Major indexes remained strong in afternoon trading on the stock market Tuesday, as the Dow Jones Industrial Average surged 200 points and touched another all-time high. Meanwhile, investors moved past mixed housing numbers for November.
The Dow gained 0.5% in recent trades, while the Nasdaq composite climbed 0.4%. The S&P 500 also added 0.4% on the stock market today and hit a new 52-week high.
In small caps, the Russell 2000 showed its strength and gained 1.6%. And the 10-year Treasury yield shed 3.2 basis points to 3.924%.
The Invesco QQQ Trust, which tracks the Nasdaq 100, bumped up 0.3%. The Innovator IBD 50 ETF flexed its muscles, rising 0.7%.
Volume fell on the New York Stock Exchange and was relatively flat on the Nasdaq vs. the same time on Monday.
The Commerce Department reported that November housing starts jumped to an annual rate of 1.56 million vs. the 1.36 million forecast from economists. This also exceeded October's revised 1.359 million rate. The uptick in starts got a tailwind from dropping mortgage rates.
But November building permits dipped to an annual rate of 1.46 million vs. the 1.47 million expected. It was also lower than October's revised annual rate of 1.498 million.
Stock Market Movers: Tylenol Maker Celebrates On News
Tylenol-maker Kenvue gapped up more than 2% in heavy volume. The move came after news that a federal court ruled against claims that taking Tylenol during pregnancy raises a child's risks of autism or attention-deficit hyperactivity disorder.
UBS raised its price target on the stock to 23 from 20 and maintained its neutral rating on the health products stock. Kenvue was spun off from Johnson & Johnson in May 2023.
Among IBD 50 stocks, SentinelOne spiked around 3% and topped the 20% profit zone of a consolidation with a 21.95 buy point.
Fellow IBD 50 player StoneCo jumped 1.4% and entered the profit zone of a 14.83 cup-base buy point before retreating. Shares have surged 75% since the Brazilian fintech company reported higher-than-expected third-quarter earnings and sales on Nov. 10. STNE hit a 52-week high on Tuesday.
A Ray Of Hope For Solar Stocks
Enphase jumped around 7% after the solar energy player announced it would reduce its workforce by about 10% and close some of its manufacturing locations. ENPH is below its 200-day line.
Sunnova Energy International soared in heavy volume after Piper Sandler upgraded the solar storage stock to overweight from neutral and doubled its price target to 26 from 13. The stock reclaimed its 200-day moving average.
Solar stocks got a recent boost on expected lower interest rates after underperforming. The solar energy group ranks a dismal No. 196 out of the 197 industry groups followed by Investor's Business Daily.
Meanwhile, FedEx added 0.2% ahead of the shipping company's fiscal second-quarter results, which were due after the close Tuesday. Shares are in the 5% buy zone of an irregular base with a 270.95 buy point reaching to 284.50.
FDX stock hit a 52-week high on Monday. Stock market analysts project 22% earnings growth in fiscal 2024 and 23% in 2025.
AppLovin Stock Feels The Love
AppLovin gapped up more than 6% after HSBC initiated coverage on the stock with a buy rating and a 53.20 price target. Shares are at the top of the buy zone of the 42.22 buy point of a double-bottom base. The mobile app platform stock retook its 50-day line on Friday.
Accenture was flat in recent trading on the stock market, after the consulting company reported a beat on its fiscal first-quarter earnings and sales expectations. Investors clued in on a second-quarter revenue projection that came in below analyst forecasts.
Accenture shares remain in the 5% buy zone of a cup base with a 330.44 buy point. ACN also formed a bullish three-weeks-tight pattern with a 338.50 entry point, according to MarketSmith pattern recognition. The stock is coming off a 52-week high reached Friday and successfully tested support at its 21-day exponential moving average.
Futures: Nasdaq Tops Key Level; 4 AI Stocks Near Buy Points
Stock Market Shakers: Real Estate Firm Jumps
FactSet Research Systems reversed course and dropped 1.2% after the company reported it beat fiscal first-quarter profit and sales estimates. FactSet, however, lowered its full-year fiscal 2024 earnings and revenue outlook.
Shares are in the buy zone of a cup-with-handle base with a 458.88 buy point. The financial data stock fell below its 50-day moving average in early trading but recovered. Its relative strength line has been on a steep downtrend, which is a negative sign.
Heico eased from larger gains earlier in the session, but was up 0.6% after the aerospace and electronics parts maker reported better-than-expected fiscal Q4 earnings and revenue late Monday. Shares are in a buy zone reaching to 191.29 out of a saucer-shaped base with a 182.18 buy point. HEI stock hit a 52-week high on Tuesday.
Online real estate stock Zillow Group rose nearly 3% to break out of a cup base and hit a 55.68 buy point. Shares are in the buy zone up to 58.46.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
