The Dow Jones Industrial Average rallied more than 100 points early Thursday, as Bitcoin rebounded from Wednesday’s crash. Virgin Galactic soared as much as 25% on test flight news, while Cisco Systems tumbled on earnings. Tesla stock looked to rebound in morning trade.
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Among the Dow Jones leaders, Apple (AAPL) rallied 1.1% Thursday, while Microsoft (MSFT) moved up 1% in today’s stock market. Goldman Sachs (GS) and JPMorgan (JPM) are near buy points.
Meanwhile, Dow Jones networking giant Cisco Systems (CSCO) reported earnings after the close Wednesday.
Tesla (TSLA) rallied 3% Thursday, looking to rebound from Wednesday’s 2.5% fall. Virgin Galactic (SPCE) soared as much as 25% after confirming an upcoming test flight.
Among the top stocks to buy and watch, ASML (ASML) and Target (TGT) are in or near new buy areas.
Microsoft is an IBD Leaderboard stock. ASML is on IBD SwingTrader. Target was Wednesday’s IBD Stock Of The Day.
Dow Jones Today
The Dow Jones Industrial Average rose 0.3% Thursday, while the S&P 500 moved up 0.6%. The tech-heavy Nasdaq composite rallied 1.3% in morning trade.
Among exchange traded funds, the Innovator IBD 50 (FFTY) moved down 0.4% Thursday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) traded up 1.3%. Meanwhile, the SPDR S&P 500 ETF (SPY) gained 0.6%.
Stock Market Rally At Key Levels
The Dow Jones Industrial Average and S&P 500 are fighting to hold support at their 50-day moving average lines during this week’s market weakness. Meanwhile, the tech-heavy Nasdaq is about 6% off its record high, as tech stocks continue to struggle.
Wednesday’s Big Picture column commented, “Here we go again. For the second time in two weeks, the stock market is grasping at support levels in hopes of avoiding a deeper slide.”
For more stock market commentary, check out IBD’s The Big Picture.
Bitcoin Price
The price of Bitcoin rebounded Thursday to trade around $41,700, according to Coindesk. Bitcoin is more than 38% from Wednesday’s low price of $30,201. The cryptocurrency crashed after Chinese regulators said financial institutions should not accept cryptocurrencies as payment.
Bitcoin-tracking ETF Grayscale Bitcoin Trust (GBTC) advanced about 7% in morning trade.
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Dow Jones Earnings: Cisco Systems
Dow Jones networking giant Cisco Systems reported better-than-expected fiscal-Q3 adjusted earnings and revenue late Wednesday. But profit guidance for the current July quarter missed expectations.
Cisco stock tumbled 3% Thursday morning and is breaking down through its 50-day support level.
Dow Jones Stocks: Goldman, JPMorgan
Dow Jones financial leader JPMorgan is just below a 161.79 buy point in a flat base, according to IBD MarketSmith chart analysis. Shares fell 0.6% Thursday morning.
On May 5, Dow Jones stock Goldman Sachs broke out past a 356.95 buy point, entering a buy range that goes up to 374.80. Goldman shares gave up the entry on May 12 before retaking the entry late last week. The stock gave up the buy point amid Thursday’s 0.6% fall.
Virgin Galactic Soars
Virgin Galactic soared as much as 25% before paring gains after the company confirmed that its next rocket-powered test flight will be conducted Saturday.
SPCE stock remains about 70% off its 52-week high despite Thursday’s strong gains.
Stocks To Buy And Watch: ASML, Target
IBD Long-Term Leader ASML is again trying to find support at its critical 50-day line. A strong rebound would place the chip leader in a new buy area. Shares rebounded about 1% Thursday morning.
ASML is also an IBD SwingTrader and IBD Leaderboard stock.
Per Leaderboard commentary, “ASML is again looking for support at the 50-day moving average after an attempted rebound off the 10-week line faltered. It is just above its buy point.”
Wednesday’s IBD Stock Of The Day Target is rebounding from its 50-day moving average. The buy point is around 204.87, so shares are extended for now. Shares edged 0.2% higher Thursday morning.
According to IBD Stock Checkup, Target stock shows an 87 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating helps investors easily measure the quality of a stock’s fundamental and technical metrics.
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Tesla Stock
Tesla stock rallied 3% Thursday, rebounding from Wednesday’s 2.5% fall that saw the EV giant hit a new recent low. Shares are below their long-term 200-day line and are about 35% off their 52-week high.
On Jan. 25, Tesla stock hit a record high at 900.40, after climbing as much as 93% from a 466 buy point in a cup with handle.
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple moved up 1.1% Thursday, on pace to snap a three-day losing streak. Shares are below their 50-day moving average and are once trying to find support at their long-term 200-day line.
Last week, the stock triggered the 7%-8% loss-cutting sell rule from a 135.63 buy point.
IBD Leaderboard stock Microsoft gained 1% Thursday, but remains just below a flat base’s 246.23 buy point, according to IBD MarketSmith chart analysis. The buy zone goes up to 258.54.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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