Stocks started off slowly Monday, with the major indexes showing mixed results on the stock market today. The Dow Jones Industrial Average and S&P 500 were practically flat. And the Nasdaq barely rose 0.1%. Tesla (TSLA) stock was off to the races on news that Chief Executive Elon Musk said the company will be unveiling its “robotaxi” on Aug. 8.
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The small-cap Russell 2000 climbed nearly 0.2%.
Volume rose on the New York Stock Exchange and the Nasdaq vs. the same time Friday.
In Monday’s exchange traded fund action, the Invesco QQQ Trust (QQQ) rose 0.1%, while the Innovator IBD 50 ETF (FFTY) sank 0.7%.
West Texas intermediate crude oil dipped to $86.06 a barrel.
The benchmark 10-year yield held at just under 4.38% and near 2024 highs.
Tesla stock bolted around 3.7% after Musk said late Friday on the X platform that it would be revealing its “robotaxi” on Aug. 8. There was a buzz on Friday after Reuters said that Tesla was going to scrap the plans for a low-priced electric car and pursue the robotaxi. Tesla stock is testing resistance at its 21-day exponential moving average and is the best-performing stock on the Nasdaq 100 Monday.
Bitcoin Stocks Rebound Then Fade
Bitcoin’s price soared and was just over $71,800. Bitcoin-related stocks were mixed in the stock market today.
MicroStrategy (MSTR), which owns a large amount of bitcoin, surged more than 5% and retook its 21-day line.
Coinbase (COIN) jumped around 5%, while Marathon Digital (MARA) gave back early gains and fell 3%. CleanSpark (CLSK) spiked then reversed lower. It is now testing the 50-day line.
Banks Stocks Strong Ahead Of Earnings
A new earnings season kicks off this week. As customary, bank stocks are first to take center stage, with the likes of Dow component JPMorgan (JPM), Citigroup (C) and asset manager BlackRock (BLK) scheduled to report on Friday.
JPMorgan is fresh of its all-time high of 200.94 reached last Monday, and holding above its 21-day exponential moving average.
Citigroup is above its 5% buy zone from a flat base‘s 57.95 buy point.
Wells Fargo (WFC) formed a four-weeks-tight pattern with a 58.44 entry and is trading near two-year highs. The bank stock tested its 21-day line.
BlackRock stock looks the weakest of the names as it sank below its 50-day line on Thursday. Shares gave back gains from a flat-base breakout and are back below the 819 buy point.
Stock Market Today: Boeing Sheds Another Part
Dow stock Boeing (BA) shed 0.1%. The Federal Aviation Administration is investigating a Southwest Airlines (LUV) incident Sunday in which an engine cover fell off during take off. Southwest shares rose 1%.
Ulta Beauty (ULTA) reclaimed around 2% after Loop Capital upgraded the stock to buy. Shares sold off 15.4% on Wednesday in huge volume after the beauty retailer’s executives gave cautious comments during the JPMorgan Annual Retail Round Up Conference. Ulta stock fell below its 200-day moving average and triggered a sell signal Wednesday.
Take-Two Interactive (TTWO) got a 1.7% lift after Citigroup upgraded the video game stock to buy from neutral and raised its price target to 200 from 170.
Magnificent Seven and Leaderboard stock Nvidia (NVDA) was down 0.3% on the stock market today. The stock is trying to regain its 21-day line after sinking below it on Thursday.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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