Stocks closed mixed after a rocky afternoon Tuesday. The Nasdaq closed higher after a brief pullback, while the Dow Jones Industrial Average and the S&P 500 closed lower but off the day's lows in the stock market today.
The Dow Jones index fell nearly 0.6%, off more than 200 points. The Dow closed below its 50-day moving average for the first time since May 3, and ended below the 39,000 level.
The S&P 500 eased 0.2%, while the Nasdaq climbed 0.6% thanks in part to Nvidia. The Nasdaq closed just above the 17,000 level. The small-cap Russell 2000 reversed lower 0.1%.
Volume rose on the Nasdaq and the New York Stock Exchange from Friday's preholiday session, according to preliminary numbers. The stock market closed Monday for the Memorial Day holiday.
The Innovator IBD 50 ETF reversed lower 0.1% in the stock market today.
The benchmark 10-year Treasury yield added 7 basis points to 4.54% — its largest basis-point increase since April 30.
Key earnings reports this week are coming from Dow Jones stock Salesforce, clothing retailer Abercrombie & Fitch and IPO stock Cava.
Drug Stock Surges, Silver Stock Shines Again
Drug stock Corcept Therapeutics bolted nearly 15% in heavy volume. The move came after the drugmaker announced its Phase 3 trial of its steroid hormone cortisol treatment in patients with hypercortisolism, or Cushing's syndrome, met its primary endpoint. Shares broke resistance around 29 and are forming a cup base with a 33.28 buy point.
IBD 50 silver producer Pan American Silver catapulted 7.6% and recouped losses from a three-day sell-off last week. The stock is back near its 52-week high reached on May 20. The May-delivery silver futures contract gained around 5.4%.
Telehealth and online prescription provider Hims & Hers Health gapped up 13.2% in heavy trading. The IBD 50 stock lifted above the 5% buy range of a cup base with a 17.16 buy point.
The move follows last week's volatile action, after the stock gapped up 27.7% in huge volume and broke out, topping the buy point on May 20. The jump came after news that the company's injectable weight-loss drug, GLP-1, will be available through its telehealth platform. The drug uses the same active ingredient in Novo Nordisk's diabetes treatment Ozempic and its weight-loss blockbuster drug, Wegovy. Drug stock Novo Nordisk slid 1.5% in the stock market today.
Dow Stocks And Other Movers
In the Dow, Salesforce fell 0.9% as its fiscal first quarter earnings report looms on Wednesday after the market close. The customer relationship management software firm has been trading below its 50-day line since mid-April and met resistance at it earlier this month.
Another Dow stock, Apple, trimmed gains and closed almost unchanged, despite a Reuters report that its China iPhone sales increased 52% in April over last year's period.
Vaccine maker Moderna, skidded more than 8% after reaching a 52-week high on Friday. The stock was the biggest loser in the S&P 500 today.
Stock Market Today: Nvidia Stock Leads S&P 500
IBD 50 and Leaderboard stock Nvidia stock kept its post-earnings rally going for a third straight day, adding 7% on top of last week's 15.1% gain. The stock is extended from a 922.20 handle buy point. MarketSurge pattern recognition also identifies a secondary entry at 974. Nvidia broke the 1,100 barrier and reached a new high in the stock market today. Reports said Tesla CEO Elon Musk's xAI venture is buying Nvidia AI chips for a new supercomputer.
GameStop closed 25% higher on news announced late Friday that it sold around $933 million in common stock. The video game store chain plans to use the funds for general corporate purposes, which may include acquisitions and investments.
IBD 50 stock Celsius Holdings plummeted more than 13% in heavy trading. A Morgan Stanley analyst noted that sales growth for Celsius appears to be slowing, based on the latest Nielsen retail trend data.
Stock Market Today: Cava Stock Eases As Earnings Loom
DraftKings and FanDuel parent Flutter Entertainment plunged in huge volume, after weekend news that the online betting companies will be paying higher Illinois taxes under a new budget approved by the Illinois state Senate.
DraftKings sank more than 10% and dipped just below its 200-day moving average. Meanwhile, Flutter lost more than 7% and gapped below its 50-day line in the stock market today.
Leaderboard component and fast-casual Mediterranean restaurant chain Cava reversed lower ahead of its first quarter earnings report due after the close today.
Futures: Hot Nvidia Masks Weakness; Cava Falls Late
Economic News: Consumers Are Upbeat
The May Consumer Confidence index climbed to 102.0 and topped Econoday's consensus estimate of 95.3. It exceeded April's revised 97.5 reading. The increase marked a turnaround after three straight months of declines. Consumers were less positive about business conditions but were feeling especially good about the job market. A reading above 100 on the index indicates that consumers are more positive about the future economy.
Other noteworthy economic reports due this week include the Fed's Beige Book on Wednesday afternoon and the closely watched personal consumption expenditures data for April on Friday. The year-over-year PCE is expected to rise 2.7% and the core number is expected to increase 2.8%. Core PCE doesn't include food and energy prices, which are volatile.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
