Stocks clung to modest gains at the market's close Tuesday, as the Nasdaq led the way among the major indexes. Streaming music giant Spotify Technology hit a high, while Nvidia outperformed on the stock market today.
The Nasdaq composite flexed its muscles with a 0.5% increase. The tech-heavy index moved back above the 18,000 mark and now sits about 3% below its all-time high.
The S&P 500 eked out a 0.2% gain and reached another all-time high. The benchmark index marked its 41st record close of 2024, according to Dow Jones Market Data.
The Dow Jones Industrial Average added 0.2%, also setting another all-time high Tuesday. It was the 31st record close of 2024 for the blue-chip index. Visa, Caterpillar and DuPont were among the most active Dow components Tuesday.
Small-caps on the Russell 2000 bumped up nearly 0.3%.
Volume was higher on both the New York Stock Exchange and the Nasdaq vs. the same time Monday. Gainers beat losers by around 3-to-2 on the NYSE and 4-to-3 on the Nasdaq.
The 10-year Treasury yield dipped to 3.73%. Crude oil climbed 1.7% to $71.54 a barrel.
3:29 p.m. ET
Stock Market Today: Spotify Hits A High
IBD SwingTrader stock Spotify kept its recent rally going with another 3.6% gain as it hit a 52-week high. Shares of the streaming music provider are extended from the buy zone up to 377.35 of what resembles a double-bottom base with a 359.38 buy point.
Tuesday's jump came following news that TikTok will no longer be offering its streaming music service. The move opens up the market as TikTok Music served Australia, Brazil, Indonesia, Mexico and Singapore.
Global Payments tumbled 6.2% in heavy volume as the company hosted its investor conference day Tuesday. Its leadership team presented updates on the company's strategic focus, operational transformation and outlook for sustainable performance.
The payment processing and software stock was the biggest loser on the S&P 500 Tuesday.
1:54 p.m. ET
Nvidia Back On Radar
Magnificent Seven and IBD 50 name, Nvidia powered up more than 4%. The stock was added to Investor's Business Daily's SwingTrader Tuesday. Nvidia stock bounced off its 50-day moving average and broke a downward trendline offering a buy point around 120.
China's stimulus moves helped metals commodities climb. Most-active copper futures climbed 3.3% to $4.4915 per pound, on pace for the highest increase since May 17, according to Dow Jones Market Data.
The lift in copper prices helped boost metals miner Freeport-McMoRan 7.5%. Shares are in a double-bottomlike base with an official buy point of 55.23 but an early entry can be seen at 51.97.
Freeport is on pace for its largest increase since Nov. 10, 2022, when it rose 7.99%. The miner stock was the biggest gainer on the S&P 500 Tuesday.
Likewise, gold prices also benefited on the China news and reached new highs. This pushed the SPDR Gold Shares exchange traded fund up 0.9% to an all-time high on the stock market today. Shares are extended from a 225.66 flat base buy point.
Smartsheet jumped 6.5% in huge volume and reached the 20% profit zone of a cup-with-handle base with a 45.34 buy point. The work management platform stock hit a 52-week high on Tuesday.
Lastly, Dow Jones component Walmart edged up to touch an all-time high.
12:30 p.m. ET
Confidence Reading Falls; Stocks Hit Buy Points
The Conference Board's September consumer confidence index fell to 98.7 vs. the 103.0 expected and much lower than the revised 105.6 August reading.
Aris Water Solutions jumped 3.5% in heavy volume and broke out of an undefined base with a 17.91 buy point. The water infrastructure stock is in a buy zone up to 18.81 on the stock market today.
Engine maker Cummins bumped up 2.3% and reached the 322.83 buy point of a flat base, but the stock retraced gains and is below the entry.
In the Dow, DuPont rose 1.4% and broke out of a skewed cup-with-handle base with a 84.52 buy point. The industrial plastics and chemicals stock is in a buy range reaching 88.75.
Caterpillar popped 3.6% to a record high and was the biggest gainer on the Dow Jones Tuesday. Shares are extended from the buy zone of a cup-with-handle base with a 356.46 buy point.
10:39 a.m. ET
Stock Market Today: Palantir Falls, Tesla Up Again
The July unadjusted S&P CoreLogic Case-Shiller home price index rose 5.9%, as expected. The index tracks monthly changes in the value of residential real estate in 20 metropolitan regions across the U.S.
Magnificent Seven stock Tesla added 0.6% on top of Monday's nearly 5% gain. Shares are building the right side of a cup base with a 271 buy point.
Palantir Technologies gave back around 3.4% after reaching a 52-week high Monday. The IBD 50 stock and IBD Sector Leader joined the S&P 500 Monday.
Shares are extended from a 27.50 buy point. The stock has climbed for 11 of the last 13 sessions.
Dow Jones component Visa fell 3.9% on news the U.S. Justice Department's could file a lawsuit claiming it monopolizes the U.S. debit card market, Bloomberg reported late Monday. Visa stock undercut its 21-day exponential moving average but remains above its 50-day line.
Shares briefly emerged from a flat base with a 290.96 buy point Sept 17. Visa is on track for its largest decrease since May 9, 2022, when it fell 4.8%, according to Dow Jones Market Data.
Techs, China Stocks Fall After Nvidia Leads Five New Buys
Salesforce, BioNTech Climb; AutoZone Slips
Another Dow name, Salesforce, notched a 1.2% gain following Piper Sandler's upgrade to overweight from neutral with price target hike to 325 from 268.
BioNTech rose 2.6% and climbed back above a buy point of 114.69. The buy zone goes up to 120.42. The move came after Morgan Stanley upgraded the cancer treatment stock to overweight from equal weight and raised its price target to 145 from 93.
AutoZone lost 2% after the auto parts retailer missed estimates on its fiscal fourth-quarter earnings and sales. The stock fell further below its 50-day line on the stock market today, but bounced off the 200-day line.
Thor Industries rose 4.7% after the recreational vehicle maker reported higher-than-expected profit and revenue for its fiscal fourth quarter. But the company's fiscal 2025 earnings and sales outlook lagged analysts' views.
Other Movers: Home Improvement Retailer Upgraded
Lowe's gained 1.1% after Oppenheimer upgraded the home improvement retailer to outperform from market perform and raised its price target to 305 from 230. On Monday, Melius Research initiated coverage with a buy rating and price target of 290. Shares topped the 5% buy zone of a cup-with-handle base with a 248.99 buy point.
AAR Corp reversed lower 2.6%. The stock is in a cup base with a 76.34 buy point. The aircraft equipment maker topped fiscal first quarter adjusted earnings and sales projections.
Stock Market Today: Chinese Stocks Get Big Boost
Chinese stocks rallied after China's central bank announced measures to try to stimulate the economy. E-commerce name Alibaba jumped 5.5% and is now extended from a cup-with-handle 85.79 buy point, according to MarketSurge pattern recognition.
JD.com rallied 8% and topped resistance of around 29. The online retailer is in a long cup base with a 35.69 buy point.
Baidu added 4.4% on the stock market today. But the move didn't make much of a dent in the 22% decline in the internet search engine so far this year.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
