The Dow Jones Industrial Average and other major indexes retreated Tuesday as a postelection rally took a breather amid lower volume. Small caps suffered the biggest losses on the stock market today, erasing substantial gains from the session before.
The Dow plunged nearly 0.9%, or 382 points, surrendering all the profits from Monday that put blue chips above 44,000 for the first time ever. Dow Jones stocks finished just a shade under 43,911.
Meanwhile, the tech-heavy Nasdaq declined marginally, losing less than 0.1%. The benchmark S&P 500 pulled back 0.1% to finish just below the 6,000 level after closing a hair above that threshold on Monday.
Finally, the small-cap Russell 2000 sank 1.8%. It gave back all of Monday’s gains and then some, finishing slightly below Friday’s close.
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How These Technical Indicators Can Show A Change In Market Trend
Volume fell nearly 5% on the New York Stock Exchange and nearly 3% the Nasdaq vs. the same time Monday. On the Nasdaq exchange, falling stocks topped rising issues by nearly 3-to-1. Meanwhile, on the NYSE, losers beat gainers by nearly 4-to-1.
Crude oil climbed for most of the session but reversed course and was slightly lower, near $68 a barrel. The 10-year Treasury yield added 12 basis points to 4.43% Tuesday. The bond market was closed Monday for the Veterans Day holiday.
3:22 p.m. ET
Stock Market Today: Two Stocks Hit Buy Points, Another Plummets
Verisk Analytics (VRSK) broke out of a flat base with a 287.13 buy point and is in a buy zone up to 301.49. The data analytics stock reached a record high Tuesday.
HubSpot (HUBS) jumped nearly 3% and broke out of a long cup base with a 693.85 buy point. Shares of the sales-and-marketing software maker are in a buy range up to 725.54. The stock has risen for six straight days following HubSpot’s beat on its third-quarter adjusted earnings and revenue estimates.
GE Vernova (GEV) tumbled more than 6% in heavy volume after reaching an all-time high Monday. Investors may be taking some profits as shares of the energy storage and products firm have surged 73% since September.
Twilio (TWLO) continued its post-earnings rally, adding another 3.3%. The stock has climbed for eight out of the last nine sessions, following the company’s Oct. 30 report showing third-quarter profits and sales beat estimates. Shares are at the top of the profit zone from the 78.16 cup base buy point. On Tuesday, Wells Fargo upgraded the stock to overweight from equal-weight and raised its price target to 120 from 80.
Tyson Foods (TSN) jumped nearly 8% after the chicken producer topped fiscal fourth-quarter adjusted profit and sales projections. Tyson stock was the biggest gainer on the S&P 500 Tuesday.
Insurance stock Assured Guaranty (AGO) advanced 3.1% following the company beat views on third-quarter earnings and revenue. The stock is building the right side of a cup base with a 96.60 buy point.
1:58 p.m. ET
Bitcoin Stocks Show Varied Results
Some bitcoin and related stocks pulled back Tuesday after steep runs propelled the cryptocurrency past $90,000 Monday. Bitcoin was around $88,900 in recent trades.
IBD 50 stock Hut 8 (HUT) retreated nearly 4% after soaring more than 25% Monday. Shares broke out of a late-stage, deep cup base with a 21.10 buy point Monday. The stock is extended from the buy zone that stretched to 22.16. The bitcoin mining company reports third-quarter results Wednesday before the market open.
Coinbase Global (COIN) gave back 1.6% of Monday’s jump, which totaled nearly 20%. Shares broke out of a cuplike base with a 272.55 buy point in Monday’s jump and are above the buy area.
In similar action, IBD 50 bitcoin miner CleanSpark (CLSK), sank 1.3% following Monday’s nearly 30% gain. The stock reclaimed its 200-day moving average Monday but remain below a resistance level around 20 and change.
Bucking the trend was large bitcoin holder MicroStrategy (MSTR). The stock climbed 3.2%, adding to Monday’s surge of nearly 20%. The stock reached a new high on the stock market today.
12:11 p.m. ET
Magnificent Seven Movers Tesla, Nvidia Go Opposite Ways
Upstart Holdings (UPST) plunged more than 13% on news the company intends to do a private offering of $425 million of convertible senior notes due 2030. Shares reached a two-year high Monday before closing lower. The lending platform rallied 46% Friday after the firm reported a third-quarter loss that was smaller than expected, along with higher sales, late Thursday.
IBD Leaderboard watchlist name Tesla (TSLA), pulled back 3.1% after a robust five-day winning streak. Shares topped the profit zone from a 264.86 handle buy point. The Magnificent Seven stock’s explosive 35% run from the entry in less than three weeks earned it a “power from pivot” flag on its IBD MarketSurge chart.
IBD 50 and SwingTrader stock Nvidia (NVDA) advanced 2.3% and topped a buy zone from a 140.76 buy point. But it remains in buy range from a 144.42 handle entry. The recently added Dow Jones name reports its fiscal third-quarter results on Nov. 20.
Archrock (AROC) climbed 2% in heavy volume after the natural gas provider beat third-quarter adjusted earnings and sales estimates. Shares are extended from the 21.87 cup-with-handle buy point. Shares reached a 10-year high on the stock market today.
10:43 a.m. ET
Stock Market Today: Shopify Pops After Earnings
The October National Federation of Independent Business Small Business Optimism Index rose to 93.7, topping the 91.7 consensus and the prior 91.5 reading. The survey measures answers from 10 questions, including plans to increase employment, capital outlays, inventory levels, expectations for the economy to improve and current job openings.
Shopify (SHOP) soared around 25% in enormous volume after the online commerce platform beat third-quarter sales forecasts and said it expects its Q4 revenue to rise in the mid-to-high-20% range vs. last year. Shares broke out of a long, late-stage irregular base with a 91.57 buy point, although a handle entry at 84.37 was a lower buy point.
Sea Limited (SE) surged nearly 15% in heavy trading after the company reported higher-than-expected third-quarter sales. Sea topped the 101.93 entry of a three-weeks-tight pattern, according to MarketSurge pattern recognition. The Singapore-based internet services provider also bounced off support at the 10-week moving average as it reached a two-year high on the stock market today.
Live Nation Entertainment (LYV) popped around 4% after the concert promoter topped third-quarter earnings estimates despite missing sales views. Shares reached the profit zone of a long undefined base with a 107.24 buy point.
Three IBD 50 Stocks Move After Earnings
Zeta Global Holdings (ZETA) fell more than 15% in huge volume despite that the marketing technology firm exceeded Q3 sales projections and posted a smaller loss than a year ago. Zeta also increased its fourth-quarter revenue guidance. Shares have gained over 245% so far this year.
On Holding (ONON) gave back early gains and fell 4.6% after the Swiss footwear company exceeded third-quarter sales but missed adjusted profit forecasts. It also raised its full-2024 net sales outlook. The shoe stock broke out of a flat base with a 52.80 buy point before retracing.
Shift4 (FOUR) trimmed losses to 2.4% after missing third-quarter adjusted earnings and revenue estimates.
Dow Jones Stocks: Honeywell Leads Dow
Honeywell International (HON) jumped 4.4% after activist investor Elliott Investment Management said it took a more than $5 billion stake in the company and is looking for Honeywell to break up. Shares reached a record high, according to Dow Jones Market Data.
Another Dow Jones stock, Home Depot (HD) reversed lower 0.5%. The company topped third-quarter adjusted earnings and sales estimates. It also raised its full-year profit and revenue outlook.
The home improvement retailer is extended from a cup-with-handle base but has been finding support at its 10-week moving average. Its quarterly earnings edged 2% lower, according to MarketSurge. Sales grew a modest 1%.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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