Stock Market Today: Dow Jones Up As Apple, Nvidia Skid; Donald Trump Stock Dips After Assassination Attempt (Live Coverage)
The Dow Jones Industrial Average rose even as Apple (AAPL) fell. The Nasdaq and S&P 500 fell as Nvidia (NVDA) lost a key level. Trump Media & Technology (DJT) fell after another assassination attempt on the former president. A number of stocks also cleared buy points on the stock market today.
↑
X
Harris-Trump Debate: 4 Takeways For Investors
Stocks in general were off to a rough start as they look to build on last week’s impressive gains. The Dow outperformed but was off session highs as the index rose less than 100 points, or 0.2%. It was boosted as Intel (INTC) rallied 4%.
The chipmaker, which is embroiled in a long downtrend, was up after Bloomberg reported it will qualify for up to $3.5 billion in grants to make chips for the U.S. military. Boeing (BA) fell nearly 2%.
The Nasdaq composite fared worst among the major indexes as it fell nearly 1%. It is testing support at its 50-day moving average after retaking the benchmark late last week. CrowdStrike (CRWD) was one of the better performers, rising more than 3%. However, Arm (ARM) lagged as it dipped more than 5%.
Stock Market Today: Financials Shine
The S&P 500 reversed lower, skidding 0.3%. Oracle (ORCL) was a top performer as it popped nearly 6%. Bath & Body Works (BBWI) was also strong as it gained more than 6%. The stock remains in a downtrend, however.
The Invesco S&P 500 Equal Weight (RSP) exchange traded fund fared better with a 0.5% gain, briefly climbing to a record high.
One plus for the stock market today was that the S&P 500 sectors were mostly positive. Financials and energy stocks fared best. Consumer discretionary, technology and communication services were the only laggards.
The Russell 2000 reversed lower, slipping 0.1%. Growth stocks also inched lower, with the Innovator IBD 50 ETF (FFTY) falling 0.1%. The fund is still below its 50-day and 200-day moving averages.
Magnificent 7: Nvidia Lags, Alphabet Digs In
Nvidia was a notable underperformer in the Magnificent Seven as it fell nearly 3%. It has slipped back under its 50-day line amid an ongoing attempt to decisively retake the benchmark.
Amazon.com (AMZN) and Tesla (TSLA) were also getting nibbled by the bears. Amazon fell just over 1% while EV maker Tesla dipped 0.5%.
Meta Platforms (META) and Microsoft (MSFT) were down fractionally.
Alphabet (GOOGL) was the lone bright spot among the much-watched group of stocks. The Google parent was up 0.1% and is trading at its 200-day line.
Stock Market Today: More Stocks Test Buy Points
It was proving to be a busy session on the breakout front. American Electric Power (AEP) is in a buy zone after clearing a flat base entry of 104.41, according to MarketSurge analysis. This is a first-stage base, a bonus. The relative strength line is just off recent highs but is turning higher.
Both earnings and stock market performance are strong for the utility play. This has netted it an excellent IBD Composite Rating of 91 out of 99.
The Columbus, Ohio, firm is one of the biggest utility firms in the U.S. It expects almost 50% of its generation will come from renewable sources like wind and solar by 2033. At the moment it accounts for about 21%.
Encompass Health (EHC) briefly moved above a cup-with-handle entry of 94.22. This is also an early stage pattern.
EHC stock has rallied an impressive 41% so far in 2024. Analysts see earnings growing 15% this year before slowing to 12% growth in 2025. The company specializes in inpatient rehabilitative health care services. It operates in 37 states and Puerto Rico.
10:39 a.m. ET
Apple Stock Falls On iPhone Worries
Apple stock fell more than 3% after analysts flagged worries that early demand for the iPhone 16 is lagging behind levels for last year’s iPhone 15.
Citi noted that “delivery times for the iPhone 16 are, on average, a week shorter” compared to demand for the iPhone 15 when it launched last year.
Demand times were longest for the Pro Max and Pro models, with consumers choosing models with larger storage capacities.
And noted Apple analyst Ming-Chi Kuo said iPhone 16 family sales were down an estimated 12.7% on the first weekend compared to those for the iPhone 15 series. However, it is still early, so there is room for iPhone demand to come in better than these initial reports.
Apple stock is forming a cup with handle with an ideal buy point of 232.92. But it has fallen back below the important 50-day moving average.
Donald Trump Stock Dips After Assassination Attempt
Former President Donald Trump survived a second assassination attempt on Sunday, with Secret Service agents opening fire on a gunman at a West Palm Beach, Fla., golf club. The suspect, identified as Ryan Wesley Routh, was later arrested.
Shares in Trump Media & Technology, the parent of conservative social media website Truth Social, fell nearly 3%. Monday. It remains stuck below its 50-day and 200-day moving averages.
The stock was in rally mode Friday after Trump said on Friday that he has “absolutely no intention of selling” his shares in the company. It closed that session 11.8% higher.
At the moment, Trump owns almost 59% of the company’s outstanding shares. The lockup period prohibiting the former president from selling his stake is scheduled to expire by Sept. 25, according to filings.
Stock Market Today: 3 Stocks Clear Entries
With the more encouraging action of late it is a good idea to keep track of stocks clearing buy points.
A number of issues made bullish moves on the stock market today, including Evergy (EVRG), KKR (KKR) and Mr. Cooper (COOP).
Evergy has moved above a flat-base buy point of 61.14, according to MarketSurge analysis. This is a first-stage base. Such early patterns are more likely to net good gains for investors.
All-around performance is strong, but not ideal, for the utility stock, which is reflected in the stock’s IBD Composite Rating of 91 out of 99.
Investment management play KKR cleared a cup-with-handle entry of 124.20. The stock has an Earnings Per Share Rating of 91 out of 99.
Strong performance is expected going forward, with analysts seeing EPS jumping 36% this year and rising a further 31% in 2025.
Big Money has been standing pat on shares lately, with its Accumulation/Distribution Rating coming in at C. Overall, 42% of shares are currently held by funds.
Mr. Cooper Flirts With Buy Point
Finally, Mr. Cooper is flirting with a cup-with-handle buy point of 302.75. The relative strength line is near highs on its weekly chart, MarketSurge analysis shows.
The mortgage stock has an IBD Composite Rating of 94. It has an EPS Rating of 94 and is among the top 8% of stocks in terms of stock market performance over the last 12 months.
Please follow Michael Larkin on X, formerly known as Twitter, at @IBD_MLarkin for more analysis of growth stocks.
YOU MAY ALSO LIKE:
How Wall Street, Silicon Valley See Their Fate Under Trump Or Harris
These Are The Five Best Stocks To Buy And Watch Now
Stock Market Forecast: AI Investing And Four More Predictions
Join IBD Live Each Morning For Stock Tips Before The Open
This Is The Ultimate Warren Buffett Stock, But Should You Buy It?
