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04/01/24 Briefing




Major stock market indexes rallied in afternoon trading Thursday, with the Nasdaq still showing a modest loss but other indexes rising. The Dow Jones Industrial Average remained ahead, despite Walgreens Boots Alliance's (WBA) sell-off, but trimmed a more-than 200 point increase.


The Dow jumped 0.4% while the S&P 500 edged 0.1% higher. The Nasdaq briefly reversed higher but was back down 0.1% in the stock market today.

Meanwhile, the small-cap Russell 2000 climbed 0.2%. The Invesco QQQ Trust (QQQ) backed off 0.1%. The Innovator IBD 50 ETF (FFTY) rallied 1.6%.

Volume fell on the New York Stock Exchange and the Nasdaq vs. the same time on Wednesday. The 10-year Treasury yield added 9 basis points to just under the 4.0% level as the labor market showed some resilience.

The December Automated Data Processing report said private payrolls grew a surprising 164,000 vs. the 115,000 expected, according to Econoday. This topped the revised 101,000 jobs gained in November.

Initial jobless claims for the week ended Dec. 30 came in at 202,000 vs. the 217,500 consensus, and lower than the revised 220,000 in the prior week.

The final December Purchasing Managers' Index came in at 50.9 vs. the 51.0 estimate and higher than the 50.7 November reading.

Bitcoin Stocks Rebound; Cathie Wood Trades Coinbase For Tesla

The price of bitcoin and related stocks rallied following a Fox Business report late Wednesday that regulators may approve bitcoin ETFs as early as Friday.

Bitcoin miner Marathon Digital (MARA) spiked more than 7% following Wednesday's 7.9% drop. The stock whipsawed in sympathy with the volatile price action in bitcoin.

MicroStrategy (MSTR) climbed nearly 4% as the company has a large holding in bitcoin. Shares reached a 52-week high on Tuesday before sinking 7.9% on Wednesday. MARA is extended from the 449.49 buy point of a cup-with-handle base.

Cryptocurrency exchange Coinbase Global (COIN) advanced more than 4% after three harsh days of selling. Cathie Wood's Ark Invest sold COIN stock valued at more than $25 million as of  Wednesday's closing price. It seemed she swapped COIN for Tesla (TSLA), as she added more than 105,000 shares of her pet EV stock.

Tesla climbed 1.1% Thursday afternoon. Shares are in a double-bottom base with a 278.98 buy point, according to MarketSmith pattern recognition. Its weekly chart identified a 265.13 handle entry. And 252.75 has been identified as yet another entry. Shares are holding support at the 50-day line.

Stock Market Movers: MongoDB Sinks

IBD 50 stock GigaCloud Technology (GCT) surged 12% in heavy volume, bouncing from Wednesday's 7.4% sell-off. The stock is flirting with a 52-week high reached on Tuesday. GigaCloud holds perfect 99 scores on Composite, EPS and Relative Strength Ratings.

Database platform developer MongoDB (MDB) ceded nearly 2% and fell further below its 50-day moving average, flashing a sell signal.

Mobileye Global (MBLY) gapped down more than 25% in huge volume after the company gave preliminary fourth-quarter results and issued 2024 revenue guidance below analysts' expectations.

The stock is on pace for its fifth straight day of losses. It has tumbled more than 37% since reaching a high of 44.48 on Dec. 28. The stock is deep below its 50- and 200-day moving averages, marking sell signals. The stock is on pace for its largest decrease on record, according to Dow Jones Market Data. The company makes technology for advanced driver-assistance systems and self-driving cars.

Dow Jones stock Walgreens Boots Alliance gapped down in heavy volume. The pharmacy company beat its fiscal first-quarter earnings and sales expectations. But management cut its quarterly dividend by 48% to strengthen its cash position. The stock found support at its 50-day line. WBA stock is on track for its largest decrease since April 2, 2019, when it fell 12.8%. The stock is the biggest loser on the Dow and the S&P 500 Thursday.

Fellow Dow component Apple (AAPL) fell around 0.7% after Piper Sandler downgraded the stock to neutral from overweight and cut its price target to 205 from 220. This follows a Barclays downgrade on Tuesday. Apple stock gapped down and undercut its 50-day line on Tuesday. AAPL is in its worst four-day losing streak since August, when it fell 6.8%, according to Dow Jones Market Data.

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