Dow Jones Rallies; Tesla Erupts As Elon Musk Teases “Best Product Ever”; Apple Stock Pops

The Dow Jones Industrial Average fought its way out of the red as other indexes moved higher. Tesla (TSLA) rocketed after CEO Elon Musk gave an update on what he described as the “best product ever.”

Apple (AAPL) and Boeing (BA) were among the best blue chips. Bitcoin fell after a former Coinbase Global (COIN) employee was charged over an alleged insider trading scheme.


A trio of stocks managed to pass buy points amid the positive overall action. New Leaderboard stock Agilon Health (ALGN), ELF Beauty (ELF) and Service Corp. International (SCI) all moved above entries.

The Dow is trading higher by 0.2% at this hour while the S&P 500 has gained 0.8%. The Nasdaq composite is leading the action once again, up 0.9%.

Volume was mixed, falling on the Nasdaq but rising on the New York Stock Exchange vs. the same time Wednesday.

The yield on the benchmark 10-year Treasury note fell 11 basis points to 2.92%. West Texas Intermediate crude oil skidded nearly 4% to just over $96 per barrel.

New unemployment claims rose to 251,000 last week, up from 244,000 the previous week. This was above estimates for a drop to 240,000. It is another sign the labor market is cooling.

Nasdaq Gains As Tech Stocks Rise

Outside of Tesla, NetEase (NTES) stood out with a gain of nearly 6%.

Danaher (DHR) is also performing well, rising nearly 9% on better-than-expected earnings.

The S&P 500 sectors were mostly positive. Consumer discretionary and technology were making the best gains. Energy and communication services lagged.

Small caps were giving up ground, with the Russell 2000 down 0.4%.

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The Innovator IBD 50 ETF (FFTY), a bellwether for growth stocks, also struggled. It fell about 0.4%.

Dow Jones Today: Apple Stock, Boeing Shine

The Dow Jones Industrial Average managed to rally back from lows to move higher.

Apple stock was the best performer as it rose 1.5%. It is pulling away from the 50-day moving average and trying to lift into the 200-day moving average, MarketSmith analysis shows.

Boeing also impressed on the Dow Jones today. The stock is trading more than 1% higher but has a long way to go after falling nearly 23% in 2022.

Verizon Communications (VZ) was faring worst on the downside. It dropped almost 4%, which caused the stock to fall further below the 50-day moving average.

Tesla Stock Surges As Elon Musk Teases Cybertruck

Tesla stock was surging following the firm’s latest earnings report, which helped drag the Nasdaq higher.

It posted EPS of $2.27 per share, better than analyst expectations of $1.81 per share. Revenue of $16.93 billion was slightly lower than views for $17.10 billion.

CEO Elon Musk gave a positive update on Tesla’s forthcoming Cybertruck during the conference call.

“Our team continues to focus on Cybertruck production readiness and some future platform design,” he told analysts. “We are expecting to be, still expecting to be in production with the Cybertruck in the middle of next year. And we’re very, very excited about that product. I think it might actually be our best product ever.”

Tesla stock surged almost 10%. However, it’s still down about 32% so far in 2022.

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The former Leaderboard stock blasted clear of its 50-day moving average. It pulled away from the lows of a consolidation pattern with a 1,208.10 buy point.

Bitcoin Falls Amid Insider Trading Arrest

The price of Bitcoin skidded lower after a former Coinbase employee was charged over an alleged insider trading scheme.

Ishan Wahi, a former product manager at the company, is accused of partaking in an insider-trading scheme involving cryptocurrencies listed on the platform.

He is accused of tipping off his brother and a friend about confidential plans to offer certain digital tokens.

According to a Justice Department release, the trio raked in at least $1.5 million in profits.

“Although the allegations in this case relate to transactions made in a crypto exchange — rather than a more traditional financial market — they still constitute insider trading,” FBI Assistant Director Michael Driscoll said in a statement.

This is believed to be the first-ever insider trading scheme involving cryptocurrencies.

Coinbase stock fell almost 5% toward the 50-day moving average, although it has yet to test the level. COIN is down more than 71% so far this year.

Bitcoin traded just under $23,000 after shedding around 4% in the past 24 hours, according to CoinDesk. The cryptocurrency has been trading poorly so far in 2022.

Bitcoin miner Riot Blockchain (RIOT) rose nearly 6% while Grayscale Bitcoin Trust (GBTC) fell more than 4%.

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Outside Dow Jones: Three Stocks Pass Buy Points

A trio of stocks managed to clear entries amid the generally positive action.

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IPO stock Agilon Health is in a buy zone, after passing a handle buy point of 27.22 in strong volume.

The stock has been seeing institutional ownership rise of late while its relative strength line is spiking.

Agilon offers health care services for seniors through primary care physicians. It served approximately 238,000 members at the end of 2021.

The bullish move saw the stock added to the prestigious IBD Leaderboard list of leading stocks Thursday.

Cosmetics play ELF Beauty is actionable after moving above a cup-with-handle buy point of 33.54.

Stock market performance is excellent but earnings are not ideal. It currently holds an EPS Rating of 62 out of 99.

Funeral stock Service Corp. briefly burst into life, climbing past a flat base entry of 72.07.

It has slipped back below the entry but is worth watching as its relative strength line is close to a 52-week high. SCI has lifted into the top 7% of stocks in terms of price performance over the past 12 months.

Please follow Michael Larkin on Twitter at @IBD_MLarkin for more analysis of growth stocks.


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