Dow Jones futures edged higher late Wednesday, along with S&P 500 futures and Nasdaq futures. The stock market rally wobbled Wednesday, reversing lower intraday before closing narrowly mixed.
Tesla (TSLA) fell significantly as Bitcoin retreated, but could the electric-vehicle maker be in the early stages of creating a new buying opportunity? As for the Bitcoin price, it fell modestly Wednesday but the power-hungry cryptocurrency is still holding onto much of Monday big gain from Tesla’s Bitcoin buy disclosure.
Meanwhile, Nvidia (NVDA) stood out once again, shrugging off the stock market rally’s intraday retreat. After months of lackluster action and one-day pops, Nvidia stock seems to be making a more meaningful move, clearing a flat base Wednesday.
Uber Technologies (UBER), tax software maker Avalara (AVLR), Spirit Airlines (SAVE), real estate info play Zillow (Z) and pet insurer Trupanion (TRUP) were among the notable earnings reports. Avalara stock might test a cup-base buy point on Thursday.
Big Moves For Wild Stocks
A growing number of stocks are showing climax-type runs. On Wednesday, Tilray stock skyrocketed 51% to 63.91 in massive volume as Reddit investors rush into cannabis stocks. TLRY stock is now 117% above its 10-day moving average. Traditionally 20% was a sign that a stock was likely to have a pullback. In the current market, 40% or more has often been the trigger. But Tilray stock was still rising sharply overnight.
Hong Kong brokerage Futu rallied 7% to 165.24, but came way off an intraday high of 204.25. It’s 36% above its 10-day line. Meanwhile, EXPI stock tumbled 15% to 136.34, nearing its 10-day line intraday. APPS stock sank 3.5% while XONE stock skidded 16.5%.
Dow Jones Futures Today
Dow Jones futures rose 0.1% vs. fair value. S&P 500 futures and Nasdaq 100 futures climbed about 0.1%.
Coronavirus cases worldwide reached 107.81 million. Covid-19 deaths topped 2.36 million.
Coronavirus cases in the U.S. have hit 27.88 million, with deaths above 482,000. New coronavirus cases and hospitalization levels continue to fall sharply, while deaths also are declining. Vaccinations are continuing, with the likelihood of increased supply and more vaccine options within a few weeks. The big concern is the spread of the more-contagious Covid variant first detected in the U.K.
Stock Market Rally Wednesday
The stock market rally…
Go to the news source: Dow Jones Futures: Market Rally Wobbles As Tilray Leads Climax Stocks; Bull Case…