The Dow Jones rose Monday morning along with the S&P 500 while the Nasdaq tilted lower. Nvidia continued to slide on the stock market today while Bitcoin tumbled, hitting crypto stocks such as Coinbase.
Facebook-parent Meta Platforms, Amazon.com, Spotify Technology and Nu Holdings are stocks around buy points.
In the stock market today, the Dow Jones rose 0.8%. The S&P 500 climbed 0.2%. The Nasdaq fell 0.2%.
The 10-year Treasury yield was steady after rising four basis points last week to 4.26%. Crude oil prices edged higher after jumping 3.4% last week to $80.73 a barrel.
Stocks on the move Monday included Alnylam Pharmaceuticals, which skyrocketed 33%. The biotech set a 52-week high on positive late-stage trial results for patients with a serious heart condition, known as ATTR amyloidosis.
Apple edged higher after The Wall Street Journal reported Sunday that it's held talks with Meta about integrating the latter's generative artificial intelligence model into Apple Intelligence. The iPhone giant named OpenAI, backed by Microsoft, as its first Apple Intelligence partner earlier this month. Apple is also talking with AI startups Anthropic and Perplexity. It's continuing discussions with Google-parent Alphabet about using Google Gemini.
Later in the week, Micron Technology reports earnings Wednesday. On Friday, investors will get the May reading on the core Personal Consumption Expenditures price index, the Fed's favorite inflation gauge, from the Bureau of Economic Analysis.
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Stock Market Last Week
The Dow Jones Industrial Average advanced 1.5% in last week's stock market trading, retaking the 50-day moving average. The S&P 500 index climbed 0.6%. The Nasdaq composite rose less than one point. The small-cap Russell 2000 gained 0.8%, but is still below its 50-day.
Stocks Near Buy Points
Meta Platforms stock rose nearly 2% to 503 on the stock market today. Shares fell 1.9% last week to 494.78, carving out a handle and testing its 21-day exponential moving average. Meta now has a 514.01 buy point from a cup-with-handle base. Shares are testing an early entry from breaking the downtrend of the handle.
Amazon stock edged higher Monday. Shares climbed nearly 3% to 189.08 last week, rebounding from the 50-day line. Amazon has a flat base with a 191.70 buy point. A June 12 high of 188.35 offered an early entry into Amazon stock on Friday. Investors could treat the base as a short, shallow cup-with-handle with 188.35 as the official entry.
Nu Holdings stock nudged higher to 12.34 after hitting a record 12.97 soon after the open. The Brazilian digital bank jumped 4.2% to 12.25 last week, matching a record close Friday. Nu stock has a flat base right next to another consolidation, according to MarketSurge analysis. The official buy point is 12.49. Nu stock was actionable Friday from breaking a downtrend in the flat base.
Spotify stock edged lower Monday. Shares rose 1.5% to 317.74 last week, mostly on Friday, bouncing from the 21-day line. Spotify stock closed just below a 319.30 flat-base buy point.
Stock Market Today: Nvidia Extends Losses
Nvidia stock fell 4% Monday. Shares tumbled 5% last week to 126.57, reversing lower from a record 140.76 intraday peak Thursday.
The AI chip leader finished Friday 25.3% above its 50-day line. That's after briefly topping 40% at Thursday's peak, approaching extreme levels.
Nvidia stock is approaching its fast-rising 21-day exponential moving average. It's also close to dropping below a $3 trillion market cap
Bitcoin Tumbles
The price of Bitcoin fell to below $61,500 vs. $64,173.16 on Friday, continuing a slide from early June to the lowest levels since early May. The pioneer cryptocurrency hit a record $73,462.59 on March 13.
More than $9.4 billion worth of Bitcoin owed to creditors of collapsed crypto exchange Mt. Gox is about to hit the market after being tied up for a decade. Mt. Gox's trustee said on Monday that repayments to creditors would be made at the start of July.
Coinbase stock fell nearly 4% early Monday. The cryptocurrency exchange has a cup-with-handle base with a 263.80 buy point. But Coinbase stock fell 7.6% last week, undercutting its 50-day and 10-week lines on Friday.
MicroStrategy and CleanSpark fell, testing their 50-day lines.
Robinhood Markets, which has significant crypto exposure, sank more than 2% on the stock market today. Shares are just above their 21-day line and a buy zone.
Time The Market With IBD's ETF Market Strategy
Nvidia stock is on IBD Leaderboard. Meta, Robinhood, Nu Holdings, Spotify and Amazon stock are on SwingTrader. Nvidia stock and Arm Holdings are on the IBD 50. Broadcom stock and Nvidia are on the IBD Big Cap 20.
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