Stocks closed mixed Monday with the Nasdaq and S&P 500 each touching yet another record high while the Dow Jones Industrial Average edged lower. Among closely watched movers were Super Micro Computer, Taiwan Semiconductor Manufacturing and Nvidia on the stock market today.
The Nasdaq rose 0.3%, marking the fourth straight day of record high closes for the tech-heavy index. The S&P 500 edged 0.1% higher, and managed to squeeze out another record, also extending its streak to four.
The Dow was the weakest of the three major indexes, posting a 0.1% loss. Meanwhile, the small-cap Russell 2000 maintained a gain of around 0.6% and outperformed the market.
Volume was higher on the Nasdaq and the New York Stock Exchange compared with the same time Friday, in preliminary numbers.
The Innovator IBD 50 exchange traded fund bumped up 0.6%. It held support at its 21-day exponential moving average and is above its 50-day moving average.
In bonds, the 10-year Treasury yield was nearly flat at 4.27%. And U.S. crude oil prices fell more than 1% to $82.22 a barrel.
Updated 3:13 p.m. ET
Stock Market Today: Biggest Winner And Loser On IBD 50
Leading the IBD 50 Monday was Super Micro Computer as it jumped. Shares have more than doubled year to date.
Meanwhile, Chipotle Mexican Grill sank more than 5% and fell further below its 50-day line. The restaurant stock retreated below 60, which was a line of support and a previous level of resistance.
Shares are extended from a cup base with a 43.50 buy point. Chipotle was the biggest loser on the IBD 50 today.
Updated 1:42 p.m. ET
Taiwan Semi, Nvidia Pare Gains
Chipmaker Taiwan Semiconductor Manufacturing, known as TSMC, had popped more than 3% to a record high but gave back some of those winnings Monday as the session wore on. Shares were up around 1% in recent action.
The move came after Morgan Stanley raised its price target on TSMC by around 9% with the expectation that the company will raise its sales forecast in its next earnings report. The company is expected to report its second-quarter earnings around mid-July. Shares are extended from a double-bottom base with a 148.43 buy point.
TSMC is the world's largest chip foundry, with customers that include IBD Leaderboard company Nvidia, Apple and Advanced Micro Devices.
Shares of Nvidia had surged nearly 4% after UBS raised its price target to 150 from 120 and maintained its buy rating on the stock, but then retreated. Shares were up around 2% in recent action. Meanwhile, Apple ticked up and AMD surged.
Palantir Breaks Out
IBD 50 stock Palantir Technologies jumped around 2% and broke out of an irregular base with a 27.50 buy point. Shares are in a buy zone that goes up to 28.88, according to MarketSurge pattern recognition.
The stock reached a 52-week high on the stock market today and has climbed 61% so far this year. Palantir stock has steadily climbed from the bottom of the base in late May. It is a leader in artificial intelligence.
Mirum Pharmaceuticals shot up on news its Livmarli drug was approved in the European Union for patients with a rare form of a genetic liver disease. Shares of the IBD 50 stock broke out of a cup base with a 35.56 buy point and are in a buy zone up to 37.34.
Corning surged after the specialty glass maker raised its second-quarter sales estimates to around $3.6 billion from its prior forecast of $3.4 billion. It also predicted second-quarter earnings would come in at the high end or above its previous range of 42 cents to 46 cents a share. Corning stock topped the 20% profit zone of a flat base with a 33.87 buy point.
Corning stock earned its way back on IBD's Dividend Leaders screen with its more than 2.6% dividend yield.
Updated 12:05 p.m. ET
Stock Market Today: Goldman Sachs Tries To Break Out
Dow Jones stock Goldman Sachs is trying to break out of a flat base with a 471.48 buy point. The 5% buy zone goes up to 495.05. Shares got a lift after Jefferies raised its price target to 523 from 478 and held a buy rating on the stock. Goldman is expected to report its second-quarter earnings next Monday.
Blueprint Medicines bolted after rising above a flat base with a 111.02 buy point Friday. Shares were topping a 5% buy zone reaching to 116.57. Oppenheimer raised its price target to 125 from 114 and maintained its outperform rating on the stock Monday. The biotech is not profitable but its annual losses are easing. Blueprint Medicines develops cancer treatments.
Ollie's Bargain Outlet trimmed gains and is trying to break above a three-weeks-tight entry at 100.44. Shares rallied after JPMorgan upgraded the stock to overweight from neutral on June 17. Shares are reaching the 20% profit zone of a cuplike base with an 84.38 buy point. But the new pattern indicates Ollie's could extend its advance.
Updated 10:43 a.m. ET.
Powell To Testify In Congress
Fed Chair Jerome Powell is scheduled to appear before Congress Tuesday and Wednesday. Investors will be looking for further clues on when the Fed plans to cut interest rates.
Closely watched economic data comes out Thursday, with the Bureau of Labor Statistics' June Consumer Price Index. Economists see CPI slowing to 3.1% year-over-year growth, while core CPI is expected to inch up to an annualized increase of 3.5%, according to Econoday.
The June producer price index is due Friday, with the annual reading projected to inch up to 2.3% from the 2.2% level in May.
Stock Market Today: Intel Pops, Boeing Pleads Guilty
Intel popped and was the biggest gainer on the Dow Jones index on the stock market today.
Fellow Dow component Boeing also rose. The aerospace giant agreed to plead guilty to criminal fraud charges that it misled federal air-safety regulators ahead of two 737 Max aircraft crashes in 2018 and 2019.
As part of the plea deal, Boeing will pay an additional $243.6 million fine on top of what it has already paid and spend $455 million over the next three years to improve compliance and safety. The stock has lost 29% so far this year.
ServiceNow sank around 5% on news Guggenheim downgraded the stock to sell from a buy rating and lowered the price target to 640.
Stock Movers: Biotech Stock Catapults On Deal
Morphic Holding gapped up around 75% in huge volume on news that Eli Lilly will acquire the biotech for $57 a share in a deal totaling nearly $3.2 billion. Leaderboard name Eli Lilly rose to a record high on the stock market today.
SolarEdge Technologies jumped after BofA Securities upgraded the solar panel stock to neutral from underperform with a price target of 29.
Second-quarter earnings season gets underway this week with Delta Air Lines reporting early Thursday. Several major banks also report, including JPMorgan Chase, Wells Fargo and Citigroup on Friday. All are near buy points on the stock market today, or early entries.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
