Ford Motor, United Airlines, Nvidia, Enphase Energy and DaVita Healthcare Partners were the top S&P 500 index gainers on the stock market today. Cardinal Health, Verizon Communications, Newmont Mining, Tesla and UnitedHealth Group were the S&P 500's biggest losers on Monday.
Ford stock leapt 6.1% to 12.88 in heavy volume, reclaiming the 50-day moving average. Shares are working on a 13.95 buy point from a cup-with-handle base. Ford earnings are due Wednesday night.
United Airlines stock jumped 5% to 53.94. That's after surging nearly 23% last week following better-than-expected Q1 results and a compensation deal from Boeing. UAL stock is working on a 58.23 cup-base buy point. Investors could have used 48.73 as an early entry.
Nvidia stock popped 4.35% to 795.18. But that's only regaining a portion of Friday's 10% dive as part of an AI stock meltdown. NVDA stock would have a 974 consolidation buy point, but needs to regain the 50-day line and build the right side of a base.
Nvidia stock is the No. 2 performer on the S&P 500 in 2024, after leading the way last year. NVDA stock is on IBD Leaderboard.
Enphase stock rose 3.8% to 110.51, but is still below the 50-day and 200-day lines. Clearing those levels decisively would offer an early entry for ENPH stock. The consolidation buy point is 139.65.
DaVita Healthcare stock climbed 3.7% to 132.52, reclaiming the 50-day and 21-day lines. That could offer an aggressive buy point within a flat base. The kidney dialysis centers operator reports in early May.
S&P 500 Losers
Cardinal Health stock tumbled nearly 5% to 102.83. Shares undercut the lows of what had been a flat base. CAH stock did come off lows. Cardinal Health retreated Monday after disclosing that its drug distribution contract with UnitedHealth's OptumRx will not be renewed when it expires after mid-2024.
Verizon stock sank 4.7% to 38.60, reversing lower after initially rising. Shares hit a three-month low intraday. The Dow Jones giant topped earnings views and wireless services revenue targets, though overall revenue fell short.
Newmont Mining stock fell 4% to 37.46, undercutting the 200-day line. Shares are still working on a 41.30 cup-with-handle buy point, according to MarketSurge analysis. However, NEM stock is still trying to break a two-year downtrend, even with gold prices surging to record highs. On Monday, gold futures tumbled 2.8%, their worst one-day loss in over a year.
Tesla stock reversed downward 3.4% to 142.05, hitting a fresh 52-week low after plunging 14% last week. Over the weekend, Tesla cut EV prices in the U.S., Europe and China, while also slashing the price of its Full Self-Driving platform to $8,000 from $12,000. Tesla reports Q1 earnings late Tuesday, with a lot riding on the conference call. Notably, the relative strength line for Tesla stock has undercut its January 2023 low to its worst levels in nearly four years.
UnitedHealth stock fell 2% to 491.23, reversing from near the 200-day line after soaring 14.1% last week following earnings. That's after hitting its lowest levels since late 2021.
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