Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. The price of Bitcoin and Ethereum plunged Saturday, the latest sign of a “risk-off” mindset hitting financial markets. But cryptocurrencies rebounded by Sunday.
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The stock market suffered sharp losses last week, with the major indexes shrugging off short-lived rebounds to close below key moving averages. Apple stock and Tesla are among key stocks to watch in the days ahead.
DocuSign (DOCU), a key 2020 winner, crashed Friday as hard times hit the software sector. But the writing was already on the wall for the e-signature leader.
Adobe (ADBE), which had held up relatively well in recent weeks, finally tumbled on Friday. Microsoft (MSFT) and Nvidia stock are starting to show some strain. Tesla stock faces a key test as EV rivals such after Lucid (LCID), Rivian Automotive (RIVN), Xpeng (XPEV) and Li Auto (LI) plunged.
Apple (AAPL) continues to hold up, closing with a weekly gain.
A more-hawkish Fed and omicron variant fears are two catalysts for the recent sell-off, but what the market is doing matters far more than why. Investors should be playing defense in the current market environment, cutting exposure and not looking to make new buys.
Tesla (TSLA), Microsoft, Nvidia (NVDA) and Adobe stock are on IBD Leaderboard. MSFT stock and Adobe are on IBD Long-Term Leaders. Tesla, Nvidia, Microsoft and XPEV stock are on the IBD 50.
The video embedded in this article reviewed the market action in detail and analyzed DOCU stock, Adobe and Tesla.
Bitcoin Price, Cryptocurrencies Off Lows
The price of Bitcoin plunged early Saturday to just above $42,000 before recouping much of those losses. Bitcoin is just above $49,000, still well off Friday afternoon levels, according to Coindesk. Ethereum is over $4,100, also well off Saturday morning lows just above $3,500 and about where it was at Friday’s stock market close.
Both have pulled back from early November peaks, especially…
