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Dow Rallies As Bitcoin Surges Above $54,000; Tesla Jumps Before Earnings, While Coinbase Climbs

The Dow Jones Industrial Average briefly rallied more than 100 points Monday, as Bitcoin surged above $54,000. Tesla stock raced higher ahead of earnings, due out after the close, while Coinbase jumped 4%.




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Among the Dow Jones leaders, Apple (AAPL) dropped 0.2% Monday, while Microsoft (MSFT) moved up 0.1% in today’s stock market. Dow Jones stock Disney (DIS) is approaching a new buy point, but remains below a key level.

Tesla (TSLA) rallied more than 2% Monday before cutting gains ahead of the company’s earning results after the close. Hot IPO stock Coinbase Global (COIN) rallied 4% in morning action.

Among the top stocks to buy and watch, Nvidia (NVDA) and PayPal (PYPL) are near new buy points.

Microsoft and PayPal are IBD Leaderboard stocks. Apple and Nvidia were featured in last week’s Stocks Near A Buy Zone column.

Dow Jones Today

The Dow Jones Industrial Average rose 0.2%, while the S&P 500 gained 0.3%. The tech-heavy Nasdaq composite extended gains to 0.4% in morning trade.

Among exchange traded funds, the Innovator IBD 50 (FFTY) traded up 1.1% Monday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) rose 0.2%. Meanwhile, the SPDR S&P 500 ETF (SPY) was up 0.3%.

Stock Market Rally: Dow Jones Nears High

Amid the current stock market rally, the Dow Jones Industrial Average is nearing another record high, while the S&P 500 notched a new high amid Monday’s gain.

Meanwhile, the tech-heavy Nasdaq sits off its own all-time highs amid Monday’s slight rise.

Friday’s Big Picture commented, “The stock market finished the week strong, as the tech-heavy Nasdaq led the major stock indexes higher Friday. The Nasdaq, Dow Jones Industrial Average and S&P 500 ended near session highs.”

For more stock market commentary, check out IBD’s The Big Picture.

Bitcoin Surges Above $54,000; Coinbase Jumps

Bitcoin plunged as low as $47,079 Sunday night before surging higher to trade as high as $54,043 Monday morning before easing. Bitcoin traded around $53,800 in morning trade. On April 14, Bitcoin topped out at $64,829, according to Coindesk.

The Grayscale Bitcoin Trust (GBTC) jumped 6% Monday morning, on pace to add to Friday’s 2.6% rally. The Bitcoin-tracking ETF broke down below its key 50-day line last week.

Cryptocurrency exchange Coinbase jumped more than 4% Monday morning amid the strength in Bitcoin. Shares hit a post-IPO low Friday and are about 30% off their high of 429.54.

The stock’s weakness illustrates the importance of waiting for an IPO base to form before jumping into hot IPO stocks.


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Dow Jones Stocks: Disney’s New Buy Point

Dow Jones media giant Disney is working on a new flat base with a 203.12 buy point, according to IBD MarketSmith chart analysis. Shares rallied almost 1% Monday morning, but remain below their key 50-day moving average.

A previous breakout above a 183.50 flat-base entry on Feb. 8 led to some immediate gains. But those gains have dissipated since early March.

Stocks To Buy And Watch: Nvidia, PayPal

Graphics-chip maker Nvidia is below its 615 buy point in a new cup base following last week’s weakness. The 5% buy zone goes up to 645.75. Shares declined almost 1% Monday morning.

According to IBD Stock CheckupNvidia stock shows a solid 93 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.

IBD Leaderboard stock PayPal is building a cup with handle, offering a buy point at 277.96, according to IBD MarketSmith chart analysis. Shares moved up 1% Monday, and they remain above their 50-day line.

According to Leaderboard commentary, “Three up weeks in a row is encouraging. Yet it’s key to watch now how the stock holds those nice gains. The current base is third stage … The Relative Strength Rating is improving but has not reached 80 in a long while.”


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Tesla Earnings

EV giant Tesla will report its Q1 earnings results after the stock market close Monday. Analysts polled by Zacks Investment Research expect EPS of 79 cents, a 216% year-over-year surge. Sales are seen jumping 66% to $9.92 billion.

Tesla may also adjust its delivery forecast. In January, the company estimated 50% average annual growth in vehicle deliveries, with 2021 expected to be faster than that pace. In 2020, deliveries grew 36% to 499,647.

Tesla Stock

Tesla stock rallied more than 1% Monday morning, looking to add to Friday’s 1.35% gain. The EV giant is forming a new cup with handle, offering a 780.89 buy point. But it is a late-stage base.

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.


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Dow Jones Leaders: Apple, Microsoft

Among the top Dow Jones stocks, Apple moved down 0.2% Monday, as the stock continues to build a cup base with a 145.19 buy point, according to MarketSmith chart analysis.

Software giant Microsoft traded 0.1% higher Monday. Microsoft is trading out of the 5% buy range past a flat base’s 246.23 buy point that tops out at 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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