Dow Jones Experiences Increase Following Ukraine-Israel Aid; Elon Musk Expresses Views Amidst Ongoing Tesla Price Reductions

Dow Jones Experiences Increase Following Ukraine-Israel Aid; Elon Musk Expresses Views Amidst Ongoing Tesla Price Reductions

The Dow Jones Industrial Average rallied after the House passed bills to deliver aid to Ukraine and Israel. Elon Musk spoke out as more Tesla (TSLA) price cuts emerged. Nvidia (NVDA) and (AMZN) made gains while bitcoin miner Riot Platforms (RIOT) spiked following a bullish Wall Street call.


Meanwhile, a trio of stocks were holding steady near buy points despite negative pressure: Heico (HEI), Cactus (WHD) and Republic Services (RSG).

Stock Market Today: Ukraine-Israel Move Eases Fears

Stocks were fighting back Monday after the House of Representatives passed foreign aid packages for Israel and Ukraine, easing some geopolitical fears. The Senate is expected to approve the moves this week.

The Nasdaq composite was fighting back after Friday’s shellacking, rising 0.5%. PDD (PDD) was shining as it rose more than 4%. Netflix (NFLX) continued to lag post-earnings as it fell more than 2%.

The benchmark S&P 500 is on track to snap a six-day decline as it rose 0.4%. Las Vegas Sands (LVS) outperformed as it rose around 4% but remains below its major moving averages, MarketSurge analysis shows.

The S&P 500 sectors were mixed. Technology and communication services were making the best gains. Energy and materials were lagging the most on the stock market today.

Small caps were steady, with the Russell 2000 up 0.5%. Growth stocks popped, with the Innovator IBD 50 ETF (FFTY) up nearly 1%.

Dow Jones Today: Verizon Reverses After Earnings

The Dow Jones was lagging the other major indexes even as it turned in a gain of more than 100 points. It was up about 0.3%.

Goldman Sachs (GS) and Salesforce (CRM) were faring best on the much-watched index, rising more than 1% each.

Verizon Communications (VZ) was lagging most on the Dow Jones today. It fell nearly 3% despite an earnings beat. Revenue came in slightly below expectations.

Elon Musk Defends Tesla Price Cuts

Tesla stock was taking a tumble amid news of more price cuts.

It emerged over the weekend that the company had cut EV prices in the U.S., China and Europe, as well as slashing the price for its Full Self-Driving feature.

However the firm’s chief executive Elon Musk took to his social media platform X to explain that prices “must change frequently in order to match production with demand.”

“Other cars change prices constantly and often by wide margins via dealer markups and manufacturer/dealer incentives,” Musk said. “Only a fool thinks the ‘MSRP’ [manufacturer’s suggested retail price] is the real price.”

The stock was down around 3% and lost more ground on its 50-day moving average, according to MarketSurge.

Its relative strength line undercut its January 2023 low and sits at its lowest level since May 2020. Tesla stock is down around 42% since the start of the year. Tesla earnings are due Tuesday.

Magnificent 7: Nvidia Stock Jumps

The so-called Magnificent Seven were mostly making gains after last week’s pain.

Nvidia (NVDA) was faring best as it bounced nearly 2%. Nevertheless, the AI play remains stuck below its 50-day line.

Amazon stock was also making gains, rising more than 1%. It is trying to retake its 50-day moving average. Google parent Alphabet (GOOGL) rose 0.5%.

Apple (AAPL) was up less than 1%. Meta Platforms (META) and Microsoft (MSFT), which report earnings later this week, gave up early gains.

Stock Market Today: Bitcoin Miner Riot Pops On Call

Riot Platforms jumped 12.5% after it was the subject of a bullish Wall Street call. The bitcoin miner was given a boost after JPMorgan Chase reiterated its overweight rating following its recent analyst day.

It made the move despite the cryptocurrency recently undergoing its fourth-ever halving event. This caused the reward for mining bitcoin to fall to a block reward of 3.125 BTC.

Despite Riot stock rising by more than 8%, it remains rooted below it 50-day and its 200-day moving averages.

Bitcoin was up around 2%, according to CoinDesk. It is trading for just over $66,000 per token.

Among other bitcoin-related stocks, Coinbase Global (COIN) was up around 6%, Marathon Digital (MARA) rose about 3% and the ARK 21Shares Bitcoin ETF (ARKB) rose nearly 3%.

Outside Dow Jones: 3 Stocks Eye Entries

While the market is in the grip of some turmoil, investors should keep looking for stocks near buy points for their watchlists.

Aerospace play Heico is showing relative strength as it holds close to a flat-base buy point of 200.64. This is a first-stage base, which means it is more likely to net big gains.

The stock’s EPS Rating comes in at 83 and it boasts strong institutional support. In total, 63% of its stock is currently held by funds, according to MarketSurge data.

Energy play Cactus has formed a first-stage cup-with-handle base. The ideal buy point here is 53.09. Overall good performance is reflected in an IBD Composite Rating of 94.

Cactus designs, manufactures and sells oil wellheads and pressure control equipment. Its products are sold and rented principally for onshore shale and other unconventional oil and gas wells.

Waste collection company Republic Services is nearing a flat base entry of 192.57. This is a mid-stage pattern and the relative strength line has just reached fresh heights.

The stock has a best-possible Composite Rating and its Accumulation/Distribution of B+ reflects institutional buying of late. Its latest earnings report is due late April 30, which could act as a catalyst.

Please follow Michael Larkin on X, formerly known as Twitter, at @IBD_MLarkin for more analysis of growth stocks.


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