Investors tried to extend the stock market rally into a fourth straight week Monday, as all three major indexes improved midday. The market has a shortened trading schedule this week due to the Thanksgiving holiday.
Stock markets plan to close Thursday and have scheduled an abbreviated session for Black Friday, with trades ending at 1 p.m. ET. Further, the bond markets also close early on Friday, at 2 p.m.
On Monday, the Dow Jones Industrial Average climbed 0.5% while the Nasdaq composite gained 1%. The S&P 500 added 0.6% on the stock market today. All three major indexes remained solidly above their 50-day moving averages. The small-cap Russell 2000 moved up 0.6% and remains above its 50-day line, but below its 200-day moving average after bumping up against it Wednesday.
Volume fell on the New York Stock Exchange and rose on the Nasdaq on Monday compared with the same time of day Friday.
The Invesco QQQ Trust exchange traded fund, which tracks the Nasdaq 100, gained 1.1%. The Innovator IBD 50 ETF popped 1.3%. And the 10-year Treasury yield shed 2 basis points to 4.42%.
The Federal Open Market Committee's minutes are due Tuesday at 2 p.m. ET. The minutes, produced from the Federal Reserve's most recent meeting, could give insight into the Fed's outlook for interest rates.
Global X MSCI Argentina ETF surged more than 12% in huge volume, and is on pace for its largest one-day percent increase on record, according to Dow Jones Market Data. The move comes after libertarian Javier Milei won Argentina's presidential election on Sunday.
Stock Market Action: CRISPR Keeps Climbing
Dow Jones component Boeing popped 4.6% in heavy volume, after Deutsche Bank upgraded the stock to buy from hold and raised its price target to 270 from 204. Shares are in an undefined base and have rallied since the aerospace and defense company reported a mixed third-quarter earnings report on Oct. 25.
BA currently trades above its 200-day line. The stock is on pace for its largest one-day percent increase since July 26, when it rose 8.72%, according to Dow Jones Market Data.
IBD 50 stock Nvidia edged 1.2% higher and is in the 5% buy zone of a double-bottom base with a 476.09 buy point. The chip and artificial intelligence giant reports earnings Tuesday after the market close.
CRISPR Therapeutics eased from larger gains, and was up nearly 7% in recent action. The company's shares jumped after U.K. regulators awarded conditional approval for its gene CRISPR treatment for sickle cell disease. CRISPR partners with Vertex Pharmaceuticals on the drug.
Shares tapped the 72 buy point of a cup base, before retreating on Monday. Shares are on pace for a five-day rally. Meanwhile, VRTX rose 1.4%.
Palo Alto Networks rebounded more than 5% after the stock sold off following its October-ended quarterly earnings report on Nov. 15. The network security firm beat earnings and sales estimates but its January quarter and fiscal 2024 billings outlook disappointed.
IBD 50 stock Dorian LPG catapulted around 9% in heavy trading, after Jefferies upgraded the stock to buy from hold and lifted its price target to 50 from 37. The liquefied petroleum gas transport stock is extended from a cup-with-handle base with a 28.69 buy point. LPG reached a 52-week high Monday.
Dorian's earnings have exploded in the last four quarters, with its September quarter rising 330% over last year's quarter. Quarterly sales grew 90%, up from 45% and 68% in the prior two quarters. Analysts expect fiscal 2024 per-share earnings to grow 73% then drop 42% in 2025.
IBD 50 stock Immunogen plunged more than 7% after Goldman Sachs initiated coverage with a neutral rating and a 17 price target.
Stock Movers: Drone Stock Soars
AeroVironment jumped more than 4% and is now above the buy range from a 123.34 handle entry. The drone and defense vehicle stock hit a 52-week high on Monday.
Palantir Technologies advanced 4.7% and topped the buy zone from a 20.24 buy point out of a cup base. The privacy software stock also hit a 52-week high.
China-based retailer Miniso climbed more than 4% ahead of its September quarterly earnings report on Tuesday. The IBD 50 stock is in a sideways trending base with a 29.92 buy point. It has bounced off its 50-day line of support.
Rambus spiked 5% and broke out of a choppy base after tapping a 68.54 buy point. Shares are in a buy zone reaching to 71.97. The stock has rallied since the chip equipment maker reported its third-quarter earnings report on Oct. 30. RMBS hit a 52-week high on Monday.
Bristol-Myers Squibb sank more than 4% following a report that the U.S. Food and Drug Administration was delaying approval of a cancer therapy, according to MarketWatch. Bristol-Myers partners with 2seventy Bio on the treatment, and TSVT stock plummeted more than 19% on the news.
Other Stock Shakers: Sports Betting Stock Wins
PENN Entertainment gapped up more than 6% after BofA Global Research upgraded the stock to buy from neutral, and raised its price target to 30 from 27, according to Reuters. The sports betting stock has found support at its 200-day line.
Chegg tumbled more than 5% after Morgan Stanley downgraded the online education stock to underweight from equal weight and lowered its price target to 9 from 10. Shares were trading near a 52-week low when the company announced a $150 million share buyback on Nov. 15, that lifted the stock 18%. Despite the Nov. 15 pop, shares have lost about 62% this year in stock market action.
Full Truck Alliance soared after the China-based logistics software company reported 25% net sales growth in its third-quarter earnings report. Full Truck also raised its fourth-quarter revenue range.
Finally, Krispy Kreme sank 1.8% after J.P. Morgan downgraded the doughnut maker to neutral from overweight with a 13 price target.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
