The Dow Jones Industrial Average ended higher while other indexes closed near session lows. Magnificent Seven stocks like Tesla, Nvidia and Apple closed mixed. Warren Buffett stock Nu cleared an entry while Trump Media & Technology topped a key level.
The Dow performed better, rising 0.7%. 3M held gains well as it rallied 4.4%.
McDonald's rose 1.5% but ended off session highs. The fast-food giant's Quarter Pounder burger will return later this week to around 900 outlets where it was removed due to an E. coli outbreak.
The Nasdaq composite trimmed its gain to 0.3% after rising 0.8% earlier. The benchmark S&P 500 also backed off session highs and closed 0.3% higher.
Stock Market Today: Small Caps Pop
Carnival and Albemarle were among the best performers in the S&P 500 with gains of nearly 5% each.
Breadth was solid, with advancers outnumbering decliners by around 2-to-1 on the NYSE and more than 2-to-1 on the Nasdaq. Volume was lower on both indexes, according to early data.
The S&P 500 sectors ended mostly positive. Financials and materials made the best gains. Only energy and technology closed lower.
Small caps gave the bears a black eye, with the Russell 2000 reversing higher as it rallied 1.6%. Growth stocks also popped, with the Innovator IBD 50 exchange traded fund up more than 1%.
Treasury yields were climbing again. The 10-year Treasury note rose nearly five basis points to 4.28% while the 2-year also gained nearly five basis points to sit at 4.14%.
These Stock Market Industry Groups Shine
The relative performance of the 197 IBD industry groups offered additional insight into the action in the stock today.
A range of metal groups did well, including steel producers, specialty alloys makers and metal products distributors. Midwest and Southwest bank plays and consumer electronic products firms also did well.
In contrast, a whole range of oil & gas areas were weak, including drillers, U.S. explorers and producers, and international explorers and producers. Nonalcoholic beverage stocks also lagged.
Donald Trump Stock Rockets, Tests Level
One stock that has been on a scorching run of late is Trump Media & Technology, the parent of Donald Trump's Truth Social platform.
The stock managed to recapture the important 200-day moving average last week and continued higher. It ended Monday's session up more than 21%. It came hot on the heels of the former President's rally at New York's iconic Madison Square Garden.
Trump Media stock has now cleared the 46.27 level, which is arguably the left-side high of a consolidation. However, much of this pattern formed below the 50-day and 200-day lines.
And while some might argue this is a good time to buy, the fact it now sits more than 110% above its 50-day moving average underlines how risky it would be.
Since hitting a Sept. 24 low of 11.75, Trump stock has rallied nearly 300%. Nevertheless, it has a subpar Composite Rating of 56 from Investor's Business Daily. However, its score has been improving amid its October rally.
Earnings also remain a weakness as the company continues to lose money. It sports a weak EPS Rating of 15 out of 99.
While the price action has been wild, the Donald Trump stock now holds a gain of nearly 170% so far in 2024.
3:06 p.m. ET
Magnificent Seven Mixed In Key Earnings Week
Monday was the calm before the earnings storm, with many of the so-called Magnificent Seven getting set to post results.
The stocks were mixed in afternoon trade. Meta Platforms fared best with a lift of just over 1%, with Dow Jones stock Apple making a similar gain.
Google parent Alphabet was up 1% while Amazon.com rose nearly 1%.
Tesla lagged most as it fell just over 1%, while Nvidia and Microsoft suffered fractional declines.
Alphabet is due to report Tuesday, Microsoft and Meta Platforms come Wednesday, while Amazon.com and Apple drop Thursday.
12:06 p.m. ET
Stock Market Today: Warren Buffett Stock Clears Entry
Nu jumped 3% to move above the 15.16 buy point of a flat base, according to MarketSurge pattern recognition. Volume was tracking below average. But the relative strength line is near new highs, which is a positive sign for the breakout.
Nu stock has been on a powerful run so far this year, rising around 86%. After a sharp sell-off in July and early August, the stock reset its base count.
Warren Buffett is among the noteworthy backers of the Brazilian digital bank. His firm Berkshire Hathaway holds just over 107 million shares in the firm.
Meanwhile, cement stock CRH tested a flat-base buy point of 94.14. Overall performance here is strong but not ideal. This is reflected in CRH's IBD Composite Rating of 88 out of 99.
Earnings are the strongest suit, with the stock's EPS Rating sitting at 96 out of 99. Earnings are seen rising 9% for the Irish company in 2025.
10:45 a.m. ET
Boeing Stock Lags Amid Offering
Boeing was getting hit in early trading amid news of a new share offering.
The firm has launched an offering of 90 million shares. It is also offering $5 billion in depositary shares. Both of these represent a "1/20th interest in a share of newly issued Series A Mandatory Convertible Preferred Stock," the company said.
Based on the current stock price, the common stock would be worth nearly $14 billion. However these securities are typically priced at a discount to drive demand.
The aerospace giant's finances are being squeezed amid a Machinists' strike. Rating agencies previously warned a prolonged strike could cause a downgrade in its credit rating. This would make borrowing money more expensive.
Boeing stock fell on the stock market today. It dropped 2% and lost ground on the 200-day and 50-day moving averages, MarketSurge analysis shows. It holds a dismal IBD Composite Rating of 8 out of 99.
Stock Market Today: Tesla Rival Nio Jumps
Tesla stock has been on a tear following its latest earnings report. Its EV rival Nio turned in a strong gain of its own Monday as it popped following a bullish call. Macquarie upgraded Nio to outperform from neutral. The price target here is 6.60.
The firm is bullish on the stock due to strong orders of the Onvo L60 model.
While the stock surged more than 8%, its current price is way below the 10 minimum recommended to those following the IBD Methodology.
In contrast, Tesla stock was virtually flat on the stock market today. It is trading in the buy zone above a cup-with-handle entry of 264.66
Procept BioRobotics Rockets
There were a number of stocks moving on earnings in early action Monday.
Procept BioRobotics soared almost 30% after the firm lost 40 cents per share, which was better than the 49-cent loss expected by analysts.
It also compared favorably with a loss of 51 cents a share in the same quarter of last year. Revenue rose 66% to $58.4 million, also above views.
Procept is a surgical robotics company that focuses on urology. Its AquaBeam Robotic System delivers minimally invasive urologic surgery with an initial focus on treating enlarged prostates.
Stock Market Today: Philips Flashes Sell Signal
Dutch conglomerate Koninklijke Philips cratered, falling nearly 17%. It flashed a sell signal by crashing below the 50-day moving average in mammoth volume.
It was hammered after the company slashed its annual sales outlook due to a "significant deterioration" in Chinese demand. The company also warned its free cash flow will come in near the bottom of its predicted range.
On Semiconductor shook off initial losses as it reversed higher. It gained nearly 2% and rallied above its 50-day and 200-day moving averages.
It rallied even as EPS fell 29 % to 99 cents in a report this morning. Revenue also skidded, falling 19% to $1.76 billion in the third quarter.
Juan Carlos Arancibia contributed to this story. Please follow Michael Larkin on X at @IBD_MLarkin for more analysis of growth stocks.
