The Dow Jones Industrial Average closed lower Monday while trading in Berkshire Hathaway eventually restarted after being halted amid an alarming plunge. The Nasdaq composite closed higher on the stock market today as Nvidia popped on the release of more artificial intelligence products over the weekend. In a wild day, GameStop closed 21 % higher.
The Dow Jones index climbed into the close but still fell 0.3%. The Nasdaq composite fought out of negative territory to rise 0.6%. Autodesk fared best in the composite, rising 4.6%% after the firm said it would not be restating its financial results following an internal investigation. Diamondback Energy lagged as it fell more than 4% amid weakness in energy stocks.
Stock Market Today: Small Caps, IBD 50 Reverse Lower
Meanwhile, the S&P 500 edge up 0.1%. Paramount Global was among the best S&P performers as it surged 7.5% amid reports of a revised buyout offer from Skydance Media. CNBC reported the two parties have agreed to terms.
The S&P 500 sectors were mostly negative on the stock market today. Technology and health care fared best. Energy and industrials were the worst-performing areas.
Early gains for the Russell 2000 melted away as it fell 0.5%%. The Innovator IBD 50 exchange traded fund also reversed lower, falling 0.2% on the stock market today.
Warren Buffett Stock 'Falls' 99%, Trading Briefly Halted
Trading was halted in some stocks amid technical issues at the New York Stock Exchange.
Barrick Gold and Warren Buffett's Berkshire Hathaway were among the equities affected.
"A technical issue involving industrywide price bands published by the Consolidated Tape Association's Securities Information Processor triggered 'limit-up/limit down' trading halts on up to 40 symbols listed on NYSE Group exchanges," an NYSE spokesperson told Investor's Business Daily. "Shortly before noon, the issue was resolved and trading in the impacted stocks resumed."
The class A Berkshire shares fell by 99.9%. Trading was halted with the stock quoted at 185.10 compared with Friday's closing price of 627,400. Berkshire's B class shares remained unaffected.
Outside of Berkshire, Banco Santander-Chile, meme stocks GameStop and AMC Entertainment, and NuScale Power were among those also affected. After the halt shares appeared to traded normally.
Market Closes Strong As Nvidia Jumps; 7 Stocks Near Buy Points
Stock Market Today: Nvidia Stock Pops Amid New AI Products
Nvidia Chief Executive Jensen Huang touted future AI chips Sunday. The chip stock advanced nearly 5% Monday. The Leaderboard stock is extended past a 922.20 entry.
Huang announced plans for the Blackwell Ultra chip in 2025 and a next-generation Rubin platform for 2026. Nvidia already plans to roll out Blackwell AI chips this year.
Advanced Micro Devices CEO Lisa Su gave an AI roadmap for the next two years and touted her firm's latest processors for AI PCs. AMD stock reversed lower, falling 2%.
And Qualcomm Chief Executive Cristiano Amon flaunted his firm's latest Snapdragon chips for Microsoft Copilot+ PCs. Qualcomm rose 0.9%.
GameStop Soars On Roaring Kitty News
Meanwhile, GameStop soared but ended well off highs as Reddit investing personality Roaring Kitty disclosed a large stake in the meme stock. Meme stock mania was back in full force Monday after influencer Keith Gill — known as Reddit investing personality Roaring Kitty — shared a social media post that showed a seemingly substantial stake in GameStop.
GameStop closed 21% higher. Fellow meme stock AMC Entertainment also saw an early pop fade as it gained 11%.
Bill Ackman Makes IPO Move
Meanwhile, hedge fund billionaire Bill Ackman has sold a large slice of his firm Pershing Square as he eyes a potential initial public offering.
The company said in a media release that it has sold 10% common equity interest in Pershing Square Holdco, which owns 100% of the Pershing Square Capital Management.
This new investment will help accelerate our growth in assets under management in existing and new strategies," Ackman said in the release. "As always, Pershing Square will remain intensely focused on generating high, long-term returns for our investors."
A group of investment firms paid $1.05 billion for the stake. Pershing Square would become the first major hedge fund to go public in over 10 years.
Dow Jones Today: Boeing Stock Climbs And Chevron Lags
Among the 30 Dow Jones components on the stock market today, Boeing fared best as it rallied nearly 4%.
Merck also outperformed as it popped 2.3%. Apple and Amazon.com rose about 1%.
Chevron was the weakest performer on the Dow Jones today as it fell 3%. Dow Inc. and Travelers closely followed, with Dow falling 2.7% as Travelers dipped 2.5%.
Fed Official Sees 'Extended' Hold on Rates
Minneapolis Fed President Neel Kashkari said he expects interest rates to hold steady for an "extended period of time."
"The economy is, in the U.S., quite strong, the labor market is strong, inflation is coming down and many, many people are deeply unhappy about the status of the economy," he said. "I think it's because of the high inflation that they've experienced."
Treasury yields extended a decline, though. The 10-year yield fell 11 basis points to 4.40% and the two-year note slid seven basis points to 4.82%. A raft of jobs data this week could offer further clarity on the path of rates.
Meanwhile, the Institute for Supply Management's manufacturing index fell to 48.7% in May from the previous month's mark of 49.2%. This was a three-month low. Readings below 50% signal that the manufacturing sector is contracting.
Stock Market Today: GSK Flashes Sell Signal
GSK flashed multiple sell signals — knifing below the 50-day line and falling more than 7% below a 43.84 entry — as it dived more 8% in heavy volume.
A Delaware state court ruled it would allow more than 70,000 legal cases that allege its Zantac heartburn drug causes cancer to proceed to trial. The drug was discontinued years ago. GSK is trying to appeal the ruling.
Outside Dow Jones: Stocks Dig In Near Entries
Some strong stocks were digging in near potential buy points. Skyward Specialty Insurance, Ryan Specialty Holdings and Novo Nordisk were among them.
Skyward Specialty Insurance is nearing a midstage flat-base buy point of 38.64. All-around performance remains strong, as reflected in the stock's IBD Composite Rating of 98. Skyward is in the top 11% of issues in terms of price performance over the past 12 months.
Ryan Specialty Holdings topped a cup-with-handle entry of 56 on the stock market today, MarketSurge data shows. The stock has an Earnings Per Share Rating of 98 out of 99. Analysts see earnings popping 27% this year.
Novo Nordisk has formed a cup-with-handle base with a potential entry point of 137.22. But the base is late stage, which carries higher risk. The stock is a member of the IBD Leaderboard list of top stocks.
Please follow Michael Larkin on X, formerly known as Twitter, at @IBD_MLarkin for more analysis of growth stocks.
