The Dow Jones Industrial Average rallied Monday even though blue chip stock Verizon Communications (VZ) tumbled. Meanwhile, bitcoin miner Riot Platforms (RIOT) spiked following a bullish Wall Street call. And Elon Musk spoke out amid more Tesla (TSLA) price cuts, as Nvidia (NVDA) and Amazon.com (AMZN) made gains on the stock market today.
X
Further, a trio of stocks were holding steady near buy points despite recent negative pressure: Heico (HEI), Cactus (WHD) and Republic Services (RSG).
Stock Market Today: Nasdaq Pop Loses Steam
Stocks were up Monday after some geopolitical fears eased over the weekend. The House of Representatives passed foreign aid packages for Israel, Taiwan and Ukraine. The Senate is expected to approve the moves this week.
The Nasdaq composite was back near session highs as it rose 1.2%. PDD (PDD) was shining as it jumped 7.7%. Netflix (NFLX) saw its post-earnings decline continue as it fell 0.5%.
The benchmark S&P 500 is on track to snap a six-day decline as it gained 1.1%. Auto stock Ford Motor (F) outperformed as it rose more than 5% and moved back above its 50-day moving average, MarketSurge analysis shows.
The S&P 500 sectors were all positive. Technology and financial services offered the best gains. Communication services and materials lagged most on the stock market today.
Small caps gained traction, with the Russell 2000 up 1.2%. Also, growth stocks popped, with the Innovator IBD 50 ETF (FFTY) up 1.4%.
Dow Jones Today: Salesforce Jumps On Deal News, Verizon Reverses
Dow Jones stocks followed the other major indexes, though it lagged slightly. The blue chip index jumped more than 350 points, or nearly 1%.
Goldman Sachs (GS) fared best on the much-watched index as it rose nearly 3%. Procter & Gamble (PG) also shined, lifting nearly 2%.
Salesforce (CRM) was also up nearly 2%. It was in the green after The Wall Street Journal reported Salesforce backed away from a move to acquire software provider Informatica (INFA). Informatica flashed a sell signal as it dropped below its 50-day moving average amid a plunge of around 9%.
Verizon Communications (VZ) lagged most on the Dow Jones today. It fell nearly 4% despite an earnings beat. Revenue came in slightly below expectations.
Elon Musk Defends Tesla Price Cuts
Tesla stock took a tumble on the stock market today after the company cut electric vehicle prices in the U.S., China and Europe, as well as slashing the price for its Full Self-Driving feature.
However, Tesla Chief Executive Elon Musk took to his social media platform, X, to explain that prices “must change frequently in order to match production with demand.”
“Other cars change prices constantly and often by wide margins via dealer markups and manufacturer/dealer incentives,” Musk said. “Only a fool thinks the ‘MSRP’ (manufacturer’s suggested retail price) is the real price.”
The stock was down more than 3% and dropped further below its 50-day moving average, according to MarketSurge analysis.
Tesla’s relative strength line undercut its January 2023 low and sits at its lowest level since May 2020. Tesla stock is down nearly 43% since the start of the year. The company’s earnings are due Tuesday.
Magnificent 7: Nvidia Stock Pops
The other so-called Magnificent Seven were all positive following last week’s painful drawdown.
Nvidia (NVDA) fared the best as it bounced 4%. Nevertheless, the artificial intelligence play remains stuck below its 50-day line.
Google parent Alphabet (GOOGL) was the next best performer as it rose nearly 2%. Amazon stock and Apple (AAPL) were also making gains, rising roughly 1% each.
Meta Platforms (META) and Microsoft (MSFT), which both report earnings later this week, were fractionally positive.
Stock Market Today: Bitcoin Miner Riot Pops On Call
Riot Platforms soared more than 18% on the stock market today after it was the subject of a bullish Wall Street call. The bitcoin miner got a boost after JPMorgan Chase reiterated its overweight rating following Riot’s recent analyst day.
Riot stock surged despite the bitcoin cryptocurrency recently undergoing its fourth-ever halving event. This caused the reward for mining bitcoin to fall to a block reward of 3.125 bitcoins.
Despite shares rising sharply, Riot stock remains rooted below its 50-day and 200-day moving averages.
Bitcoin climbed nearly 3%, according to CoinDesk. It is trading for just more than $66,000 per token.
Among other bitcoin-related stocks, Coinbase Global (COIN) was up more than 6% and the ARK 21Shares Bitcoin (ARKB) exchange traded fund rose more than 3%. Cryptocurrency miner Marathon Digital (MARA) reversed higher as it gained nearly 3%.
These Stocks Lose Luster As Gold Price Falls
With fears over the Middle East fading somewhat, safe haven assets like gold gave up some ground. Comex gold futures dropped nearly 3%, backing off after reaching 52-week highs.
Gold stocks also retreated. Mining giant Barrick Gold (GOLD) fell nearly 4%, Kinross Gold (KGC) fell more than 4% and gold-focused royalty play Franco-Nevada (FNV) dipped more than 2%.
Stock Market Today: Three Near Entries
While the stock market today is in the grip of some turmoil, investors can look for stocks near buy points for their watchlists.
Aerospace play Heico is showing relative strength as it holds close to a flat-base buy point of 200.64. This is a first-stage base, which improves the odds of netting big gains.
The stock’s EPS Rating comes in at 83 and it boasts strong institutional support. In total, 63% of its stock is currently held by funds, according to MarketSurge data.
Energy play Cactus has formed a first-stage cup-with-handle base. The ideal buy point here is 53.09. Overall good performance is reflected in an IBD Composite Rating of 94.
Cactus designs, manufactures and sells oil wellheads and pressure control equipment. Its products are sold and rented principally for onshore shale and other unconventional oil and gas wells.
Two Stocks To Watch: Republic Services, Church & Dwight
Waste collection company Republic Services is nearing a flat base entry of 192.57 on the stock market today. This is a mid-stage pattern and the relative strength line has just reached a fresh high.
The stock has a best-possible Composite Rating and its B+ Accumulation/Distribution reflects institutional buying of late. Its latest earnings report is due late on April 30, and could act as a catalyst.
Finally, Church & Dwight (CHD) climbed above the 105.67 buy point of a flat base. But volume was not impressive and market risk is high for any stock purchases.
Please follow Michael Larkin on X, formerly known as Twitter, at @IBD_MLarkin for more analysis of growth stocks.
YOU MAY ALSO LIKE:
Fed Rate Cut Odds: And Then There Was One
Nvidia Led The First AI Wave. These Players Target The Next.
These Are The 5 Best Stocks To Buy And Watch Now
Join IBD Live Each Morning For Stock Tips Before The Open
This Is The Ultimate Warren Buffett Stock, But Should You Buy It?
