The Dow Jones Industrial Average fell even as Boeing (BA) rose on news that CEO Dave Calhoun is to leave the crisis-hit firm. AI stocks Super Micro Computer (SMCI) and Nvidia (NVDA) were rallying. A Bill Ackman stock is eyeing a buy point while Donald Trump-linked Digital World Acquisition (DWAC) soared.
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Meanwhile a trio of promising stocks are currently sitting near entries: Allstate (ALL), Badger Meter (BMI) and Ares Management (ARES).
Stock Market Today: S&P 500 Dips, Small Caps Rise
The shortened trading week was off to a slow start as indexes take a pause amid some recent gains. The Nasdaq composite was off lows, but still down 0.1%. Leaderboard stock Dexcom (DXCM) performed well as it popped 4% and is headed for a 52-week closing high. The stock market will be closed Friday ahead of Easter Sunday.
The S&P 500 climbed 0.2% also. AI play Super Micro was the best-performing stock in the benchmark index as it gained nearly 10%. It is back above its short-term moving averages, MarketSurge analysis shows.
The S&P 500 sectors were mostly negative. Energy and utilities were outperforming on the stock market today. Technology and industrials were the worst-performing areas.
Small caps impressed, with the Russell 2000 holding a gain of 0.6%. Growth stocks were also giving the bears a black eye, with the Innovator IBD 50 ETF (FFTY) rising nearly 1%.
Dow Jones Today: Boeing Up On CEO Exit
The Dow Jones industrials fell more than 100 points. This equates to a decline of about 0.3%.
Boeing’s early gains faded, but it remained up more than 1%. Chief Executive Dave Calhoun is to leave the company amid a broader shake-up. He departs at the end of the year.
It comes amid the Boeing 737 Max safety crisis and other quality issues. Calhoun is following in the footsteps of his predecessor Dennis Muilenburg, who departed in 2019 after two 737 Max crashes.
But it was Walt Disney (DIS) that led the Dow industrials index today, as it popped more than 2%. The media giant is up nearly 32% so far in 2024.
McDonald’s (MCD) and Procter & Gamble (PG) were among the worst laggards on the Dow Jones today. MCD fell almost 2% while PG fell more than 1%.
Bill Ackman Stock Eyes Entry
Famed billionaire investor Bill Ackman is one of the world’s top hedge fund managers. One of the stocks held by his firm, Pershing Square, is currently nearing a buy point after a powerful run over the past 12 months.
Google parent Alphabet (GOOGL) is one for your watchlist as it eyes an undefined consolidation pattern with an entry of 153.78, MarketSurge analysis shows. The stock was off session lows as it fell less than 1% today.
Big Money certainly seems to see a lot of potential in Google stock, with its Accumulation/Distribution Rating coming in at B-. In total, funds hold 41% of shares.
Google stock has been on a tremendous run over the past 12 months. Friday’s closing price of 150.77 means it rallied 43% on its level at the same time a year ago.
Magnificent 7: Nvidia Stock Rallies, Tesla Digs In
The other so-called Magnificent Seven stocks were having mixed luck Monday.
Tesla (TSLA) reversed higher as it gained nearly 1%. This was impressive given that Mizuho Securities downgraded the stock from buy to neutral. It also lowered its price target to 195 from 310.
Leaderboard stock Nvidia (NVDA) was faring best, rising more than 1%. The AI play remains extended from its most recent buy point and is near all-time highs.
Amazon.com (AMZN) was also having decent early innings as it rose 0.6%
Meta Platforms (META), Apple (AAPL) and Microsoft (MSFT) were all down around 1%.
Stock Market Today: Intel Stock, AMD Dip
A couple of chip giants were having mixed fortunes amid more worries over China.
Advanced Micro Devices stock reversed higher to turn in a minor gain as it gets support at the 50-day moving average. It is down around 20% from its recent high of 227.30, which it hit March 8.
Intel shares were off lows but remained rooted below their 50-day line after sliding more than 1% Monday. Overall disappointing performance is underlined by its IBD Composite Rating of 67 out of 99.
The chip stocks were weaker after a Financial Times report that China has begun implementing guidelines to keep their chips out of government PCs and servers. It comes amid ongoing technological tensions between the communist country and the U.S.
Donald Trump Stock Rallies As Bond Gets Cut
It’s been a wild few days for Donald Trump stock Digital World Acquisition.
The Trump-linked special purpose acquisition company reversed lower Friday after shareholders voted to approve the long-expected merger with Trump Media & Technology Group.
However it was in rally mode again Monday. It was surging amid the news that the former president had the size of his bond slashed for his New York fraud case. It was cut from cut from $454 million to $175 million as he tries to appeal the civil business fraud judgment.
Digital World was up 17% at midday, at session highs. It looks set to recapture the 50-day moving average.
The stock has made strong gains as the Trump push to gain his party’s nomination for president gained momentum. The stock is up nearly 140% thus far this year, and has a more moderate lift of more than 6% in the last four weeks.
Outside Dow Jones: 3 Stocks Eye Buy Points
A number of stocks worth keeping an eye on amid the current stock market trend are nearing entries.
Insurance firm Allstate is forming a flat base with an ideal entry point of 168.05, according to MarketSurge analysis. The pattern is second-stage, a bonus.
The stock is in turnaround mode, with the firm returning to profitability in each of the past two quarters. Earnings are seen soaring around 1,200% in 2024 before slowing to still-impressive growth of 30% in 2025.
Badger Meter is in a cup-with-handle base with an ideal entry of 164.81. This is a first-stage pattern. While overall performance is strong, earnings performance is the standout. EPS has grown by an average 39% over the past three quarters.
The stock is a member of the highflying industrial machinery industry group. The company manufactures residential and commercial water meters.
Ares Management is another one to watch as it forms a flat base with an ideal buy point of 139.40. It is trying to move higher after getting support at its 21-day exponential moving average.
Overall performance is very strong, with its IBD Composite Rating coming in at 95. Earnings performance is particularly strong too, with Ares stock holding an EPS Rating of 97.
Please follow Michael Larkin on X, formerly known as Twitter, at @IBD_MLarkin for more analysis of growth stocks.
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Source: investors.com
