Latin American country also bought some Bitcoin. This could have been a case of “sell the news.”

Ethereum, Dogecoin and other alt-coins also sold off hard.

Marathon Digital (MARA) lost 9.3%, Riot Blockchain (RIOT) gave up 6.7%. Grayscale Bitcoin Trust (GBTC) skidded 7.2% and Grayscale Ethereum Trust (ETHE) tumbled 13.5%. COIN stock fell 4.2%. Coinbase reported some trading delays during the Tuesday’s morning plunge.

Apple stock, PayPal and Tesla are on IBD Leaderboard. Tesla stock, Xpeng and PayPal also are on SwingTrader. PYPL stock is on IBD Long-Term Leaders.

The video embedded in this article reviewed Tuesday’s market action and analyzed Apple stock, PayPal and DocuSign (DOCU).

Dow Jones Futures Today

Dow Jones futures rose 0.1% vs. fair value. S&P 500 futures climbed 0.1% and Nasdaq 100 futures advanced 0.1%.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live

Stock Market Rally

The stock market rally had a mixed session, but weighted to the downside.

The Dow Jones Industrial Average fell 0.8% in Tuesday’s stock market trading. The S&P 500 index dipped 0.3%. The Nasdaq composite edged up 0.1%. The small-cap Russell 2000 declined 0.7%.

The 10-year Treasury yield jumped 5 basis points to 1.37%. Crude oil and copper prices fell modestly.

While Apple, Tesla, Amazon, Netflix and Facebook stock provided some…

Read More: Dow Jones Futures: Market Rally Mixed As Apple Hits New High, Bitcoin Dives; Tesla

2021-09-08 02:26:00

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