The Dow Jones Industrial Average is apple (AAPL) shares fell despite holding an iPhone 16 launch event on Monday. Palantir Technologies (P.L.T.R.) has risen sharply, Tesla (TSLA) topped the Magnificent Seven on the stock market today, while prominent investor Cathie Wood snapped up a slump in artificial intelligence stocks.
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After a sharp selloff on Friday, stocks rebounded strongly, with the Dow Jones Industrial Average rising more than 600 points, equivalent to a 1.6% increase, driven by strength in blue-chip stocks.
The Nasdaq Composite Index rose 1.3% but remains well below its key 50-day moving average. Holy Grail (Guraru) and Moderna (Guinea pig RNA) were among the best-performing stocks here, with Moderna up about 7% and Grail up more than 6%.
The S&P 500 was also strong, up 1.4%, but is trading below its 50-day line. Super Microcomputer (SMCI) was bright, rising 8%. Invesco S&P 500 Equal Weight (RSP) Exchange-traded funds rose more than 1% amid broader gains.
Monday’s moves came after the S&P 500 experienced its worst week in more than a year, while the Nasdaq saw its worst week since 2022.
Stock market today: Consumer discretionary stocks thrive
Another positive for the stock market today was that all S&P 500 sectors were positive, with financials and industrials doing the best, while utilities and communication services had the smallest gains.
Small-cap stocks struggled to keep up with the major indexes initially but performed better as trading progressed, with the Russell 2000 rising more than 1% to end the day higher.
However, growth stocks are the focus of the Innovator IBD 50 ETF (50 …) surged nearly 3%. The fund is still trading below its 200-day moving average.
Dow Jones: Apple falls behind as iPhone 16 launch event approaches
The outperformance of the Dow Jones Industrial Average was impressive, with nearly every component in positive territory. Boeing (BA) rose nearly 4%, making it the index’s biggest gainer.
The company reached a labor agreement, averting a potential strike, but the battered aerospace giant’s shares remain about 7% below their 50-day moving average and are in a long-term downward trend.
Other stocks that showed strength on the Dow Jones today included: American Express (AXP) and insurance play Traveler (Türkiye).
Apple is set to unveil new iPhone 16 models and other products at its GlowTime event, but it got off to a delayed start. Instead of holding a live launch, media was invited to the company’s Cupertino, California, headquarters to watch a livestreamed video. The first thing it showed off was a new Apple Watch, Series 10, which boasts a larger screen.
Shares were down 0.2%, but off the session low.Apple shares are trading just below their 50-day moving average and pointing to a consolidation entry at 237.23. According to MarketSurge analysis:However, the stock appears to be forming a handle with a buy point at 232.92.
Merck (MRK) was the biggest laggard, falling about 2% on the stock market today.
12:05pm ET
Stock Market Today: Tesla, Nvidia Lead Magnificent Seven
The so-called “Magnificent Seven” stocks had a mixed performance on Monday, with Tesla shares leading the way with a nearly 3% gain, but remain below their 50-day moving average after trailing the benchmark on Friday.
AI-related Nvidia also fared well, rising about 2%. Leaderboard SharesThe stock, with an ideal EPS Rating of 99, is trading above its 200-day moving average but lagging behind its 50-day line.
Amazon (Amazon) rose more than 2%, Meta Platform (Meta) and Microsoft (MSFT) each recorded an increase of just under 1%.
Google parent company alphabet (Google) fared even worse, falling nearly 1%.
Bitcoin Rise, Crypto Stocks Gain
Bitcoin was hit amid the general weakness but rebounded on Monday, trading just above $55,000 per coin, up nearly 2%. According to CoinDesk:The digital currency has maintained a strong rise of more than 24% since the beginning of the year.
Cryptocurrency-related stocks also saw a slight increase. Trends in Cryptocurrency Exchanges Coinbase Global (coin) has risen more than 3%, but its recent decline has left it more than 23% below its 200-day moving average.
former IBD 50 Member Clean Spark (CLSK) has risen more than 5%, but its 50-day moving average is below its 200-day line, a bearish signal known as a death cross. Riot Platform (Riots) rose more than 3% on the stock market today.
Marathon Digital (Mara) shone brightly, rising more than 8%, but it ranks in the bottom 16% of stocks in terms of price performance over the past 12 months.
10:51 AM EST
Cathie Wood buys Tempus AI shares amid plunge
Some adventurous investors may have seen last week’s drop in stock prices as a buying opportunity. ARK Invest CEO Cathie Wood said Tempus AI (Electronic) shares rose on Friday,
Her firm, where she also serves as chief investment officer, bought more than 111,000 shares of Tempus stock for ARK Innovations.arc) I bought the ETF on Friday.
Tempus had an IBD Composite Rating of 45 after its June initial public offering. IPO stocks have been in the top 10% of stocks for price performance over the past 12 months. But as of Friday’s close, the stock was down 35% from its all-time high of $77 on Aug. 22. In morning trading on Monday, the stock was down more than 11%.
ARKK Funds also Recursion Pharmaceuticals (RXRX) sold more than 50,000 units. Trade Desk (TTDD) shares and sold a small portion of them. Twist Bioscience (TWST) Stock.
Stock market today: Palantir soars on S&P 500 inclusion
Three stocks rose on the stock market today following news that they will be joining the storied S&P 500.
Palantir Technologies has surged nearly 12% and is now trading well above its 50-day moving average. AI stock currently has the highest overall rating of 99 from Investor’s Business Daily. It has bounced back since finding support at its 200-day moving average on Aug. 5.
Computer Hardware Play Dell Technologies (Dell) rose nearly 4% on news of its inclusion in the benchmark index, but is still trading near its 200-day line. Its EPS rating is a low 57 out of 99.
The third insurance company to join the list Ellie Liability Insurance (Ellie) rose nearly 4% on the stock market today, with shares entering at 411.72 and on track to hit a 20% profit target.
Three stocks show strength near the entry
While the stock market has been tough lately, three other stocks are showing strength near buy points. Tyler Technologies (T.Y.L.), General Dynamics (Good Day) and MGIC Investment (Magic Galaxy) are each moving towards entry in the near future.
Tyler Technologies is approaching a flat base buy point at 593.50. According to MarketSurge analysis:This is a second-stage base and still counts as an early stage.
Information technology management stocks have generally performed well, as reflected in the company’s IBD Composite Rating of 93 out of 99. Tyler is in the top 6% of stocks for share price performance over the past 12 months.
General Dynamics is eyeing a flat base entry at 302.75, which is also an early stage pattern. The stock has an earnings per share rating of 84 out of 99. Analysts see earnings rising 21% this year and another 13% next year.
General Dynamics is part of a fast-growing aerospace and defense group. Big money has been buying up shares recently, and the company has an accumulation/distribution rating of B-.
Finally, MGIC Investment is also forming a flat base, with a potential entry point at 25.93. The relative strength line is at a new high on the weekly chart. According to MarketSurge analysis:.
This mortgage insurance stock boasts an overall rating of 93. On the current stock market, it is in the top 7% of stocks in terms of price performance over the past 12 months.
Follow Michael Larkin on X (formerly Twitter). Translator For a more in-depth analysis of growth stocks, see here.
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