Dow Jones Surges to Record High in 2023 as Salesforce Skyrockets; Tesla Slips on Cybertruck Price and Range Concerns

Dow Jones Futures Today Show Slight Decline Overnight

After hours, Dow Jones futures, S&P 500 futures, and Nasdaq futures all showed a slight decrease in activity. Dell Technologies (DELL) took center stage with overnight earnings, while the stock of Tesla continued to fluctuate following its Cybertruck delivery event.

Stock Market Rally Displays Split Session

The stock market rally on Thursday was characterized by a split session. While the Dow Jones soared to a 52-week high fueled by Salesforce (CRM) and UnitedHealth Group (UNH), the Nasdaq retreated following Wednesday’s downside reversal, closing well off its lows. Nvidia (NVDA) and Meta Platforms (META) undercut buy points, while a number of growth stocks, including Super Micro Computer (SMCI), experienced a tumble. Tesla’s long-awaited Cybertruck event showed the company losing ground.

After the close, Dell Technologies, Elastic (ESTC), Samsara (IOT), Marvell Technology (MRVL), UiPath (PATH), and Ulta Beauty (ULTA) reported, with DELL’s weak sales resulting in a solid overnight stock fall. On the other hand, Elastic, IOT, and UiPath stocks surged over 10% in extended trade, along with ULTA stock which also experienced a jump.

The Upcoming Market Forecast

Tesla China EV rivals Li Auto (LI), XPeng (XPEV), and Nio (NIO) will report November deliveries early Friday, with EV and battery giant BYD (BYDDF) releasing monthly sales either on Friday or Saturday. All of this comes amid an intensifying China EV price war. Fed chief Jerome Powell is set to speak on Friday, with investors also awaiting manufacturing and construction data soon after the open.

In ETFs, the iShares Expanded Tech-Software Sector ETF (IGV) rose 0.8%, while the VanEck Vectors Semiconductor ETF (SMH) fell 1.1%. The ARK Innovation ETF (ARKK) and ARK Genomics ETF (ARKG) both experienced declines, with the SPDR S&P Metals & Mining ETF (XME) climbing 1.6%. The market closes with a report on Tesla’s new Cybertruck deliveries.

Tesla Cybertruck Deliveries Begin

Tesla’s Elon Musk handed over 12 Cybertrucks to its first customers on Thursday afternoon. The Cybertruck acceleration and other features were showcased, with Musk touting the vehicle’s all-wheel drive and “Cyberbeast” versions set to be available in 2024. Specifically, the AWD Cybertruck will start at $79,900 before IRA tax credits, while the Cyberbeast variant will start at $99,990. This all comes after initial Cybertruck prices and battery range were revealed, with the base, real-wheel drive Cybertruck set to be available in 2025.

Despite the delivery event, Tesla stock fell 1.7% to 240.08 on Thursday’s trade, and continued to show modest declines in late trading as investors digested the Cybertruck prices and specifications.

Market Rally Analysis

The market rally displayed divergent action on Thursday, presenting challenges on whether it’s ready to rev higher, pull back, or possibly rotate away from tech growth stocks. Expectations for a pullback to play out while waiting for stocks to hold key levels and show relative strength were emphasized, signifying the need for readiness, engagement and flexibility.

Please follow Ed Carson on X/Twitter at @IBD_ECarson, Threads at @edcarson1971 and Bluesky at for stock market updates and more.


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