Tuesday's rally held on strongly in afternoon Election Day trading. The Dow Jones Industrial Average gained nearly 350 points in the afternoon, or 0.8%, trading slightly above the 50-day moving average.
The S&P 500 made a 1% advance. Unlike blue chips, the index evaded a break of support at the 50-day line. The Nasdaq was the best performer, rising 1.2% in the stock market today.
Trump Media & Technology gapped up and cleared the 200-day moving average in the early going but trimmed gains to just 3% an hour before the closing bell, according to IBD MarketSurge. The stock, often viewed as an indicator of former President Donald Trump's victory chances, lost 21% last week as voter polls narrowed.
Volume picked up after dull action on Monday, especially in the Nasdaq. Advancers outnumbered decliners by more than 3-to-1 on the NYSE and by more than 2-to-1 on the Nasdaq.
The small-cap Russell 2000 gained 1.5% in the stock market today. The Innovator IBD 50 ETF outperformed with a 3.4% gain as the ETF got a lift from Palantir's earnings rally. Palantir shares soared 23% in late trading.
The yield on the benchmark 10-year Treasury note was unchanged at 4.30%. On Wednesday, the Fed's meeting commences, with a decision on interest rates due Thursday afternoon.
Among the S&P sectors, consumer discretionary and industrials gained the most.
1:50 p.m. ET
Ferrari, Wynn Among Market Movers
Ferrari dived below the 50-day moving average in heavy volume and triggered a sell rule. The luxury carmaker beat third-quarter expectations, but it shipped fewer cars amid weakness in China.
Chemicals products maker Celanese plummeted 25% after both sales and earnings in the third quarter declined from the prior year.
In the gaming industry, Wynn Resorts slid below the 50- and 200-day moving averages after Q3 earnings declined. The casino operator also set a $1 billion stock buyback.
12:19 a.m. ET
Aris, Ingredion Among Stock Market Movers
Aris soared past a buy point of 18.99 best seen in its IBD MarketSurge weekly chart. Late Monday, the pollution control company's third-quarter sales and earnings showed accelerating growth that beat analysts' estimates, according to FactSet.
Third-quarter results from Ingredion boosted food and grains stocks, which was the best performing group among Investor's Business Daily's 197 industry groups. Shares of Ingredion gapped past a 138.37 buy point from a flat base.
Among energy stocks, MPLX broke out from a flat base's buy point of 45.24. Shares are in a buy zone. The fuel pipeline, storage and transportation provider reported a 13% increase in Q3 earnings Tuesday.
10:41 a.m. ET
Dow Jones Stocks
Boeing fell, hitting resistance at the 50-day line, even as workers ended their strike. The agreement includes a 43.65% compound increase in wages over four years and a ratification bonus of $12,000.
Top gainers in the Dow included Microsoft and Caterpillar. Microsoft rose more than 1% and Caterpillar is rising from support at its 50-day moving average.
Stock Market Today
Astera Labs soared 30% after its third quarter results were announced. Sales and earnings beat estimates, and the company gave an outlook that beat analyst views.
Among AI plays, Palantir gapped up 21% after its third-quarter report was released late Monday. Earnings of 10 cents per share on $725.5 million in sales beat analyst estimates of 9 cents per share and $703.4 million sales. The company also raised its full-year guidance.
Super Micro Computer fell further in the stock market today after suffering heavy losses ahead of a business update to its fiscal first quarter after the market close. The stock faces the risk of getting delisted from the Nasdaq. The stock plunged 45% last week after the company's accounting firm quit.
Lattice Semiconductor fell 4% after sales and earnings declined for the fourth straight quarter.
Among other chip stocks, GlobalFoundries rose 9% after positive third-quarter results. Revenue of $1.739 billion beat estimates of $1.725 billion, while earnings of 41 cents per share topped views of 33 cents.
Cummins rose past a buy zone from a buy point of 322.83 after third-quarter sales of $8.5 billion beat estimates of $8.3 billion.
Among Magnificent Seven stocks, Nvidia gained 2% while Tesla climbed 3.2% after a six-day losing streak that included a sell signal.
Veracyte is trying to break out of a flat base at a buy point of 35.51. Shares rose 0.6% to 35.18 in morning trading.
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