Dow Jones Hits Another All-Time High, Led By Salesforce Stock, JPMorgan; Palantir Slammed On Earnings - Investor's Business Daily

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The Dow Jones Industrial Average hit a new high Tuesday, along with the S&P 500 and Nasdaq composite, but early gains for the Nasdaq faded. After gapping above its 50-day moving average earlier this month, Salesforce stock was the top gainer in the Dow Jones today, up 3%. But Peloton (PTON) took a hit in the Nasdaq 100, down nearly 6%. Peloton stock made a nice stand at its 10-week moving average last week after reporting earnings, but support gave way Tuesday.

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Advanced Micro Devices (AMD), Moderna (MRNA) and Tesla (TSLA) also lagged in the Nasdaq with losses of more than 2% each.

At the close, the Dow Jones industrials edged up 0.2%; the S&P 500 eased less than 0.1% and the Nasdaq lost 0.3%. Preliminary data showed volume on the NYSE and Nasdaq coming in higher than Friday.

Former Leaderboard stock Palantir Technologies (PLTR) slumped below its 50-day moving average after reporting earnings. Revenue increased 40% to $322.1 million. That was better than the consensus estimate for $300.7 million, but its 2021 revenue forecast was a bit light. Palantir first joined Leaderboard when it cleared an IPO base on Nov. 5.

U.S. Stock Market Today Overview
Index	Symbol	Price	Gain/Loss	% Change
Dow Jones	(0DJIA)	31520.57	+62.17	+0.20
S&P 500	(0S&P5)	3932.48	-2.35	-0.06
Nasdaq	(0NDQC )	14047.50	-47.97	-0.34
Russell 2000	(IWM)	225.86	-1.40	-0.62
IBD 50	(FFTY)	48.95	-0.24	-0.49
Last Update: 4:08 PM ET 2/16/2021

Bitcoin crossed the $50,000 level early Tuesday but backed off highs. MicroStrategy (MSTR) disclosed it plans to offer $600 million of convertible debt to buy more Bitcoin. The enterprise software company already owns nearly 72,000 units, worth nearly $3.5 billion Tuesday.

Earlier this month, Tesla (TSLA) disclosed that it had bought $1.5 billion worth of Bitcoin. Soon after that, Mastercard (MA) agreed to facilitate some cryptocurrency transactions, while Bank of New York Mellon (BK) announced plans to be a crypto asset custodian. Apple (AAPL) Pay users can now pay in Bitcoin as well.

Dow Jones Movers

Besides Salesforce.com (CRM), JPMorgan (JPM) and Goldman Sachs (GS) also outperformed in the blue-chip index, helped by a big jump in the 10-year Treasury yield, which rose 9 basis points to 1.3%. JPMorgan topped an alternate entry of 142.85, but Goldman Sachs is extended after a first test of its 10-week line.

Caterpillar (CAT) gapped above the 200 level, rising 2% to 202.38. CAT stock recently found support at its 10-week line and today topped a three-weeks-tight entry of 200.27.

Boeing popped above its 50-day moving average, rising around 3%, but it still has a ways to go to get to a 244.18 buy point.

Outside The Dow Jones

Among the best ETFs, the Innovator IBD 50 (FFTY) gave back 0.5% after rising 1.6% intraday. Keep in mind that FFTY jumped 8.1% two weeks ago and another 5.5% last week. That means some consolidation should be expected.

The IBD 50 index of leading growth stocks was weighted down by weakness in Meridian Bioscience (VIVO), which crashed 12% after the Food and Drug Administration requested more information regarding the company's Covid-19 molecular diagnostic test. Meridian shares soared 23% on Feb. 5 after the company reported a 550% surge in quarterly profit and 96% jump in revenue.

Meanwhile, the Innovator IBD Breakout Opportunities ETF (BOUT) outperformed, rising 0.4%.

The iShares Expanded Tech-Software Sector ETF (IGV) eased 0.3%. The VanEck Vectors Semiconductor ETF (SMH) picked up 0.6%.

Growth Stocks On The Move

360 DigiTech (QFIN) and Generac (GNRC) were top gainers in the IBD 50, up 12% and 7%, respectively. After a huge price gain, QFIN stock gapped up Tuesday after already being very extended in price. That's a sign of a climax top. Generac shares were strong after nasty weather in Texas fueled speculation that demand will stay strong for the company's home backup generators. Generac is a top holding of the Innovator Breakout Opportunities ETF.

Enterprise software stock Five9 (FIVN) was an early gainer in the MarketSmith Growth 250 as it tried to break out from a double-bottom base. But the stock closed below the 184.08 buy point. A double-bottom base has the appearance of the letter W and forms when the low of the second leg down (154.25) undercuts the low of the first leg down (163.71.).

Meanwhile, several strong performers in the MarketSmith Growth 250 faced intense selling pressure. Upstart (UPST), Dream Finders Homes (DFH) and Fulgent Genetics (FLGT) ended with losses ranging from 7% to 14%.

Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.

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