Dow Jones Futures Add To Stock Market Rally, Square, Tesla Rival Li Auto Flash Buy Signs – Investor’s Business Daily
Dow Jones futures rose slightly Thursday morning, along with S&P 500 futures and Nasdaq futures. Crude oil and Treasury yields rose slightly after big gains Wednesday.
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The stock market rally on Wednesday added to its rebound with recovery plays, chipmakers and most EV makers powering higher, but trading volume declined yet again. Bitcoin rebounded.
Texas Instruments (TXN), Discover Financial (DFS) and Tenet Healthcare (THC) reported earnings late after all three closed in buy range. Discover stock rose slightly overnight while TXN and Tenet retreated.
In Wednesday’s solid market rally, Square stock broke past a cup-with-handle base buy point on Wednesday, perhaps helped by Bitcoin. Floor & Decor (FND) moved past its own cup-with-handle pattern. Morgan Stanley (MS) cleared a flat base after rebounding from its 50-day line on Tuesday, according to MarketSmith analysis.
Li Auto (LI) soared, breaking a downtrend in a handle in a very deep consolidation, offering an aggressive buy point. Nio (NIO) and Xpeng Motors (XPEV) also jumped, but their “handles” are too low in their own deep bases. Tesla stock, meanwhile, edged lower.
Bitcoin Price Rebounds
Bitcoin rose as high as $32,815 on Wednesday, trading just below $32,000 Thursday morning. The Bitcoin price rebounded from below $30,000 on Tuesday, essentially at 2021 lows. Tesla CEO Elon Musk, Square (SQ), Twitter (TWTR) CEO Jack Dorsey and ARK Invest’s Cathie Wood spoke about Bitcoin and cryptocurrencies at the Bitcoin event “The B Word.”
Musk said he personally owns Bitcoin, Ethereum and, of course, Dogecoin. He added that Tesla (TSLA) and SpaceX own Bitcoin. Musk, who has made positive and negative comments about Bitcoin, says “on balance I support Bitcoin.” He joked about how his tweets, memes and other winks have boosted cryptocurrencies, but said he doesn’t use those times to sell. “I might pump but I don’t dump.”
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Key Earnings
Texas Instruments earnings beat while the chipmaker gave cautious Q3 sales guidance. …….