The major stock market indexes spiked higher and held strong on Monday afternoon, down from the highs of the day. The Dow Jones Industrial Average led gains on the first day of the new quarter.
The Nasdaq composite rose 2.3%, while the S&P 500 added 2.6%. The Dow Jones gained 2.71%. The Russell 2000 small-cap index held its own, up 2.7%.
The stock market's big moves came as the 10-Year Treasury note yield dipped to 3.65%. after hitting 4% last week.
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Stock Market Starts Q4 With A Bang, Dow Led The Rally
Volume on the NYSE and the Nasdaq was higher vs. the same time on Friday.
The Nasdaq 100-tracking Invesco QQQ Trust was up 2.4%.
September Manufacturing Disappoints
The September ISM Manufacturing Index came in at 50.9, lower than the consensus estimate of 52.4. The survey asks purchasing managers about their outlook on production, new orders, order backlogs, inventories, employment, supplier deliveries, exports and imports. The index offers insight on factory sector trends.
At the same time, the September PMI Manufacturing Index came in at 52.0 vs. the consensus 51.8, showing stronger-than-expected sentiment. This metric measures month-over-month activity in the private sector by tracking changes in production, new orders, stock levels, employment and prices across manufacturing industries.
Wall Street received the mixed manufacturing reports in stride, allowing bulls to take the rein, at least for one session.
August construction spending fell 0.7% vs. the -0.1% consensus, indicating a slowdown in demand. This marks the seventh consecutive lower-than-expected month-over-month result.
Crude oil popped 4.7% to $83.21 per barrel on news that OPEC+ may cut oil production by 1 million barrels per day to prop up dropping oil prices. OPEC+ meets on Wednesday in Vienna, Austria to discuss the plan.
The SPDR Select Energy ETF gained 5.7% on the news.
Bitcoin notched up 0.6% to $19,535.
iShares Silver Trust ETF rose 9.1% on heavy volume after remarks by a Kinesis Money analyst saying he sees "big demand" for silver, driven by the transition to clean energy.
Stock Market Gainers & Losers: Oil Stocks Held Strong
Marathon Oil led S&P stocks, up 10.6% and is trading above the 50-day moving average. Dow Jones component Chevron gained 5.7%, finding support at its 200-day moving average.
Myovant Sciences gapped up 36.1% after receiving a $22.75 per share takeover offer from majority shareholder Sumitomo Pharma.
Box rose 9.2% after Morgan Stanley upgraded the stock to overweight, raising its price target to 34. Box is a cloud-based software company specializing in file sharing and collaboration systems.
It is ranked first in the Computer Software-Database group, which is in last place out of the 197 industries IBD tracks.
BOX stock is in a consolidating base with a 33.14 buy point on the weekly chart of MarketSmith.
Neurocrine Biosciences regained 0.5% in choppy trading. The Relative Strength Line hit a new high, as indicated with the blue dot on MarketSmith. The stock is on IBD Leaderboard's Leaders Near A Buy Point list.
Neurocrine Bioscience stock is in a flat base with a 106.39 buy point on the chart. The company holds the third spot in the Medical-Biomed industry group, which is ranked fifth in IBD groups.
IBD 50 Winners: EV Charging Stock Added To Gains
The Innovator IBD 50 ETF added 2.8%, slightly higher than the major indexes.
Solar and EV charging company Shoals Tech Group surged another 6.6% on top of Friday's 1.9% gain. The increase continued the uptrend from Friday's news it received certification of its above-ground eMobility charging solutions. Shares are trading above its 21-day exponential moving average.
Health staff provider Cross Country Healthcare jumped 12.1% and is extended from a cup-with-handle base with a buy point of 28.87. This stock market leader holds the top spot in the Commercial Services Staffing group, ranked 137th in IBD groups. It also holds an elite 99 EPS Rating and a 98 Composite Rating.
Devon Energy rose 8.7% and is trading above its 50-day moving average. Devon holds a top spot in the Oil & Gas U.S. Exploration & Production group, which is ranked ninth in IBD groups. Shares are in a cup-with-handle base with a buy point of 75.37 on the chart. Devon holds a best-possible 99 Composite Rating.
ConocoPhillips popped 7.5% and is trading above its 21-day exponential moving average. The stock has a 96 Relative Strength Rating, meaning it has outperformed 96% of the stocks in the database. The stock was in a cup-with-handle base with a 115.57 buy point on the chart.
IBD 50 Losers: Wings Restaurant Drops On Concerns
Fiber-optic manufacturer Clearfield gave back 5.1% of Friday's gains and is now trading below its 50-day moving average. The company has a trifecta of perfect 99 scores on Composite, EPS and Relative Strength Ratings.
Wingstop trimmed 1.9% as fast food restaurants struggle with California's new law to raise the minimum wage to $22 per hour in 2023. Restaurant chains also fear an economic slowdown, as consumers may tighten discretionary spending and choose to eat at home.
