After climbing in four of the last five sessions, major stock indexes stumbled Tuesday with the Nasdaq taking the brunt of the losses while the Dow Jones Industrial Average and S&P 500 fared only slightly better. Nvidia posted a significant loss and shares of former President Donald Trump's media company took a bath on the stock market today.
The Nasdaq composite fell 1%, as the tech-heavy index reversed from gains early in the session. The S&P 500 dropped 0.8% after hitting another all-time high Monday.
The Dow Jones index also ceded 0.8%, or 325 points. UnitedHealth Group and Apple were big movers on the Dow.
All three major indexes finished near session lows. Meanwhile, the small-cap Russell 2000 countered the larger indexes with a 0.3% rise at the close.
Volume was more than 30% higher on both the New York Stock Exchange and the Nasdaq vs. the same time Monday. Despite drops in major indexes, advancing stocks narrowly beat decliners on both the Nasdaq and NYSE.
The 10-year Treasury yield shed four basis points to 4.03% after the bond market was closed Monday for a holiday. Crude oil tumbled to $70.95 a barrel.
3:32 p.m. ET
Stock Market Today: Energy Stocks Slide, Trump Stock Gets Halted
East West Bancorp notched up 1.5% and broke out of a choppy irregular base with an 89.75 buy point. Shares are in the 5% buy zone up to 94.24 and reached a 52-week high on the stock market today.
Already depressed energy stocks fell even further along with crude oil prices. Oil-and-gas exploration company APA sank more than 6% and has lost nearly 30% so far this year. Oil services stock Halliburton gave up 4%. Both undercut their 50-day lines Tuesday.
Trump Media & Technology resumed trading after a temporary halt Tuesday afternoon due to volatile action around 2:40 p.m. ET. Shares were down around 11% in recent trades. Shares have climbed 64% this month so far.
2:07 p.m. ET
Nvidia Stock Feels The Pain
IBD 50, Leaderboard and SwingTrader stock Nvidia increased its afternoon loss to nearly 5% Tuesday after notching a record closing high in Monday's action. Shares are in an undefined base with a 140.76 buy point.
Two big losers on the IBD 50 were ARM Holdings and Arista Networks. Arm trimmed larger losses to around 6.5%. The stock is back in the buy zone of a cup-with-handle base with a 149.93 buy point after topping the buy zone Monday.
Meanwhile, networking solutions stock Arista slid 5% in heavy volume and tested its 21-day exponential moving average, seeking support.
Solar and battery-systems supplier Enphase Energy sold off 8.7% after RBC Capital Markets downgraded the stock to sector perform from outperform and cut its price target to 100 from 125. The brokerage sees a potential threat from Tesla's Powerwall 3 home batteries that store solar energy.
Enphase stock dipped below the bottom of an 18-week long consolidation. Shares have lost 29% so far this year and hold a dismal 17 RS Rating. Tesla shares picked up 0.3% but remain below their 50-day line in a cup-with-handle base with a 264.86 entry.
12:23 p.m. ET
Stock Market Today: These Firms Flash Warnings
ASML Holdings plummeted more than 16% in heavy trading after the Dutch chip-equipment maker said the semiconductor market will take longer to recover than expected. The large drop below its 50-day line triggered a sell signal, and the chip sector was broadly lower.
KLA fell more than 11% in heavy trading in sympathy with ASML and knifed through its 50-day line, also triggering a sell signal.
Commvault Systems skidded 9.5% in huge volume and sliced through its 50-day line activating a sell signal. The data management stock gave back more than 13% after reaching a 52-week high Monday. Shares retreated after Guggenheim downgraded the stock to neutral from a buy rating. The stock is on track for its biggest decrease since Jan. 11, 2023, when it fell 14.3%.
China-based hotel operator H World Group fell another 3.5% and is more than 10% from its 42.21 cup-base buy point. The large drop from the entry triggered the 7% sell rule.
10:40 a.m. ET
Dow Jones Earnings Movers
The October Empire State Manufacturing Index came in at a surprising negative 11.9 vs. a positive 2.7 economists expected.
Dow Jones stock UnitedHealth Group sank 8% in heavy volume on the stock market today despite topping third-quarter adjusted earnings and sales estimates. The health insurance provider gave lower full-year EPS guidance and a higher-than-expected medical cost ratio, which measures the portion of premiums paid out to cover expenses.
UnitedHealth fell below its 50-day moving average and below a flat base it had been forming. The stock is on pace for its largest decrease since March 18, 2020, when it fell 11.1%, according to Dow Jones Market Data.
Goldman Sachs reversed lower 0.7% from a record high following its better-than-expected Q3 adjusted profit and revenue. The investment bank is in a 5% buy zone reaching to 543.12 from an irregular base.
Johnson & Johnson rose 2.6% after it exceeded third-quarter top- and bottom-line expectations but lowered its EPS target below analysts' forecasts. The health care products maker is in a flat base with a 168.85 buy point, and topped its 50-day moving average. The stock has underperformed as seen in its mediocre 48 Relative Strength Rating.
Outside the Dow Jones, CareDx plunged around 18% after giving preliminary third-quarter results. The drop below the 50-day line in heavy trading triggered a sell signal.
Futures: Indexes Fall As ASML Hits Nvidia, Chips; What To Do Now
Stock Market Today: Banks, Finance Firms Move
Bank of America climbed 1.7% after topping third-quarter profit and revenue forecasts. Shares are near the top of a buy zone up to 43.10 from a cup-with-handle base.
Citigroup reversed lower 2.4% although it remains in a base resembling a flawed double-bottom. The bank reported mixed third-quarter results with higher-than-expected adjusted earnings but missed sales projections.
PNC Financial Services bumped up 2.5% following the super-regional bank's better-than-expected Q3 profit and revenue.
Charles Schwab rallied more than 6% after the brokerage beat Q3 adjusted earning and sales views. The stock reclaimed its 200-day moving average as it forms a consolidation pattern with a 79.49 buy point.
Raymond James increased 3.6% and broke out of a long cup base with a 131.19 buy point. Shares are in the buy zone up to 137.75.
Magnificent Seven stock Apple climbed 2% on the stock market today and is nearing the 237.23 buy point of a choppy base. Shares are in the buy zone of a three-weeks-tight pattern with a 233 buy point.
Be sure to read IBD's The Big Picture column after each trading day to get the latest on the stock market trend and what it means for your trading.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
