The Dow Jones Industrial Average took a hit on Tuesday, as Apple shares fell as iPhone sales fell in China, and mixed economic data weighed on the overall market. Meanwhile, Cathie Wood dumped some Coinbase shares amid Bitcoin's rally. Nvidia was having a rare down day while high-flying Super Micro Computer fell on the stock market today.
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Dow Jones shares fell 0.5% in early trading Tuesday as blue-chip stocks struggled for the second straight session. The index's February 23 high of 39,282 is still a long way off.
The S&P 500 was down 0.9% in the stock market today as defensive plays increased. Among the 11 sectors, utilities and consumer goods rose while technology and communications services declined.
Furthermore, the Nasdaq fell 1.8% after closing 0.4% lower on Monday. Small-cap stocks in the Russell 2000 index fell 0.4% after hitting a new high on Monday.
Trading volume was lower on the New York Stock Exchange, but higher on the Nasdaq compared to the same period on Monday. Advancing stocks narrowly beat losing stocks on the New York Stock Exchange. But they trailed the Nasdaq by about 2 to 3.
The yield on the benchmark 10-year Treasury note fell 8 basis points to 4.14%. And the innovative IBD 50 (FFTY) The ETF is down about 5%.
Stock Market Today: Mixed Economic Data
In economic news, the S&P Global Purchasing Managers' Index for February showed a reading of 52.5 versus 51.4. Factory orders in January fell by 3.6%, but are expected to fall by 3%, according to Reuters. econode.
Also, the Institute for Supply Management's monthly poll for February came in at 52.6, just below the viewership of 53.
Later this week, Federal Reserve Chairman Jerome Powell is scheduled to testify before Congress. Powell is expected to appear before the House Financial Services Committee on Wednesday and the Senate Banking, Housing and Urban Affairs Committee on Thursday.
Dow Jones stocks
shares apple (Camel) due to reports of a sharp decline in iPhone sales in 2024 in China. Counterpoint Research It found that Apple's smartphone sales in China fell by 24% in 2024 compared to the previous year amid fierce competition.
But according to the research firm, the comparison to an “abnormally high” sales record in January 2023 may be part of the reason. Apple shares have undermined their base in the stock market today.
shares IBM (IBM) formed a flat base with a buy point of 196.90, according to IBD Marketsorg. Financial and industrial stocks rose in the Dow Jones while technology stocks fell.
Cathie Wood sells Coinbase and Bitcoin rises
Popular investor Cathie Woods Arc Innovation ETF (Ark) sold more than $30 million in Coinbase (currency) shares, according to the company’s disclosures. Coinbase rose 11% on Monday and was slightly higher in early trading on Tuesday.
At the same time, Bitcoin continued to look to higher levels and It briefly crossed the $69,000 mark Early Tuesday. It remained just above the $67,000 level in recent action, according to CoinDesk. Coinbase stock fell 0.5%.
Stock Market Today: Who's on the Move?
Nvidia (NVDA) and fell by 1.1% after a strong rise on Monday. Super micro computer (SMCI) fell by more than 6% and settled slightly above the 1000 level.
Earnings drivers included Goal (TGT) which rose nearly 12% after sales and profits beat analysts' expectations. Shares are building a cup base with a buy point of 181.70.
Drone maker AeroVironment (Afaf) also, rising by 28% in recent trading. Shares broke out of the entry at 143.99 and moved through the buy zone after the earnings beat late Monday.
in another place, getlab (GTLB) decreased more than 18% of its results. Shares fell below the 50-day moving average and triggered a sell signal.
finally, Tesla (TSLA) competition New (New) recovered from its early losses and gained more than 2.5% after its report. Tesla stock lost 5% on the stock market today.
Continue please Ramakrishnan On X/Twitter for more news about today's stock market.
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