Dow, Tech Stocks Slash Losses On Powell Comments; Nio, Tesla Try To Recover

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The Dow Jones Industrial Average slid 300 points Tuesday, while tech stocks plunged and Bitcoin tumbled. Tesla stock plummeted 12%.
The Dow Jones Industrial Average briefly fell more than 300 points Tuesday, while tech stocks slashed losses on Fed Chief Powell's monetary comments. Bitcoin tumbled below $45,000. EV leaders Nio and Tesla stock plummeted 15% and 12% before cutting losses.

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Among the Dow Jones leaders, Apple (AAPL) moved down 2.4%, while Microsoft (MSFT) declined nearly 1% in today's stock market. Disney (DIS) is back in buy range above an entry. Meanwhile, Home Depot (HD) dropped 5% despite strong earnings results early Tuesday.

Tesla (TSLA) plummeted as much as 12% Tuesday, while Nio (NIO) crumbled 15%, as they both continue to fall sharply. Both slashed their heavy losses in midday trade. Cadence Design Systems (CDNS) and ZoomInfo (ZI) reported strong earnings results late Monday.

Apple, Microsoft, Tesla and ZoomInfo are IBD Leaderboard stocks. Shoals Technologies was Thursday's IBD Stock Of The Day.

Dow Jones Today: Powell Comments

On Tuesday, the Dow Jones Industrial Average fell 0.4%, while the S&P 500 moved down 0.7%. The tech-heavy Nasdaq composite declined 1.95% in midday trade after plunging as much as 3.9% in the opening minutes of trade.

Early Tuesday, Fed Chief Jerome Powell reiterated that the Fed is "committed to using our full range of tools to support the economy and to help ensure that the recovery from this difficult period will be as robust as possible," in a speech to members of Congress.

Powell commented that inflation and employment remain well below the Fed's objectives, meaning easy monetary policy is likely to remain in place.

U.S. Stock Market Today Overview Index Symbol Price Gain/Loss % Change Dow Jones (0DJIA) 31368.26 -153.43 -0.49 S&P 500 (0S&P5) 3844.28 -32.22 -0.83 Nasdaq (0NDQC ) 13273.63 -259.42 -1.92 Russell 2000 (IWM) 219.19 -4.54 -2.03 IBD 50 (FFTY) 45.72 -1.76 -3.71 Last Update: 10:36 AM ET 2/23/2021

Among exchange traded funds, Innovator IBD 50 (FFTY) traded down 4.5% Tuesday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) lost…
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