Major stock market indexes remained mixed to start the new year in afternoon trading Tuesday, with the Nasdaq emerging as the biggest loser. The Dow Jones Industrial Average remained in positive ground even though Magnificent Seven stock Apple had a tough day. Meanwhile, Tesla eased from larger gains after reporting its delivery numbers.
The Dow recovered from early morning losses of more than 225 points and crept up 0.1% while the S&P 500 trimmed its loss to 0.5%. Stocks on the Nasdaq felt the most pain, as the tech-heavy index slid 1.6% on the stock market today. All three major indexes are coming off nine straight weeks of gains.
Meanwhile, the small-cap Russell 2000 trimmed its losses to 0.3%. The Invesco QQQ Trust fell 1.6%. And the Innovator IBD 50 ETF sank 2.7%.
Volume rose on the New York Stock Exchange and the Nasdaq vs. the same time on Friday.
The 10-year Treasury yield added 7 basis points to 3.94%.
The December Purchasing Managers' Manufacturing Index came in a 47.9 vs. estimates for 48.2, according to FactSet. The index measures private-sector variables including production, new orders, stock levels, employment and prices across manufacturing industries.
Stock Market Movers: Tesla Gets A Boost
Dow Jones component Apple sank more than 3% after Barclays downgraded the stock to underweight from equal weight and shaved its price target to 160 from 161. Analysts see weakness in sales of iPhones and iMac computers.
Apple gapped below a 192.93 buy point off a cup-with-handle base and tested its 50-day moving average in heavy volume. AAPL stock was one of the biggest losers on the Dow Tuesday.
IBD Leaderboard stock Tesla gave back earlier gains and was up modestly, after the electric-vehicle maker reported Tuesday that it delivered 484,507 vehicles in the fourth quarter, beating estimates from FactSet for 473,000.
TSLA shares are below their latest entry at 252.75. Tesla stock sits in a double-bottom base with a 278.98 conventional buy point, according to MarketSmith pattern recognition.
Tesla's EV rival in China, BYD slumped more than 2% in heavy trading after the company reported its fourth-quarter deliveries Monday. The stock was already below its 50-day line and sank below its 21-day line.
Rivian plunged more than 9% after the electric-truck specialist reported production of 17,541 vehicles and deliveries of 13,972 vehicles in its fourth quarter. That compares with 10,020 vehicles produced and 8,054 delivered in the same period a year ago.
Rivian said it had full-year 2023 deliveries of 50,122 vehicles, up 146.5% from a year ago, but below FactSet's estimate for 51,000. RIVN stock is in a consolidation with a 28.06 entry point and a trendline forming around 24.50.
Other Big Stock Movers: Cruise Stocks Sink
IBD 50 cruise line stocks Carnival, Norwegian Cruise Line and Royal Caribbean all sold off on the stock market. All three tested their 21-day exponential moving averages.
Biotech stock Amgen spiked nearly 4% while drugmaker Merck notched a 3.6% gain, to help lift the Dow. AMGN stock catapulted into the 5% buy zone of a cup base with a 288.46 buy point and reached a 52-week high. And MRK stock is in a long consolidation with a 119.65 buy point.
IBD 50 fitness beverage stock Celsius Holdings popped and bounced off its 50-day line. Shares are in a double-bottom base with a 62.99 buy point. Fellow IBD 50 component GigaCloud Technology rallied and hit a 52-week high.
Arm Holdings plunged nearly 7% in heavy volume, after hitting a 20% profit target last week. Meanwhile, Voyager Therapeutics soared on news that it expanded its partnership with Novartis on its gene therapy. NVS edged higher 0.4%.
Moderna rocketed more than 15% higher in heavy volume after Oppenheimer upgraded the stock to outperform from perform with a price target of 142. MRNA is on track for its largest increase since Dec. 13, 2022, when it rose 19.6%, according to Dow Jones Market Data. MRNA is the biggest gainer in the S&P 500 today.
Netherlands-based chip equipment maker ASML tumbled after the company said the Dutch government partially revoked an export license to China for a lithography system. Shares are back in the buy zone with a 696.97 entry out of a cup-with-handle base.
Stock Market Shakers: Bitcoin Stocks Rally
Bitcoin miner Marathon Digital eased from larger earlier gains and edged higher 2% in heavy volume, as the price of bitcoin jumped past $45,000 for the first time since April 2022.
Enthusiasm sprung from hope that the Securities and Exchange Commission will shortly begin approving bitcoin exchange traded funds. Marathon shares recovered a portion of Friday's 16.4% plunge in heavy volume but were off earlier highs.
Coinbase Global, a cryptocurrency exchange platform operator, gave back early morning gains and toppled around 6%. COIN shares are extended from a cup base with a 114.43 buy point.
MicroStrategy was another crypto-related stock that rallied. It also trimmed earlier gains but remained 10% higher in recent action. Shares are extended from a cup base with a 475.09 buy point.
MSTR stock hit a 52-week high in Tuesday's stock market action. MicroStrategy has a large holding in bitcoin.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
