February 3, 2023

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Dow Jones Futures Fall After Bullish Market Action; Tesla To Buy Batteries From Top EV Rival

2 min read

Dow Jones futures fell modestly early Wednesday, along with S&P 500 futures and Nasdaq futures. The stock market rally responded bullishly Tuesday to another Target (TGT) earnings warning, rebounding from early lows to close solidly higher.


China EV and battery giant BYD (BYDDF) will supply batteries to Tesla (TSLA), a BYD executive said Wednesday, after months of speculation. That comes as BYD vehicle sales pass Tesla’s.

VRTX stock, Ulta Beauty (ULTA), ZIM Integrated Shipping (ZIM), Albemarle (ALB), Ashland Global Holdings (ASH), TimkenSteel (TMST) and Chevron (CVX) are stocks in or near buy zones. Vertex Pharmaceuticals (VRTX), Ulta Beauty and Albemarle are in handles. ZIM stock is flirting ASH stock is below an official buy point but arguably actionable now. TMST stock broke out on Tuesday while Chevron is holding in a buy range.

The relative strength lines for these stocks are at or near highs. The RS line, the blue line in the charts provided, tracks a stock’s performance vs. the S&P 500 index.

ALB stock is on IBD Leaderboard, while Ashland stock is on the Leaderboard watchlist. ZIM stock is on the IBD 50. CVX stock is on the IBD Big Cap 20. Vertex Pharmaceuticals was IBD Stock Of The Day. The video embedded in this article discussed Tuesday’s market action and analyzed TimkenSteel, Chevron and ULTA stock.

The Booming EV Giant Seizing Tesla’s EV Crown

BYD-Tesla Battery Deal

BYD will supply batteries to Tesla, a senior BYD executive said in an interview with state-owned TV, according to CnEVPost.com. While few details were given, the deal is a major validation for BYD as a battery supplier to third-party automakers. Tesla has relied on battery giant CATL for its China-made vehicles. There have been rumors for months that Tesla would use BYD Blade batteries, which are a specialized LFP battery.

That comes as Tesla is virtually assured of losing its EV crown in the second quarter to BYD, though that latter includes EVs and plug-in hybrids. Until…

2022-06-08 05:33:21

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