Stock market today: Dow Jones, S&P 500 reverse lower; Nvidia Falls 2% But 2 Energy Stocks Break (Live Coverage)
The Dow Jones Industrial Average and other major indexes turned lower Tuesday. The positive action of the morning was triggered in December producer price index, What turned out to be easier than forecast turned into a loss on the stock market today.
Indices fell to session lows by midday. The Dow Jones Industrial Average fell 0.3%, holding firmly below its 50-day moving average. The S&P 500 reversed a low of 0.4%, retracing Monday’s positive price shift of 0.2%.
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The Nasdaq composite also gave up gains and fell 0.6%, extending four straight days of losses. It is now above the 50-day line by 1%. Small caps fared better and remained positive, but pared gains in the Russell 2000 to 0.3%.
Volume on the New York Stock Exchange and Nasdaq fell at the same time on Monday.
Despite the index’s losses, rising stocks on the Nasdaq exchange led decliners by nearly 3-to-2, while winners beat losers by more than 8-to-3 on the New York Stock Exchange.
Meanwhile, Bitcoin jumped 2.8% to $95,500. Crude oil fell 1.7 percent to $77.49 a barrel.
Stock Market Today: Two Energy Stocks Fall
Dow Jones stock Nivea (NVDA) has reversed its 1.8% low and is now on pace for a five-day losing streak. IBD Leaderboard shares are below the stock market’s 50-day line today.
Argan (AGX) popped up more than 8% in heavy trade and broke the Cuban base at a 165.33 buy point. Energy Construction Company is in the 5% buy zone reaching 173.60. As shown by the blue dot on the MarketSurge chart, the relative strength line has reached a 52-week high.
Look (VST) jumped 4.4% and hit the 168.67 buy point, breaking the base of the back-level cup. The electricity provider’s buy zone reaches 177.10. Vistra stock was added to the IBD SwingTrader on Tuesday.
Wix.com (WIX) jumped 4% and broke out of a flat base of late levels with a 229.79 buy point. The buying range reaches 241.28. Shares of the website development platform have revisited levels not seen since August 2021. The stock’s relative strength line has hit a 52-week high.
GeneDx (WGS) traded off more than 12 percent in heavy volume, shooting a knife below its 50-day line, triggering a sell signal. Shares have returned more than 10% from the 89.11 buy point, creating a round trip. The stock is around 17% below its buy point.
10:40 a.m. ET
Economic News: PPI comes in shy of estimates
Department of Labor December month-to-month The producer price index rose 0.2% compared to 0.3% and softened from the 0.4% increase in November. The annual rate increased to 3.3% from November’s 3.0% reading.
The monthly reading excluding food and energy, known as core PPI, was unchanged and below forecasts for a 0.2% increase. The year-over-year rate increased by 3.5%, which is higher than the expected 3.4%.
The yield on the 10-year Treasury fell one basis point to 4.79%, but also edged lower following the PPI report.
National Federation of Free Business, or NIB, Small Business Outlook Index Jump to 105.1 And it was significantly higher than expectations of 101.3 and November’s 101.7.
Palantir tried to rebuild.
Palantir Technologies (PLTR) rose 3.8 percent after five straight days of losses. The newly added IBD SwingTrader stock tested the 50-day line, as MarketSurge chart analysis.
Tesla (TSLA) gained 2.8% on Monday’s bullish reversal and retook its 21-day line.
Big movers: Equipment rental aggregator earns 100% on purchases
H&E equipment (song) more than doubled in news coverage. United Rentals (URI) will buy the heavy equipment leasing company for $4.8 billion, including $1.4 billion in debt. H&E shares hit an all-time high on the stock market today.
United Rents posted a 4.2% gain but found resistance at its 200-day moving average.
KB Home (KBH) morning gains rose sharply to around 3.5% after the homebuilder raised fiscal fourth-quarter earnings and sales forecasts. The stock remains well below the 50-day line. KB Base maintains a weak 24 IBD relative strength rating and a 41 composite rating.
Stock Market Today: Chip Test Stock Tanks
Aehr test systems (EAD) fell sharply to 26% after the company missed fiscal second-quarter profit and revenue estimates. Shares of the chip test equipment company broke a 200-day line.
Registry jewelry (Tell them) fell about 21% after the jewelry retailer reported Same store sales fell 2 percent For the holiday season. Siket also cut its fiscal fourth quarter sales guidance. Shares hit a 52-week low on the stock market today.
Applied digital (APLD) rose more than 18% in the news report A Collaboration with Macquarie Property Management to receive up to $5 billion for Applied Digital’s Data Centers. The stock retook its 50-day line. Applied Digital will report its fiscal second quarter results after the market closes.
Follow Kimberley Koenig on X/Twitter for more stock market news. @IBD_KKoenig.
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