The stock market remained in the green at midday Monday, with some ups and downs in the last hour, but indexes were off the lows of the day. Investors await key inflation data midweek.
The Nasdaq gained 0.6% in noon stock market action. It had been up as much as 1% before indexes faded from an opening burst.
The Dow Jones Industrial Average eased from larger gains, and is now up 0.1%, while the S&P 500 rose 0.3%. The S&P and Nasdaq are trying to regain their 50-day moving averages. The small-cap Russell 2000 crept up 0.3% and is also below its 50-day line, but is on track to end a four-day losing streak.
Volume rose on the NYSE and Nasdaq vs. the same time on Friday.
The Nasdaq 100-tracking Invesco QQQ Trust ETF added 0.5%. And the Innovator IBD 50 ETF edged up 0.3%.
The benchmark 10-year Treasury yield added 3 basis points to 4.29%.
Investors will be looking for the August Consumer Price Index on Wednesday and the Producer Price Index and U.S. retail sales on Thursday.
Oracle reports its August-ended quarter's results Monday after the market close, and Adobe reports late Thursday. Oracle is near a 127.54 buy point.
Stock Market Movers: Tesla Stock Soars On Upgrade
Tesla jumped 9.3% after Morgan Stanley upgraded the stock to overweight from equal weight and raised its price target to 400 from 250. The EV stock retook its 50-day line on the jump.
Shares are in a consolidation with a 299.29 buy point. But it is breaking above a trendline, offering an entry around 257. Tesla is the biggest gainer in the S&P 500 and Nasdaq 100 today.
Shares of Twinkies maker Hostess Brands gapped up over 19% in huge volume, on news that the company will be acquired by jellies maker J.M. Smucker for $34.25 per share in cash and stock. The deal also includes $900 million in net debt that Smucker will acquire. Hostess stock rallied to an all-time high.
SJM stock tumbled over 6% in heavy volume and fell further below its 50-day line. It is a big loser in the S&P 500 Monday. The stock is on pace for its biggest decrease since May 18, 2022, when it tumbled 10.5%, according to Dow Jones Market Data. Shares have lost 17% this year so far.
CymaBay Therapeutics are up more than 6%, adding to strong days Thursday and Friday. The company announced it is offering $150 million of common stock and prefunded warrants. The shares have been on the move after several analysts raised their price targets on the biotech after positive results for its liver disease treatment. Shares hit a 52-week high Monday.
Brookfield Asset Management climbed 1.5% and tapped the 35.55 buy point of an irregular cup-with-handle base. The alternative asset management company is getting interest as it hosts an investor day today.
Other Stock Movers
LPL Financial gained 0.6%, following through from Friday's breakout from a cup-with-handle base. Shares are in a 5% buy zone to 251.38. The buy point was at 239.41.
Shares of Chinese internet commerce company Alibaba pulled back 1.7% on news that former CEO and Chairman Daniel Zhang will unexpectedly step down as the head of its cloud computing business.
Biotech Crinetics Pharmaceuticals gapped up over 67% in huge volume after a Phase 3 study of a treatment for a rare hormonal disorder called acromegaly had positive results.
Tenable popped 4% after JPMorgan upgraded the cybersecurity stock to overweight from neutral and raised its price target to 56 from 51. The stock is in a flat base with a 49.77 buy point.
RTX, formerly named Raytheon Technologies, cratered over 7% in heavy trading on news the company will take an approximately $3 billion charge needed to fix powder metal used in engine parts for Airbus A320 jets.
Shares of personal care products company Kenvue advanced 3% after Deutsche Bank upgraded the stock to buy from hold with a 27 price target. Kenvue was a May spinoff from Johnson & Johnson. It closed at 26.90 on first day of trading, but has been trending lower since then.
Follow Kimberley Koenig for more stock market news on X, the platform formerly known as Twitter, @IBD_KKoenig.
