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Stock Market Today: Dow Jones Hit by Apple Selloff; Cathie Wood sells to Coinbase for $30 million

Dow Jones futures and the other major indexes fell on Tuesday after Apple shares sold off on a report showing sharply slowing iPhone sales in China. Meanwhile, famed investor Cathie Wood sold nearly $31 million worth of stock Coin base (COIN) on the stock market today.


Dow Jones futures fell 0.4% from fair value in morning action, while S&P 500 futures fell 0.45%. Tech-heavy Nasdaq 100 futures fell 0.7% before the opening bell.

Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) exchange-traded fund fell 0.7%, while the SPDR S&P 500 ETF (SPY) fell 0.5%.

The yield on ten-year government bonds fell by 7 basis points to 4.15%. Further, oil prices added to Monday’s losses, as West Texas Intermediate futures fell nearly 1% to $78 a barrel.

Cathie Wood Sells, Apple Stock Drops

Cathie Wood’s Ark Invest funds sold nearly 135,000 shares of Coinbase on Monday, or about $30.9 million worth based on the closing price, per Daily Trading Information. Shares of Coinbase rose more than 11% on Monday to hit a new high.

Coinbase shares rose nearly 2% premarket on Tuesday, while the price of bitcoin rose to around $66,900, per CoinDesk. Bitcoin is up 3% in the past 24 hours.

Apple (AAPL) shares lost 2.2% Tuesday on a report showing slowing iPhone sales in China. According to research firm Counterpoint Research, the company sold 24% fewer iPhones in China in the first six weeks of 2024 than a year earlier.

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Be sure to learn how to adapt to changing market conditions, with IBD’s new exposure levels.

Fair today

The S&P Global’s Purchasing Managers’ Index, due at 9:45 a.m. ET, is expected to remain steady at 51.4. The services index is also expected to remain unchanged from the mid-month estimate, at 51.3.

Meanwhile, factory orders from the Ministry of Commerce are expected at 10am. Orders are expected to drop by 3% in January.

Finally, the Institute of Supply Management’s services index is expected to fall to 53.0 in February, down from 53.4 in January.

Major profit makers on Tuesday included First viewing restaurant (FWRG), GitLab (GTLB), Nio (NIO) and Goal (TGT).

First Watch fell 3.5% in premarket action, while GitLab fell more than 21%. Nio shares fell 2.2%. And Target rose more than 9% in early trading.

Dow Jones falls

On Monday, the Dow Jones Industrial Average fell 0.3% and the S&P 500 fell 0.1%. The tech-heavy Nasdaq composite fell 0.4%.

Monday’s Big Picture column noted, “The Nasdaq closed Monday more than 5% above its 50-day moving average; the S&P is nearly 5% above its 50-day line. These gaps should tempt sellers, though the stock market even bigger differences this year.”

This is an important time to read IBD’s The Big Picture column, amid the ongoing stock market rally. Be sure to learn how to adapt to changing market conditions, with IBD’s new exposure levels.

Learn how to time the stock market with IBD’s ETF market strategy

Best stocks to buy and watch in the stock market today

Duolingo (DUOL), Fortinet (FTNT) and Weerford (WFRD) – plus Dow Jones components Disney (DIS), IBM (IBM) and Procter & Gamble (PG) – are among the best stocks to buy and watch in the stock market today.

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IBM and Duolingo were discussed in this section Stocks near a buy zone.

A great resource for daily breakouts is IBD MarketSurge’s “Breaking Out Today” list. It shows MarketSurge Growth 250 stocks breaking past new buy points. There was one outbreak on Monday: Rollins (ROL) that broke out past a 44.43 cup-with-handle entry.

Meanwhile, the MarketSurge “Near Pivot” list shows stocks near buy points, like Samsara. The shares are approaching a value of 36.78 cup-with-handle.

Get real-time buy and sell alerts on stock market leaders with the IBD Leaderboards

Dow Jones Stocks: Disney Eyes Buy Point

Disney breaks past the 112.92 buy point for a large cup with handle, according to IBD MarketSurge chart analysis. Shares rose 1.6% on Monday. Disney shares fell 0.3% on Tuesday.

IBM shares are quickly approaching the 196.90 buy point on a flat basis, up 2.6% on Monday. IBM shares fell 0.1% on Tuesday.

Consumer products giant Procter & Gamble rose 0.5% on Monday to remain above a 158.38 buy point in a cup base. P&G shares fell 0.3% on Tuesday.

3 top growth stocks to watch Stock market rally

Duolingo Eyes Buy Point

IPO leader Duolingo is building the right side of a cup base with a 245.87 buy point. Shares fell 5% on Monday. Duolingo shares fell 1.1% on Tuesday morning.

Cybersecurity leader Fortinet adds a handle to a long cup base, bringing the buy point to 73.91. Fortinet shares rose 2.35% on Monday. The stock lost 0.7% early Tuesday.

Oil stock Weatherford is back in buy range above a 102.65 buy point in a cup base, down 3.2% Monday. The 5% buying range comes to 107.78. Shares of Weatherford rose a fraction on Tuesday.

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Best bets on the stock market today

These are the four best stocks to watch in the stock market today, including a Dow Jones leader.

Company Name Symbol Correct purchase point Purchase point type
Novo Nordisk (NVO) 105.69 Flat base
Merck (MRK) 119.65 Cup base
DesignKings (DKNG) 39.35 Cup base
Spotify (PLACE) 202.88 Flat base
Source: IBD data as of February 28, 2024

Join IBD experts as they analyze leading stocks in today’s stock market rally on IBD Live

Beautiful seven stocks: Nvidia, Tesla

Among the Magnificent Seven shares, Nvidia (NVDA) gained 0.6%, while Tesla (TSLA) fell another 3% on Tuesday.

AI giant Nvidia looked to add to Monday’s gains, sending its shares to record highs. Shares are nearly 70% above 505.48 from a flat base. Nvidia is an IBD Leaderboard stock.

Tesla stock closed at its lowest level since February 13, plunging 7.2%. Shares remain sharply below their 50- and 200-day lines.

Dow Jones Leaders: Microsoft

Among the Dow Jones stocks in the Magnificent Seven, Microsoft (MSFT) was trading lower ahead of Tuesday’s stock market open.

Microsoft shares remain out of buy range after hitting a 384.30 buy point on a flat basis amid a 0.5% rise Friday. The software giant fell 0.6% on the stock market today.

Make sure you follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen to learn more about growth stocks, the Dow Jones Industrial Average, and the current stock market.


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