The Dow Jones Industrial Average fell more than 100 points early Tuesday before cutting losses, as the coronavirus stock market rally continues. Dow Jones stock Apple reversed higher despite expected weakness in 2020, while Boeing tumbled as much as 7% on an order cancellation.
On Monday, the Dow Jones Industrial Average soared 580 points, or 2.3%. The index was boosted by a 14.4% surge in Boeing (BA) shares on positive 737 Max jet news. The S&P 500 and Nasdaq composite followed up with gains of 1.5% and 1.2%, respectively.
Blue chip stocks Visa (V) and Microsoft (MSFT) were higher in today’s stock market. Dow Jones stock Apple (AAPL) stock reversed higher despite word that 5G iPhone shipments in 2020 may be much weaker than expected. Boeing tumbled 7% after Norwegian Air canceled its Boeing 737 Max and 787 orders.
Stocks on the move early Tuesday include Lululemon (LULU) and Micron Technology (MU). LULU stock jumped 7% on its acquisition of at-home fitness company Mirror, while Micron stock rallied 5% on strong earnings results.
Stocks to watch include IBD Leaderboard stocks Atlassian (TEAM) and Netflix (NFLX). Both found support at the key 50-day line on Monday. Meanwhile, supermarket stocks Kroger (KR) and Sprouts Farmers Market (SFM) are approaching new buy points.
Dow Jones Today
The Dow Jones industrials fell 0.1% in morning trade Tuesday after briefly turning higher, while the S&P 500 rose 0.4%. The Nasdaq composite rallied 0.7%.
Overnight, China’s parliament officially passed the Hong Kong national security bill.
The coronavirus outbreak continues to spread across the U.S. According to the Worldometer data tracker, the cumulative number of confirmed U.S. cases is approaching 2.7 million Tuesday. On Monday, daily new cases again exceeded 44.000. However, while daily new cases continue to surge, there still hasn’t been a corresponding rise in the number of daily