The Dow Jones Industrial Average edged lower Monday morning, while the S&P 500 and Nasdaq rose. Nvidia and Advanced Micro Devices led artificial intelligence chipmakers higher on AI chip news. And GameStop skyrocketed on the stock market today as meme investor "Roaring Kitty" revealed an apparent big stake.
Dow Jones industrials lost 0.1%. The S&P 500 climbed 0.25% and the Nasdaq led with a 0.6% increase. This comes after the stock market rally lost ground last week, but bounced back Friday afternoon.
Meanwhile, the 10-year Treasury yield tumbled to 4.43% after rising 4 basis points to 4.51% last week.
Crude oil fell more than 2% to below $75 a barrel after falling 0.9% last week and 6% in May. On Sunday, OPEC+ agreed to extend production cuts into 2025.
At 10 a.m. ET, the ISM manufacturing index fell fell 0.5 point to 48.7 in May vs. views for an uptick to 49.8, just below break-even 50 level. The ISM services index is due Wednesday with the May jobs report on Friday.
Remember that premarket action in Dow Jones futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
Stock Market Today: Nvidia News
Nvidia Chief Executive Jensen Huang touted future AI chips on Sunday on the eve of Computex 2024. AMD, Arm Holdings and Qualcomm made AI chip announcements Monday at Taiwan's electronics showcase event.
Nvidia stock is on IBD Leaderboard. Nvidia and ARM stock are on the IBD 50.
Speaking Sunday, Huang touted the massive data center gains from adding advanced GPUs to data centers or PCs.
"The more you buy, the more you save," Huang said. "This is CEO's math. It is not accurate but it is correct!"
Nvidia stock climbed 3.5% Monday. Shares rose 3% to 1,096.33 last week, but pulled back from Thursday's record intraday high of 1,158.19.
With Nvidia rolling out Blackwell AI chips this year, Huang announced plans for Blackwell Ultra chip in 2025 and a next-generation Rubin platform for 2026.
Other AI Chip Stocks Advance
AMD CEO Lisa Su also gave an AI roadmap for the next two years at Computex. She also highlighted the chipmaker's latest AI processors for AI PCs, including Microsoft Copilot+ PCs.
AMD stock lost a fraction. Tuesday's high of 174.55 could be an early entry.
Qualcomm's Cristiano Amon showed off the wireless chipmaker's latest Snapdragon chips for Copilot+ PCs. ARM's Rene Haas aims for 100 million Arm-powered devices to be AI ready by year-end.
Qualcomm climbed 2%. Shares fell 3% last week, reversing lower from a record high.
Arm stock advanced 5% to above 126 on the stock market today after climbing 5.1% last week, reclaiming its 50-day line. Investors could use Tuesday's high of 125.98 as an early entry.
GameStop Stock Spikes On Roaring Kitty
Kevin Gill, better known as Roaring Kitty, shared a screenshot Sunday on Reddit that appeared to show he bought 5 million GameStop shares at $21.27, along with 120,000 call options worth $65.7 million with a $20 strike price and June 21 expiration.
Gill helped spark the meme stock fury in 2021, then revived interest in GameStop and others a few weeks ago with various memes suggesting he was active again.
GameStop stock soared 31% to above 30 but off morning highs of 40.50. That's below the 64.83 hit on May 14, during last month's Gill-inspired frenzy.
Another meme stock, AMC Entertainment, jumped more than 10% after the open.
Stock Market Today: Automakers Report Strong Deliveries
Elsewhere, China electric-vehicle makers Li Auto, Nio, XPeng, Zeekr Intelligent Technology Holding and Tesla archrival BYD reported strong May deliveries, with new monthly bests for Nio and newly public Zeekr. The China EV stocks were mixed, with BYD leading the way. Tesla stock rose slightly.
In other news, Spotify will raise U.S. premium prices to $11.99 a month from $10.99 a month for new subscribers. Spotify jumped 4% in early trading.
Stericycle jumped 15% to its highest level since January 2022 after Waste Management agreed to acquire the medical-waste handler. The deal is valued at $62 per share in cash for an enterprise value of about $7.2 billion including some $1.4 billion in debt. Waste Management shares fell nearly 3% after the open.
Becton Dickinson rose about 3% after the medical equipment company said it will acquire a business unit from Edwards Lifesciences. Becton agreed to pay more than $4 billion for Edwards' Critical Care division, which focuses on advanced patient monitoring using AI technology. Edwards rose about 2%.
Join IBD experts as they analyze leading stocks and the market on IBD Live
Stock Market Ended Week On High Note
The Dow Jones Industrial Average retreated 1% in last week's stock market trading, below the 50-day line despite Friday's 1.5% jump.
The S&P 500 index shed 0.5% while the Nasdaq gave up 1.1%, but both ended above their 21-day lines after tumbling below that key level intraday Friday. The small-cap Russell 2000 edged higher, bouncing back after closing below its 50-day on Wednesday.
Software stocks were big losers amid weak earnings reactions.
Time The Market With IBD's ETF Market Strategy
Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
