The Dow Jones Industrial Average and the other major indexes finished trading near the day's lows weakened in the final hour of trading Monday. Amazon.com's winning streak came to an end while Nvidia was a big loser on the Dow. And chocolate icon Hershey was the subject of takeover rumors on the stock market today.
Blue chips on the Dow increased their losses to 0.5%. The tech-heavy Nasdaq slumped 0.6% as did the benchmark S&P 500. The small-cap Russell 2000 also weakened with its 0.7% drop, but it had been up as much as 0.8% earlier in the session.
Volume was higher on the New York Stock Exchange and the Nasdaq vs. the same time Friday.
Even as the major indexes notched losses, rising stocks modestly topped falling issues on both the Nasdaq exchange and the New York Stock Exchange.
The 10-year Treasury yield added four basis points to just under 4.2%. U.S. crude oil climbed near $68.10 a barrel. And bitcoin fell 2.8% to just above $97,000 after last week's performance that lifted it past the $100,000 high-water mark.
Amazon Streak Ends; Hershey Possible Takeover Target
Magnificent Seven player Amazon.com fell 0.4%, as the e-commerce behemoth failed to extend its rally for a seventh straight day Monday. The stock was up more than 1% at one point but faltered later in the day.
Shares of Amazon were having their longest winning streak since Nov. 7, 2023, when the stock rose for eight straight days, according to Dow Jones Market Data. The stock remains extended from an erratic base with a 201.20 buy point.
Hershey rallied nearly 11% amid a report from Bloomberg that Mondelez International is considering a buyout of the chocolate maker. Hershey stock retook its 50-day and 200-day lines on the move.
Mondelez shares sank 2.3%, making it five straight days of losses.
Apollo Global Management reversed from gains to a loss while Workday spiked. The two will be added to the S&P 500 index before the market opens on Dec. 23. Apollo touched a record high on the stock market today before faltering.
3:29 p.m. ET
Stock Market Today: China Hotel Firm Breaks Out
Elsewhere, China hotel operator Atour Lifestyle Holdings broke out of an undefined base with a 29.15 buy point. The stock, which sits on Investor's Business Daily's IBD 50 list of growth stocks, is in the buy zone up to 30.61.
Atour's relative strength line reached a 52-week high on its MarketSurge weekly chart. Goldman Sachs initiated coverage on the stock with a buy rating and a 34.40 price target.
Meanwhile, Agios Pharmaceuticals cratered in giant volume on news its treatment for an inherited blood disorder, Thalassemia, caused unexpected liver side effects. Shares sliced through the 50-day line, triggering a sell signal.
The stock's drop also caused a round trip, after giving back a gain of more than 10% from its 53.28 cup base buy point. Shares are back below the entry.
1:50 p.m. ET
IBD 50 Names Hit Hard
The Innovator IBD 50 ETF skidded 4% and pulled back to its 21-day line as some growth stocks took it on the chin Monday.
Several names on the IBD 50 list reversed sharply lower. They included Rocket Lab USA, Powell Industries, and Emcor.
Bitcoin related names were some of the worst performers in the IBD 50 list. Cryptocurrency miner Mara Holdings tumbled but found support at its 21-day line.
Coinbase Global fell after reaching a profit zone from a late-stage choppy base with a 283.48 buy point last week.
Lastly, Hut 8 tanked after reaching a high on Friday not seen since April 2022. Its recent strong performance earned it a best-possible 99 Relative Strength Rating.
Outside of bitcoin stocks, American Superconductor sank and is on pace for its third straight day of losses. The stock is seeking support at its 50-day line. Shares are back below the 32.70 buy point of a deep cup base after volatile action and a breakout that faded.
Outside the IBD 50, Cava Group plummeted and undercut its 50-day line, as some restaurant stocks also sold off. Chili's and Maggiano's parent Brinker International and Kara Sushi slid as well. Both are finding support at their 21-day lines.
12 p.m. ET
China Stocks Bolt Higher
China stocks jumped on news that the Chinese government said it will take a "more proactive" fiscal policy and loosen monetary policy next year.
China-based online retailer Alibaba bolted higher in heavy volume. Shares retook the 21-day exponential moving average but remained below the 50-day line. Despite the strong action, Alibaba stock is well below its high of 117.82, reached on Oct. 7.
Travel booking provider Trip.com exploded above a choppy irregular base. The stock hit a new high on the stock market today. In addition, its relative strength line reached a 52-week high as shown by the blue dot on its IBD MarketSurge chart.
JD.com raced higher as it reclaimed its 50-day line. The stock holds a best-possible 99 Relative Strength Rating. XPeng also soared.
Krane CSI China Internet exchange traded fund popped on the China-stimulus news. Shares are back in a buy zone up to 34.26 after reclaiming the 32.63 buy point of a Sept. 26 breakout. Alibaba is the third-largest holding in the fund.
Palantir Technologies reversed lower at midday, erasing a 6% early gain. The stock initially popped after it announced an expansion of its contract with the U.S. Special Operations Command in a deal valued at $36.8 million.
Despite the reversal, shares have gained more than 350% so far this year. The IBD 50 and Big Cap 20 stock still holds best-possible 99 IBD Composite and Relative Strength Ratings, but shareholders should be on guard for a period of consolidation.
10:31 a.m. ET
Nvidia Drops, Tesla Pares Gains
IBD 50 and Leaderboard name Nvidia sank more than 2% and was back below the 140.76 buy point. The dip came after news that China's State Administration for Market Regulation said it began an investigation into Nvidia on suspicion of antimonopoly violations.
Shares are below the 21-day exponential moving average and are testing the 50-day moving average.
Tesla reached an all-time high, topping the 400 level, before fading.
Advanced Micro Devices sold off after BofA Securities downgraded the stock to neutral from buy and cut its price target to 155 from 180.
Stock Market Today: Interpublic Pops On Deal News
Interpublic Group soared in heavy volume following news that Omnicom will buy the advertising company in an all-stock deal. The transaction is expected to be finalized in the second half of 2025.
Interpublic stock reclaimed its 200-day moving average but has underperformed, as shown in its weak Relative Strength Rating of 21. Omnicom slid around 6.7% on the news, according to MarketSurge.
AppLovin acted bearish after it didn't make the S&P 500 index. Shares tumbled in heavy trading after hitting a fresh high Friday.
C3.ai reached a 52-week high on the stock market today. The company reports its fiscal second-quarter results today after the market close.
IBD SwingTrader name Reddit powered up after Morgan Stanley upgraded the social media stock to overweight from equal-weight and raised its price target to 200 from 70.
MongoDB bumped up ahead of the company's fiscal third-quarter earnings results, due after the close.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
