The Dow Jones Industrial Average fell 0.2% at 1:30 p.m. ET Tuesday. But the S&P 500 rose a fractional 0.04% while the tech-dominated Nasdaq took a slight lead with a 0.2% gain.
The small-cap Russell 2000 surged over 2% thanks in part to a reversal in regional bank stocks. The SPDR S&P Regional Banks ETF on Friday rose above its 50-day moving average for the first time since the bank crisis pressured the industry in March.
The yield on the benchmark 10-year Treasury note rose 1 basis point to 3.70%. Crude oil stabilized after falling earlier and traded at $72.03 a barrel.
The Innovator IBD 50 ETF broke out of a flat base at a 24.34 buy point. It is up nearly 2%, outperforming most indexes.
Volume on the NYSE and on the Nasdaq rose compared with the same time on Monday.
Stocks Moving Today
Primoris Services — which provides construction services for utilities, energy companies and others — broke out of a cup with handle with a 28.19 entry in strong volume.
Investment firm Ares Management broke out of a flat base at 90.28 in volume nearly double its average. And specialty insurance provider Kinsale Capital Group rose above a buy point of 345.75. Kinsale was Monday's IBD 50 Stocks to Watch company.
GitLab gapped up 30% after the company reported strong revenue during the fiscal first quarter. The company is focused on generative AI for its security, operation and development platforms through a partnership with Google parent Alphabet. GitLab shares are retaking the 200-day line on Tuesday, according to IBD MarketSmith chart analysis.
HealthEquity also rose on strong earnings, and gapped above the 200-day line in heavy trading.
Unity Software pared back Monday's gains, which came on news that Apple will use the video game gear maker to bring apps to its Vision Pro headset. Unity shares are in a cup base with a buy point of 42.99.
Coinbase sold off over 10% after the Securities and Exchange Commission sued the biggest crypto exchange in the U.S.
On Tuesday, the SEC accused Coinbase of mingling its functions as a securities exchange, broker-dealer, and clearinghouse, and said it had not provided critical disclosures for staking-as-a-service, a method of validating a crypto block. Shares fell below the 50-day moving average.
Bitcoin continued to fall. On Monday, the leading cryptocurrency fell sharply after the SEC charged crypto exchange Binance with securities law violation. More than 60 cryptocurrencies are now seen as securities, amounting to $100 billion in market value, according to Cointelegraph. BTC is trading just above $25,000, after rising to a level last seen in March.
Major Indexes Mask Broad Strength; Five Stocks In Buy Zones
Dow Jones Tech Stocks In Focus
In the Dow Jones, Apple fell on the second day of its Worldwide Developers Conference. Analyst Tom Forte at D.A. Davidson lowered his rating on Apple to neutral from buy, with a price target of 185, down from 193.
Analysts do not see the mixed reality headset the Cupertino, Calif., titan unveiled on Monday creating iPhone-type excitement in the near term. According to Forte, Vision Pro is already priced into the stock. The rating change follows other recent Apple downgrades on slowing iPhone demand.
Mobileye could fall for the third day in a row as another Dow Jones tech leader, Intel, makes plans to sell 35 million shares of Mobileye stock, worth $1.5 billion. Intel is taking profits after the self-driving technology play's run-up amid the AI rally. MBLY stock risks breaking support at the 50-day line in a base.
AT&T rose after SVB MoffettNathanson analysts upgraded the stock to market perform from underperform. Telecom fiber optics play Ciena gapped down after earnings missed estimates. Shares have undercut their current base.
G-III Apparel gapped up above the 50- and 200-day lines after strong earnings. Packaged foods stock J.M. Smucker reversed below the 50-day line despite a strong quarter.
Arista Networks triggered a sell signal by falling 7% below a buy point of 171.44.
Dorian LPG is flashing a round-trip sell signal as shares pare back a 12% gain from a 22.77 buy point.
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