The Dow Jones Industrial Average climbed and Nvidia (NVDA) surged as the artificial intelligence chipmaker kicked off its AI event Monday. Apple (AAPL) and Tesla (TSLA) rallied on the stock market today following analyst calls while Alphabet (GOOGL) surged. And famed investor Cathie Wood snapped up a plunging stock.
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Meanwhile, a trio of noteworthy stocks are near buy points. Alphabet, Neurocrine Biosciences (NBIX) and Arista Networks (ANET) are all eying entries.
The Nasdaq composite was bouncing back from last week’s losses as it surged 1.5%. PDD Holdings (PDD) performed well here as it rallied nearly 5%.
The benchmark S&P 500 was up around 1%. CoStar (CSGP) fared well here as it rose around 4%.
The S&P 500 sectors were all positive. Communication services and technology were outperforming on the stock market today. Industrials and health made the slimmest gains.
Small caps lagged though, with the Russell 2000 dipping 0.4%. Growth stocks inched higher, with the Innovator IBD 50 ETF (FFTY) up 0.2%.
Dow Jones Today: Cisco Up, Boeing Stock Lags
The Dow Jones industrials lagged the other major indexes but still managed to rise more than 100 points. This equates to a 0.4% gain.
Cisco Systems (CSCO) was one of the better performers as it rose more than 1%. Salesforce (CRM) and Walt Disney (DIS) made similar gains.
Boeing (BA) lagged the most on the Dow Jones today as it fell nearly 2%. It come amid ongoing worries about construction standards at the aviation giant.
Stock Market Today: Cathie Wood Buys On The Dip
Trying to buy the dip can be a perilous strategy. But ARK Invest chief executive Cathie Wood is one investor who is not afraid to try and make the approach work.
Her firm, where she also serves as chief investment officer, bought more than 17,000 Roku (ROKU) shares on Friday for the ARK Innovation (ARKK) exchange traded fund.
Roku stock is currently stuck below its key 50-day and 200-day moving averages, MarketSurge analysis shows. Roku stock now sits around 51% below its recent high of 108.84, which it reached Dec. 14.
The firm also bought around 54,000 shares of Teledoc Health (TDOC) and nearly 34,000 shares in Moderna (MRNA) for its flagship fund. These are two other stocks that have skidded from highs. Teledoc dipped more than 1% Monday while Moderna inched higher.
Trying to catch a falling knife can be tempting, but often leaves investors nursing losses. IBD recommends buying stocks with strong earnings and price performance. Look for leaders in strong industries that are showing superior earnings growth and sales.
Magnificent Seven: Nvdia AI Event; Apple, Tesla Calls
The so-called Magnificent Seven group of stocks were all making progress in early action on the stock market today.
Nvidia stock gained more than 3%, getting a boost after HSBC reiterated a buy rating on the stock and hiked its price target from 880 to 1,050.
It comes as Nvidia’s four-day GTC Conference starts. A new AI chip and a slew of other AI announcements are expected in the coming days.
Apple stock rallied more than 2%, but recent declines means it is stuck below its major moving averages. It comes after KeyBanc reiterated a “sector weight” rating on the stock.
More importantly, it was rising after Bloomberg reported it is in talks with the company to license and build its Gemini AI engine into iPhones.
Tesla Stock Manages A Gain
Tesla stock was managing to rise on the stock market today despite Goldman Sachs reiterating its neutral rating and lowering its price target from 220 190 amid “market headwinds.”
The stock rose more than 2% but remains rooted firmly below its 50-day and 200-day moving averages. Tesla is down about 33% so far this year.
Meta Platforms (META) was up more than 1%. It comes after Mizuho reiterated its buy rating on Meta stock. The price target here is 575.
Microsoft (MSFT) and e-commerce giant Amazon.com (AMZN) were both making fractional gains.
Outside Dow Jones: 3 Stocks Near Entries
But the best performing Magnificent Seven name is actually among a group of stocks nearing buy points
Google-parent Alphabet rallied nearly 6% as it gets closer to a consolidation pattern entry of 153.78 according to MarketSurge analysis.
Overall performance is very strong at the search giant, with its IBD Composite Rating a solid 94. Earnings are seen rising 20% this year and 15% in 2025.
It was making an even better gain than Apple amid the AI hookup buzz.
Other Gainers On Stock Market Today
Neurocrine Biosciences was up more than 1% as it gets close to a flat base entry of 143.35. This is a second stage base, a bonus.
This biotech stock has a perfect IBD Composite Rating and is in the top 10% of stocks in terms of price performance over the past 12 months.
Arista Networks was up nearly 3% on the stock market today as it looks to reach a weekly chart flat base entry of 292.66.
Big Money has been buying up ANET stock lately, with its Accumulation/Distribution Rating coming in at B+.
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
