Stock Market Today: Nasdaq Leads As Dow Sinks
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Stocks were mixed in the first hour of trading Monday to start the second quarter after an extended weekend. The Dow Jones Industrial Average and the S&P 500 pulled back while the Nasdaq outpaced them both.
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Indexes have been fading since the open as Treasury yields jump. The benchmark 10-year yield added 10 basis points to 4.31% — on pace for the largest one-day increase since March 14.
The Dow fell 0.6%, while the tech-heavy Nasdaq climbed 0.2%. The S&P 500 fell 0.2%. Small caps took a break as the Russell 2000 slid 0.9%.
Volume rose on the New York Stock Exchange and the Nasdaq vs. the same time Thursday. The stock market was closed for the Good Friday holiday.
In Monday’s exchange traded fund action, the Invesco QQQ Trust (QQQ) rose 0.4%, while the Innovator IBD 50 ETF (FFTY) slid 0.6%.
And West Texas intermediate crude oil rose to $83.36 a barrel.
The bond market was closed Friday and reacted with weaker bond prices today.
The February PCE price index rose 0.3% vs. January, the Commerce Department reported Friday, just below the 0.4% consensus. PCE inflation came in at 2.5% vs. a year earlier, in line and just above January’s 2.4%.
The core PCE price index, the Fed’s top inflation gauge, advanced 0.3% meeting forecasts. The annual core PCE inflation rate came in at 2.8% vs. a year earlier, meeting estimates and down from January’s upwardly revised 2.9%.
This morning, the final March Purchasing Managers’ Manufacturing Index came in at 51.9 vs. the 52.5 estimate. And the Institute for Supply Management reported a March reading of 50.3 that topped the 48.3 projected for the index. Readings over 50 on both indexes generally indicate expansion while below 50 signal contraction.
Stock Market Today: UPS Edges Out FedEx, Micron Jumps
United Parcel Service (UPS) reversed lower 1.3% following news the U.S. Postal Service selected UPS to be its main air cargo provider, replacing FedEx (FDX). UPS stock found resistance at its 50-day moving average. Shares have lost more than 6% in 2024 thus far.
Meanwhile, FedEx stock fell more than 2% and is trading under its 285.53 buy point. Shares gapped up after the carrier reported better-than-expected fiscal third-quarter earnings and sales just under estimates on March 21.
Micron Technology (MU) climbed more than 7% after Bank 0f America raised its price target to 144 from 120 and maintained its buy rating on the memory-chip stock.
Meanwhile, bitcoin’s price lost ground and was above $69,400. Bitcoin-related stocks were lower.
Bitcoin miner and IBD 50 stock CleanSpark (CLSK) gapped down nearly 10% adding to Thursday’s 8.2% sell-off. The stock stopped short of its 21-day exponential moving average as it tests support. The company reported its March results, with 806 bitcoin mined in March, up 24% from February.
MicroStrategy (MSTR), which owns a large amount of bitcoin, sank 4.2% on the stock market today. Coinbase (COIN) fell around 0.5% while Marathon Digital (MARA) skidded 4.7%.
Stock Market Today: Google Stock Breaks Out
Alphabet (GOOGL) surged 3% and broke out of a cup base with a 153.78 buy point. Shares are in the 5% buy zone up to 161.47.
Delta Air Lines (DAL) notched up nearly 2% after Morgan Stanley raised its price target to 85 from 77 and maintained its overweight rating on the airline. Morgan Stanley chose Delta as a top airline stock pick for 2024.
Delta stock is nearing the 49.81 buy point of a deep cup base. The company reports its first-quarter results on April 10.
AT&T (T) shed nearly 2% following Saturday’s news that personal data was leaked about two weeks ago from approximately 7.6 million current AT&T account holders and around 65.4 million former account holders.
Dow stock 3M (MMM) popped 3.3% on news its $12.5 billion settlement for contaminated drinking water has received final approval by the U.S. District Court in Charleston, S.C. 3M also announced it finished its spinoff of health care business Solventum (SOLV), which started trading on Wednesday. Shares of Solventum are slated to join the S&P 500 this week.
3M stock is forming a cup base with a 110.65 buy point.
And among Magnificent Seven stocks, Tesla (TSLA) fell 2.3% while Leaderboard stock Nvidia (NVDA) added 1.3% on the stock market today.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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