DOW 30,000 🥳

Tale of the Tape

Good evening, folks. Today was historic.

The Dow Jones Industrial Average closed above 30,000 for the first time ever. The small-cap rally continued as $RUT ripped roughly 2%.

Big-cap tech lagged, but the Nasdaq 100 ETF $QQQ still closed at its highest price since November 6th.

Every sector except real estate finished higher. $XLRE was flat. Energy surged again. $XLE is up 40% so far this month. November could be its best month ever. 👀 See more below.

Crude closed above $44 for the first time since it went negative. Gold tumbled to prices not seen since mid-July. $GLD dropped 1.5%

The FAANG gang found its footing as all 5 stocks finished higher. $FB flew 3%.

Tesla ticked another all-time high while Elon’s EV maker’s market cap surpassed $500B.

Here are the closing prints:

S&P 500	3,635	+1.62%
Nasdaq	12,036	+1.31%
Russell 2000	1,853	+1.94%
Dow Jones	30,046	+1.54%

Dow 30K

The Dow Jones Industrial Average closed above 30,000 for the first time ever today. 💸

2020 has been a gnarly year. We saw the Dow dip to 18,213 in March. Today it surpassed 30K.

Here’s the yearly chart since 1896. The 2020 candle is one-of-a-kind and we’re not done yet. 😅

Charlie Bilello created a neat table tracking the number of days it took the Dow to break each thousand:

How many days until the Dow darts through 31,000? Time will tell…

Earnings Round-Up

Dollar Tree dropped earnings early this morning. The company’s same-store sales grew 5.1%, its strongest performance in the past 10 quarters.

EPS: $1.39 vs $1.16 est.
Revenue: $6.18B +7.5% YoY

The company didn’t update guidance, saying:

Due to continued volatility and uncertainty related to the COVID-19 pandemic, as well as a lack of visibility into government stimulus initiatives, the company is not providing updated guidance at this time.

Read the press release here.

$DLTR grew 14.8% and filled its gap from late 2019. Here’s the daily chart:

Autodesk reported Q3 earnings after hours. The company beat expectations and revenue increased 13% YoY.

Autodesk President and CEO Andrew Anagnost said:

Our strong third quarter results reflect the growing customer value of our cloud-based platform and the resilience of our subscription business model. Our enterprise customers are undertaking their own digital transformation and, by enabling that transformation, we are becoming strategic partners. For example, we signed a nine-digit deal in the quarter. We are confident in our fiscal 2023 targets and expect to see continued double-digit growth thereafter.

Read the press release here.

The stock was quiet after hours. We’ll wait and see where $ADSK opens in the morning.

Additionally, Autodesk announced that it completed its acquisition of Spacemaker.

🧢 Bitcoin Bro

Where are all the Bitcoin bros?? The cryptocurrency cracked $19K today as it nears its record high from December 2017.

Bitcoin may make a new all-time high soon, but interest in $BTC.X is nowhere near where it was in late 2017.

Here’s a graphic from Visual Capitalist:

But hey, maybe the crypto craze is coming soon. 🤷‍♂️

Yesterday Ethereum cracked $600. Here’s the weekly $ETH.X chart:

Energy Surged. Again.

Is energy back?

The energy sector ETF surged more than 5% for the second day in a row. $XLE closed at its highest price since June 16, 2020. We’ll see if it can surpass the high close from June 8th ($46.86).

Chevron and Exxon, the behemoths of the sector, both surged over 5%. Although these stocks have been strong lately, $CVX is down 16% and $XOM is down 35% in 2020.

Check out the daily charts:

$CVX