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Dow Jones Pops; Tesla wins as Elon Musk makes that promise; Coinbase as Bitcoin rallies

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The Dow Jones Industrial Average rose amid better-than-expected inflation data. You’re here (TSLA) rose after CEO Elon Musk made a promise during his Twitter (TWTR) battle. Coinbase (COIN) was up despite disappointing results amid a Bitcoin rally. Apple (AAPL) was one of the best blue chips.

A trio of stocks were among a plethora of names passing buy points. Albemarle (ALB), Graphic packaging (GPK) and Greif (GEF) all inputs tested.


Volume was mixed, down on the Nasdaq but up on the New York Stock Exchange from the same time on Tuesday.

The yield on the benchmark 10-year Treasury fell one basis point to 2.79%. West Texas Intermediate crude oil rose about 1.5% to just under $92 a barrel.

Inflation data gives Fed leeway

Stocks jumped after inflation data turned colder than expected early Wednesday. The Labor Department’s CPI inflation rate showed consumer prices flat in July, better than forecast for a 0.2% rise and a decline from the 1.3% jump of June.

Inflation rose 8.5% in July from a year ago, below the consensus estimate of 8.7% and below the annual rate of 9.1% in June. Oanda’s senior market analyst Edward Moya said the data prompted traders to cut bets on the Fed’s rate hike.

“Wall Street now anticipates a Fed pivot in September as prices reflect a half-point increase,” he said in a note to clients. “If inflation continues to fall, the bull trade will gain even more momentum.”

The producer price index, which measures wholesale inflation, will be released on Thursday. Positive data could give further momentum to the current uptrend in the stock market.

Nasdaq soars as small caps impress

The Nasdaq shone brightest among the major indices. It was up 2.6%. Z-scale (ZS) was one of the best performers as it jumped 11%.

The S&P 500 also advanced, gaining 1.8%. Cruise stocks did well here, with Norwegian cruise line (NCLH) gaining more than 11%.

Overview of the US stock market today

Index Symbol Price loss of profit % To change
Dow Jones (0DJIA) 33189.03 +414.62 +1.27
S&P500 (0S&P5) 4195.55 +73.08 +1.77
Nasdaq (0NDQC) 12806.36 +312.43 +2.50
Russell 2000 (IWM) 195.29 +5.10 +2.68
INN 50 (FFTY) 29.47 +0.73 +2.54
Last Updated: 3:10 PM ET on 08/10/2022

The S&P 500 sectors were all positive. Materials, Communication Services, Consumer Discretionary and Technology all outperformed. Only the defensive utilities sector struggled to make progress.

Small caps, however, gave bears the bloodiest noses, with the Russell 2000 Index rising 2.8%.

The Innovator IBD 50 (FFTY) ETF, a benchmark for growth stocks, fared almost as well with a 2.7% gain.

Dow Jones today: Apple shares soar

The Dow Jones Industrial Average held most of its gains for the day. It was up 1.4%.

Apple stock was among the best performers in the Dow Jones today with a gain of more than 2%. The relative strength line has reached new highs, a positive sign.

AAPL stock is currently trading well below a potential consolidation pattern buy point of 183.04, according to MarketSmith analysis.

But waltz disney (DIS) fared best, rising almost 4%. The company is preparing to release results after the close.

Tesla stock gains as Elon Musk makes a promise

Tesla shares rebounded on Wednesday despite news that CEO Elon Musk had made another mammoth stock sale amid his ongoing takeover battle on Twitter. The eccentric executive said the reason he sold about $7 billion worth of stock was so he didn’t have to do it at an inopportune time.

“In the (hopefully unlikely) event that Twitter forces this deal through (and) certain financial partners don’t materialize, it’s important to avoid a fire sale of Tesla stock,” he tweeted.

He also promised he would buy back shares of Tesla if the Twitter deal doesn’t go through. Musk could be forced into a $44 billion takeover deal for Twitter if he loses an upcoming lawsuit.

You’re here the stock jumped almost 4%. This formed a consolidation with a buy point of 1,152.97, according to analysis by MarketSmith.

TSLA stock remains far from its entry, making it a stock to watch for now. It is now trying to approach the key 200-day moving average after crossing below it. TSLA remains well above the 50-day line. Twitter stock also surged, gaining almost 3%. This allowed TWTR to move away from its own 200-day line.

The market rally enters the power trend; These EVs play flash buy signals

Coinbase Stock Ignores Profits as Bitcoin Rallies

Coinbase stock managed to climb despite a disappointing quarterly report. It was supported by rising Bitcoin prices.

COIN lost $4.98 per share, well below analysts’ views for a loss of $2.65. Additionally, the company saw its revenue plummet nearly 64% to $808 million from a year ago as cryptocurrency prices plummeted. It also reduced the full-year forecast for users making transactions. It now expects 7-9 million users transacting per month, up from a range of 5-15 million three months ago.

Bitcoin was trading around near $24,000 after gaining around 3% in the past 24 hours, according to CoinDesk.

Among other cryptocurrency games, Grayscale Bitcoin Trust (GBTC) Surged Nearly 5% As Bitcoin Mining Plays Riot Blockchain (RIOT) climbed almost 12%.

Outside of Dow Jones: 3 stocks offer buy points

Albemarle is usable after pushing back above a narrow grip of 250.25 in a new cup pattern. The large-cap lithium mining giant has outperformed the broader market lately. A mix of strong earnings and price performance earned it an IBD composite rating of 97.

Its bullish move secured the stock a spot on the prestigious IBD Leaderboard list of best stocks on Wednesday.

Graphic Packaging is in a buy zone after passing a mug with handle buy point on 23.09. This is a first-stage model, which means it has a higher chance of success. Big Money recently bought GPK shares. This is reflected in its best accumulation and distribution rating of A+.

Finally, Greif is trading just below a consolidation pattern entry of 72.10. Revenue is a major asset for industrial packaging and containers. Revenues have increased by an average of 124% over the past three quarters. He also sits at the top of the container/packaging industry group.

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


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