Dow Jones Falls Below Key Level; Tesla Eyes Big Lithium, Graphite Plays After Lithium Stocks Crash

Major indexes rose off session lows in afternoon trading on Tuesday. The Dow Jones Industrial Average was down nearly 2% at 3 p.m. ET, falling below its 50-day moving average while the Nasdaq, which has outperformed so far this year, trading over 2% lower.


The S&P 500 was also down nearly 2% as well, although its 50-day line remains above its 200-day line — a bullish indicator.

Volume on the NYSE and Nasdaq was higher compared to the same time on Friday.

The small-cap Russell 2000 saw the steepest fall, trading nearly 3% lower.

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Last Update: 3 PM ET 2/21/2023

Crude oil slipped by a fraction and sold at $76.37 per barrel.

The yield on the benchmark 10-year Treasury note surged 11 basis points to 3.94%.

The S&P Global Flash US Composite PMI rose to an eight-month high for services and fell at a lower pace for manufacturing in February, compared to January. The data supports growing optimism that the economy will see a soft landing in 2023.

Existing home sales fell slightly in January and were well below year-ago levels. According to Comerica Chief Economist Bill Adams, “2023 will likely be the slowest year for total home sales — existing and new — in about a decade.”

Dow Jones Leaders Earnings

Dow Jones component Home Depot (HD) fell Tuesday after earnings. The home-improvement giant had earnings of $3.30 per share on revenue of $35.83 billion. Shares nose-dived, undercutting the base and 200-day line.

Dow Jones leader Walmart (WMT) rose nearly 0.5% in afternoon trading, according to MarketSmith chart analysis. A lower outlook after strong earnings of $1.72 per share and revenue of $164 billion pressured the stock, which pared losses in intraday trading in strong volume. It’s building support at its 50-day line.

Stocks Moving Today

Shares of Copart (CPRT) are up over…


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