Huge companies like Tesla and Apple have seen their stock dives as the price of Bitcoin falls.

The prices of Bitcoin fell over the weekend, which saw the Dow Jones Industrial Average dropped 500 points on Monday.

Tesla saw its stock fall by eight per cent, Apple’s (AAPL) was down by 1.5 percent and Microsoft’s was down two per cent in the market on Monday, January 24.

The Dow Jones Industrial Average fell 1.6 per cent after the stock market opened on January 24, .

In morning trade, the Nasdaq composite, which is heavily weighted in technology, fell 2.2 percent.

In early trade, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) fell 2 percent, while the SPDR S&P 500 ETF (SPY) fell 1.9 percent.

The yield on the 10-year Treasury note fell to 1.74 percent on Monday morning.

The stock market had another bad week on Friday, January 21, with the Nasdaq falling 7.5 percent, its largest weekly drop since the coronavirus epidemic began in March 2020.

The Dow Jones Industrial Average fell 1.3 percent, dropping below its 200-day moving average for the first time.

The S & P 500 index plummeted 1.9 percent, closing below its 200-day moving average for the first time since June 2020.

The Big Picture on Friday said: “Several indicators indicate that the market is oversold, but this does not imply that a bottom is imminent. Renewed signals of accumulation would surely help the indexes’ case, but as institutional investors continue to liquidate positions in growth stocks, there is no evidence of it yet.”

During this period of the current decline, IBD’s The Big Picture is a must-read. Rather than buying stocks,

investors could create watchlists of leading stocks with strong relative strength. During the next major rally, these could become market leaders.

IBM (IBM), a Dow Jones stock, wasslated to report after the market closes on Monday.

On $16 billion in sales, analysts estimate the corporation to earn $3.30 per share. With a 146.10 buy price, IBM shares are forming a double-bottom base.

During Friday’s 2.4 percent drop, Cisco Systems, a Dow Jones stock, slid farther below its 58.73 double-bottom entry, according to IBD MarketSmith chart analysis.

The stock is now trading below its 50-day moving average. On Monday, shares were down roughly 1 percent.

Positively, the company’s relative strength line has recently reached a new high, confirming the Dow Jones stock as a market leader, but the stock is still falling due to a continuous stock market downturn.

According to IBD MarketSmith chart analysis, AIG plummeted 2.6 percent on Friday, ending right at the 50-day moving average as the stock forms a cup-and-handle base with a 62.35 buy target. The stock of AIG fell 2 percent on Monday.

After Friday’s 1.95 percent gain, energy leader Baker Hughes is still trading just below a 27.76 cup-base purchase point. BKR’s stock was down 2 percent on Monday.

The IBD 50 Stocks To Watch pick for Thursday, Global Ship Lease, added a handle to its cup base, dropping the buy point from 26.61 to 25.59.

According to the IBD Stock Checkup, the stock has a perfect 99 IBD Composite Rating. In early Monday trading, GSL shares were down 3 percent.

Li Auto’s stock fell 4.35 percent on Friday, extending a four-session losing run. The stock finished below its long-term 200-day line.

With a 37.55 entrance, the stock continues to gain on the right side of consolidation, while an early entry at 33.86 is also in play. On Monday, the stock dropped 3.5 percent.

Tesla stock traded down 8 percent on January 23, hitting its lowest level since October. Shares are sharply below their 50-day line. The stock traded as high as 1,243.49 on Nov. 4 but ended Thursday about 20% off that 52-week high.

Source: IBD

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