May 24, 2024

Stocks wavered around break-even midday on Monday in the stock market today. The Dow Jones Industrial Average and S&P 500 were stagnant. And the Nasdaq crept up less than 0.1%. A REIT stock surged on buyout news. Tesla (TSLA) climbed after Chief Executive Elon Musk said the company will be unveiling its “robotaxi” on Aug. 8.


The small-cap Russell 2000 outperformed and climbed 0.4%.

Volume rose on the New York Stock Exchange and fell on the Nasdaq vs. the same time Friday.

In Monday’s exchange traded fund action, the Invesco QQQ Trust (QQQ) was unchanged, while the Innovator IBD 50 ETF (FFTY) sank 0.6%.

West Texas intermediate crude oil dipped to $85.84 a barrel.

The benchmark 10-year yield added 3 basis points to 4.43% and was near 2024 highs.

Tesla stock bolted around 4.9% after Musk said late Friday on the X platform that it would be revealing its “robotaxi” on Aug. 8. There was a buzz on Friday after Reuters said that Tesla was going to scrap the plans for a low-priced electric car and pursue the robotaxi. Tesla is testing resistance at its 21-day exponential moving average and is the best-performing stock on the Nasdaq 100 Monday.

Tesla stock is on track for its largest increase since March 18, when it rose 6.25%, according to Dow Jones Market Data.

Stock Market Today: Stock Explodes On Buyout News

Apartment Income REIT (AIRC) gapped up around 22% in huge volume after Blackstone announced it will take the company private in a deal worth $10 billion. Its AIR Communities properties own 76 rental housing communities in Miami, Los Angeles and Boston. The stock is on pace for its largest increase on record.

BJ’s Wholesale Club (BJ) reduced its gain to around 0.8%. Goldman Sachs upgraded the retailer to buy from neutral and increased its price target to 87 from 81.

Perion Network (PERI) gapped down around 38% in heavy volume after cutting full-year 2024 revenue guidance to a range of  $590 million to $610 million from its previous outlook of $860 million to $880 million. The stock is at the lowest since January 2021.

Bitcoin Stocks Rebound Then Fade

Bitcoin’s price soared and was just over $71,700. Bitcoin-related stocks were mixed in the stock market today.

MicroStrategy (MSTR), which owns a large amount of bitcoin, surged more than 6% and retook its 21-day line.

Coinbase (COIN) jumped nearly 6%, while Marathon Digital (MARA) gave back early gains and fell 1.6%. CleanSpark (CLSK) spiked then reversed lower but is recovering. It is now testing the 50-day line.

Banks Stocks Strong Ahead Of Earnings

A new earnings season kicks off this week. As customary, bank stocks are first to take center stage, with the likes of Dow component JPMorgan (JPM), Citigroup (C) and asset manager BlackRock (BLK) scheduled to report on Friday.

JPMorgan is fresh of its all-time high of 200.94 reached last Monday, and holding above its 21-day line. Citigroup is above its 5% buy zone from a flat base’s 57.95 buy point.

Wells Fargo (WFC) formed a four-weeks-tight pattern with a 58.44 entry and is trading near two-year highs. The bank stock tested its 21-day line in the stock market today.

BlackRock stock looks the weakest of the names as it sank below its 50-day line on Thursday. Shares gave back gains from a flat-base breakout and are back below the 819 buy point.

Stock Market Today: Ulta Beauty Turns Around

Dow stock Boeing (BA) shed 0.4%. The Federal Aviation Administration is investigating a Southwest Airlines (LUV) incident Sunday in which an engine cover fell off during take off. Southwest shares rose 1.4%.

Ulta Beauty (ULTA) rebounded nearly 3% after Loop Capital upgraded the stock to buy. Shares sold off 15.4% on Wednesday in huge volume after the beauty retailer’s executives gave cautious comments during the JPMorgan Annual Retail Round Up Conference. Ulta stock fell below its 200-day moving average and triggered a sell signal Wednesday.

Take-Two Interactive (TTWO) got a 2.6% lift after Citigroup upgraded the video game stock to buy from neutral and raised its price target to 200 from 170.

Magnificent Seven and Leaderboard stock Nvidia (NVDA) was down 0.7% on the stock market today. The stock is trying to regain its 21-day line after sinking below it on Thursday.

Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.


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