Stocks picked up steam and closed near session highs Tuesday as investors worked to make up for Monday's losses. Big Tech names Meta Platforms, Microsoft and IBD 50 name Nvidia were among those who reaped gains during the rally on the stock market today.
The tech-heavy Nasdaq composite lifted its gains to 1.5% and was back near the highs of the day. The benchmark S&P 500 improved by 1%.
Blue chips on the Dow Jones Industrial Average added 0.3%, or 126 points. Apple was a leading Dow stock as shares got a 1.8% boost. The tech giant traded above its 50-day moving average and bumped up just past its 21-day exponential moving average.
Finally, small caps on the Russell 2000 inched up 0.2%.
Volume was lower on the New York Stock Exchange and higher on the Nasdaq vs. the same time Monday. Advancing stocks came out modestly ahead on the NYSE, while decliners won a narrow victory on the Nasdaq.
The 10-year Treasury yield remained above the 4% level after breaching it Monday, but slipped slightly to 4.02%. Crude oil sank more than 4% to $73.95 a barrel.
Investors will want to keep an eye out for upcoming earnings through IBD's Earnings Calendar as the first companies to report third-quarter results roll out later this week.
3:39 p.m. ET
Stock Market Today: Trump Stock Soars
Trump Media & Technology Group rallied nearly 17% in heavy volume and retook its 50-day line. The big move follows Monday's 11.5% surge.
The stock is majority owned by former President Donald Trump. It's unclear what prompted the surge, but shares may have gotten a lift from Tesla Chief Executive Elon Musk speaking at a Trump rally on Saturday.
Ares Management fell nearly 4%. The drop came after the company announced it entered a deal to buy GCP International.
Ares shares retreated from a buy zone of an irregular base with a 155.53 buy point. The asset management stock undercut its 21-day exponential moving average on the stock market today.
Meta, Microsoft And FTAI Gain Ground
Meta Platforms rose more than 1%. On Monday, Meta shares briefly topped the 600 level but ultimately tumbled and ended the day with a 1.9% loss.
Microsoft hoisted more than 1% after Monday's 1.5% slide but remained below its 50-day and 200-day lines, which are converging.
IBD 50 component FTAI Aviation jumped more than 5% and reached a 52-week high on the stock market today. The aviation leasing stock has had a textbook climb.
Shares have more than tripled since the beginning of the year, earning it a best-possible 99 Relative Strength Rating from Investor's Business Daily. FTAI plans to report third-quarter results Oct. 30.
1:51 p.m. ET
Palantir's Drop Short-Lived
IBD 50 stock Palantir powered up more than 5% after Monday's 2.8% drop, and reached a 52-week high on the stock market today. The stock has been a triple-digit gainer with a 139% rise so far this year.
Roblox trimmed larger morning losses in excess of 9% to just over 3% in recent action. The drop comes after short-selling firm Hindenburg Research made allegations against the video gaming platform.
Hindenburg alleged Roblox overstated its daily user and engagement numbers. The firm also accuses Roblox of prioritizing growth over child safety, according to The Wall Street Journal.
Shares fell below their 50-day moving average and plunged through their 200-day line, triggering sell signals. The stock is on pace for its eighth day of losses out of the last nine sessions after reaching a 47.20 buy point and a 52-week high in late September.
Stock Market Today: Caterpillar Hit And Insurers Rebound
Caterpillar was a big loser on the Dow Jones index with a pullback of 2.5%. The reversal comes after the heavy equipment maker topped 400 and reached an all-time high Monday.
Meanwhile, insurance stocks rebounded after Monday's sell-off on fears of Category 5 Hurricane Milton as it approaches Florida.
IBD Leaderboard name Brown & Brown bolted more than 3% higher after Monday's 3.3% drop. Shares reclaimed their 50-day line in Tuesday's strong action.
Dow stock Travelers gained 1.5% and bounced off its 50-day line after closing just below it Monday. Travelers was the biggest gainer on the Dow Tuesday.
Finally, auto insurer Progressive recovered 1.3% of Monday's drop of nearly 3.9%.
12:22 p.m. ET
Cybersecurity Firm Expands Pact With Google
Commvault Systems popped 4.7% and broke out of a flat base with a 157.13 buy point. Shares are in a buy zone up to 164.99. The cybersecurity firm announced an expanded relationship with Alphabet's Google Cloud with the launch of its Cloud Backup & Recovery for Google Workspace. Alphabet stock lifted 0.7%.
In separate news, Commvault said it will partner with Pure Storage on a cyber-readiness solution aimed to help organizations comply with regulations. Pure Storage shares added 1.4%.
Hospital stocks continued to feel pressure, with HCA Healthcare falling 1.4% and further below its 50-day line. Tenet Healthcare sank 2% and also dug deeper below its 50-day level. Community Health Systems fell 2.1% and held below its 50-day line on the stock market today. IBD's hospitals industry group has lost around 7.7% so far this month.
Conversely, cruise line stocks sailed higher, with Carnival rising more than 5% and Royal Caribbean Group bumping up 2.7%.
Carnival is in a cup-with-handle base with a 19.09 buy point. Royal Caribbean is extended from a cup-with-handle base with a 169.47 entry.
10:48 a.m. ET
Magnificent Seven Movers
IBD 50, Leaderboard and SwingTrader stock Nvidia advanced 2.7% and is looking for its fifth-straight day of gains. Shares are above 127.67, which could seen as a handle buy point. And the Aug. 26 high of 131.26 also could serve as a buy point. There's also a trendline entry around 127.
And fellow Magnificent Seven stock Tesla bumped up 1.3% on the stock market today as it works on a cup-with-handle base.
Power generator maker Generac reversed lower 2% after Monday's 8.5% surge in heavy volume as Category 5 Hurricane Milton heads toward Florida. This occurs just days after Hurricane Helene ripped through the Southeastern U.S.
Generac's relative strength line hit a 52-week high Monday as shown by the blue dot on its MarketSurge chart. Generac was Monday's IBD Stock of the Day.
China Stocks Rack Up Losses
China stocks fell on news its National Development and Reform Commission didn't announce any new fiscal stimulus plans, as investors had hoped. The Hang Seng Index plummeted 9.4%, its largest drop since Oct. 27, 2008. But the Shanghai Composite rose 4.6%.
Alibaba tumbled nearly 7% after a steep run that lifted the stock to a 52-week high Monday. And JD.com sank around 7% also after reaching a 52-week high Monday in a similar-looking chart. Both are extended from cup bases.
Electric vehicle maker Nio skidded around 7%, Baidu slid nearly 7% and BYD retreated nearly 10%.
The news affected resort operators with exposure to Macao, China. Wynn Resorts fell 4.1% and Las Vegas Sands sold off 3.5% and MGM Resorts sank 4.5%. All three are in cup bases.
Copper miner Freeport-McMoRan dropped nearly 5%. China is a large consumer of copper. Shares are in a pattern with a 52.61 handle buy point.
Stocks Rebound As Nvidia Leads 11 New Buys
Stock Market Today: Docusign Pops
Super Micro Computer sank nearly 5% after Monday's explosive 15.8% jump. The stock bumped up to its 50-day moving average in early trading before reversing lower.
Monday's move came after the company announced it's shipping more than 100,000 graphics processing units per quarter. But the stock has been in a steady decline since it peaked in early March.
Docusign jumped 8% on news the electronics signature company will replace MDU Resources Group in the S&P MidCap 400 Friday. The stock broke out of a long consolidation with a 64.76 buy point.
MDU shares rose 3.3% and the stock is in a buy zone up to 28.67 of a cup base with a 27.30 buy point.
Wells Fargo climbed 0.5% after Wolfe Research upgraded the bank stock to outperform from peer perform and set a price target of 65. The stock is in a base resembling a double-bottom with a 59 early entry. The bank reports earnings Friday.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
