Stocks started the day higher Tuesday with the Dow Jones Industrial Average, Nasdaq and S&P 500 all forging ahead. The Nasdaq showed its dominance as former President Donald Trump’s Trump Media & Technology Group (DJT) started trading on the exchange on the stock market today.
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The Dow moved up nearly 0.3%, while the tech-heavy Nasdaq bumped up past that mark. The S&P 500 also added nearly 0.3% as the small-cap Russell 2000 gained 0.3%.
Volume rose on the New York Stock Exchange and the Nasdaq vs. the same time on Monday.
In Tuesday’s action, the Invesco QQQ Trust (QQQ) exchange traded funds advanced 0.3%, while the Innovator IBD 50 (FFTY) ETF powered up 0.8%. The 10-year Treasury yield added 1 basis point to 4.26%. And West Texas intermediate crude oil dipped to under $82 a barrel.
The February new orders of durable goods rose 1.4% vs. the 1.3% expected and much improved over the revised drop of 6.9% for January. The reading excluding transportation rose 0.5% and met expectations. Core capital goods orders rose 0.7% vs. the 0.1% rise expected.
Stock Market Today: Trump Stock Soars On Debut
Trump Media, the parent of Donald Trump’s Truth Social network, gapped up more than 38% in huge volume as it debuted on the Nasdaq Tuesday under the DJT ticker. In addition, the company’s public warrants started trading on the Nasdaq Tuesday under the ticker symbol “DJTWW,” and jumped nearly 16%. DJT stock is on track for its largest one-day percent increase since Jan. 22, 2024, when it rose 88.36%, according to Dow Jones Market Data.
Super Micro Computer (SMCI) rose around 2% on top of Monday’s 7.1% jump, following new that JPMorgan initiated coverage on the stock with an overweight rating and a 1,150 price target. Shares gained nearly 280% in 2024.
Shares of Micron Technology (MU) added more than 2% Tuesday on top on Monday’s 6.3%. Mizuho raised its price target to 130 from 124 and maintained its buy rating on the chip stock.
Krispy Kreme (DNUT) skyrocketed 28% higher in huge volume on news it will sell its donuts in all McDonald’s (MCD) U.S. restaurants by the end of 2026. The companies started testing the idea in 2022 and plan to add the donuts to more stores in the second half of 2024.
Krispy Kreme shares are in a long, undefined base with a 16.22 buy point. Tuesday’s gap-up would be largest one-day percent increase on record, according to Dow Jones. Meanwhile, Dow stock McDonald’s crept down 0.1% and trades under its 50-day and 200-day lines on the stock market today.
New initial public offering Reddit (RDDT) surged around 11%. The social media platform stock started trading on Monday with an IPO price of 34.
Magnificent Seven: Tesla Offers Free Trial
Tesla (TSLA) jumped more than 6% as the electric-vehicle giant announced it is offering free one month trials for its full self-driving service.
Leaderboard stock Nvidia (NVDA) pulled back 0.6% on the stock market today after a rally of six straight sessions.
Dow Jones component Microsoft (MSFT) climbed 0.3% after Wedbush analyst Daniel Ives raised his price target to 500 from 475 and held his outperform rating on the Big Tech and artificial intelligence player.
Stock Market Movers: UPS Sinks
United Parcel Service (UPS) gave back early morning gains and sank around more than 3% after the company gave a three-year financial outlook ahead of its investor day Tuesday.
Seagate Technology (STX) gapped up more than 9% after Morgan Stanley upgraded the stock to overweight from equal weight and raised its price target to 115 from 73 on the data storage stock.
McCormick (MKC) gapped up nearly 10% after the spice company beat fiscal first quarter earnings and sales and gave fiscal 2024 adjusted earnings that topped estimates.
Bitcoin Stocks Fall
Bitcoin’s price fell to just below $70,200, and bitcoin-related stocks dropped.
MicroStrategy (MSTR), which owns a large amount of bitcoin, edged lower 0.5% on the stock market today. Coinbase (COIN) shed 1.2% while Marathon Digital (MARA) sank 0.8%.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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Source: investors.com
