Stock Market

Stock Market Today: Dow, Nasdaq, S&P 500 Give Back Gains Late

Stocks weakened in the final hour of trading on Tuesday with the Dow Jones Industrial Average, Nasdaq and S&P 500 all closing lower in the stock market today. Arm Holdings (ARM) stumbled. And former President Donald Trump’s Trump Media & Technology Group (DJT) stock was a leader on its first official day of trading.




X



The Dow fell nearly 0.1%, while the tech-heavy Nasdaq erased gains to end 0.4% lower. The S&P 500 dipped 0.3% as the small-cap Russell 2000 also gave back gains and trimmed 0.2%.

Volume rose on both the New York Stock Exchange and the Nasdaq vs. the same time on Monday, in preliminary numbers.

In Tuesday’s action, the Invesco QQQ Trust (QQQ) exchange traded fund gave back 0.3%, while the Innovator IBD 50 ETF (FFTY) was unchanged. The 10-year Treasury yield shed 2 basis points to 4.23%. And West Texas intermediate crude oil edged down to $81.47 a barrel.

Stock Market Today: FedEx In Buy Zone, UPS Plummets

Arm Holdings (ARM) sank 7.5%. The chip stock closed just below its 21-day exponential moving average. Arm stock, the IBD Stock Of The Day on Monday, is back below a trend line entry around 137.

FedEx (FDX) jumped 2.3% and is back in a buy zone from a 285.53 buy point. The 5% buy range reaches to 299.81. FedEx stock recovered from Monday’s sell-off. The shipping giant reported better-than-expected fiscal 2024 third-quarter earnings on March 21. Shares gapped up 7.4% the next day and broke out of the base, but closed the day below the buy point.

Rival United Parcel Service (UPS) gave back early morning gains and sank more than 8% after the company gave a three-year financial outlook and held its investor day Tuesday. The stock also fell below its 50-day moving average. United Parcel was the biggest loser on the S&P 500 Tuesday.

Biotech Viking Therapeutics (VKTX) soared 16.8% in heavy volume on news the drug company’s oral treatment for weight loss exceeded expectations in a 28-day trial. It competes with Eli Lilly (LLY) and Novo Nordisk (NVO) in the weight-loss arena. Eli Lilly rose 0.2% and Novo Nordisk both crept up 0.3%.

Western Digital (WDC) broke out of an ascending base in heavy trading after hitting the 65.92 buy point. Shares may have risen in sympathy with rival Seagate Technology (STX), which surged 7.4%. Morgan Stanley upgraded the stock to overweight from equal weight and raised its price target to 115 from 73.

Krispy Kreme Joins Forces With Mickey D’s

Krispy Kreme (DNUT) skyrocketed nearly 39.4% in huge volume on news it will sell its doughnuts in all McDonald’s (MCD) restaurants in the U.S. by the end of 2026. The companies started testing the idea in 2022. They also plan to add the doughnuts to more U.S. stores in the second half of 2024.

Krispy Kreme topped the 16.22 buy point of a long and undefined base. Meanwhile, Dow stock McDonald’s was unchanged and traded under its 50-day and 200-day moving averages in the stock market today.

Cardlytics (CDLX) plunged more than 32% in huge volume after Monday’s 27.4% rise to 52-week highs. Tuesday’s sell-off followed news the bank advertising platform intends to offer $150 million in convertible senior notes. Shares exploded more than 77% on March 15, a day after the company beat views on fourth-quarter results.

Trump Stocks Soar On First Day

Trump Media, which combined Donald Trump’s Truth Social network with his Digital World Acquisition, closed 16.1% higher in huge volume as it debuted on the Nasdaq Tuesday under the DJT ticker. But it had been up as much as 59%.

In addition, the company’s public warrants started trading under the ticker symbol DJTWW, which jumped nearly 20%.

Super Micro Computer (SMCI) reversed and sank 1.7% after Monday’s 7.1% jump. JPMorgan initiated coverage on the stock with an overweight rating and a 1,150 price target. Shares have nearly tripled from a breakout at 357 on Jan. 19.

Shares of Micron Technology (MU) added 1.4% Tuesday on top on Monday’s 6.3%. Mizuho raised its price target to 130 from 124 and also maintained its buy rating on the chipmaker.

New initial public offering Reddit (RDDT) surged 8.9% to 65.11, although it trimmed gains. The social media platform stock started trading on Thursday with an IPO price of 34. (An earlier version of this article erroneously said Reddit went public on Monday.)

Magnificent Seven: Nvidia Sells Off In Final Hour

Tesla (TSLA) jumped 2.9% as the electric-vehicle giant announced it is offering free one-month trials for its full self-driving technology.

Meanwhile, Leaderboard stock Nvidia (NVDA) deteriorated and lost 2.6% on the stock market today after rising six straight sessions.

Dow Jones component Microsoft (MSFT) closed down 0.3% even after Wedbush analyst Daniel Ives raised his price target to 500 from 475. He also held his outperform rating on the Big Tech and artificial intelligence player.


Futures: Donald Trump Stock Great Again? 5 AI Stocks Near Buy Points


Stock Market Movers: McCormick Spices Things Up

McCormick (MKC) gapped up 10.5% after the spice maker beat fiscal first quarter earnings and sales estimates and gave a fiscal 2024 adjusted earnings estimate that topped estimates. The stock was the biggest gainer on the S&P 500 Tuesday.

Meanwhile, bitcoin’s price lost ground and was above $69,600. Bitcoin-related stocks were mixed.

MicroStrategy (MSTR), which owns a large amount of bitcoin, climbed 1.1% on the stock market today. Coinbase (COIN) shed 4.6% while Marathon Digital (MARA) closed 2.7% lower in a day of back and forth action.

Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.

YOU MAY ALSO LIKE:

AI Stock Monday.com Recovering And Setting Up For Breakout | Where To Invest

These Copper Stocks Shine At A New High As Prices Soar | Where To Invest

Cash App Parent Block In Buy Zone After 105% Profit Growth | Stocks To Watch

Looking For Market Insights? Check Out Our Live Daily Segment

As Gold Prices Hit Record Highs, Is It Time To Buy? Here’s What Charts Show | Where To Invest




Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

SUBSCRIBE TO OUR NEWSLETTER

Get our latest downloads and information first. Complete the form below to subscribe to our weekly newsletter.


100% secure your website.