The stock market woke up in afternoon trading Tuesday, with all major indexes posting two-day gains. Federal Open Market Committee Meeting I left.Magnificent Seven Stocks Nvidia (NVDA) began to rise again during the chipmaker’s artificial intelligence conference.but super microcomputer (SMCI) had another rough day in the stock market today as a new member of the S&P 500.
X
Stocks rose in afternoon trading, with the Dow Jones Industrial Average still showing strength, adding to Monday’s gains. The Dow Jones Industrial Average rose more than 0.6%. The tech-heavy Nasdaq changed its policy and turned positive. The stock rose 0.3% after being in negative territory for the first half of the day.
Meanwhile, the S&P 500 index also gained momentum, rising 0.4%. The small-cap Russell 2000 shifted gears, rising 0.7%.
Volume on the New York Stock Exchange and Nasdaq was down slightly compared to the same period on Monday.
Invesco QQQ Trust (QQQ) 0.2% added. Innovator IBD 50 ETF (FFTY), mitigating previous losses and falling 0.8% in recent moves.
The yield on the 10-year Treasury note fell 4 basis points to 4.3%. And West Texas Intermediate crude oil rose to nearly $84 per barrel.
Bitcoin’s fall also involves others
Bitcoin price has fallen Just under $64,000As a result, Bitcoin-related stocks also fell. micro strategy (MSTR) owns large amounts of Bitcoin, which plunged nearly 8% in recent trading on the stock market today, adding to Monday’s 15.7% decline.
coinbase (coin) skidding by more than 4%, marathon digital (Mara) fell nearly 3%. riot platform (riot) decreased by more than 3%.
S&P Gold Share (GLD) Exchange-traded funds (ETFs) fell 0.2%. The gold ETF is trading in a 5% buy zone based on a double bottom with a buy point of 191.36. The buy zone reaches 200.93.
Investors are awaiting Federal Reserve Chairman Jerome Powell’s policy speech Wednesday afternoon to find out when interest rate cuts will begin. With inflation subdued and the job market remaining strong, there are varying views on the timing and amount of future rate cuts.
Magnificent Seven Stock Action
IBD50 And leaderboard stock NVIDIA has shifted gears, gaining more than 1% in recent trading.The move continued on Monday keynote speech This is what CEO Jensen Huang said to kick off the AI giant’s four-day 2024 GTC conference.
Huang introduced Nvidia’s latest chip called Blackwell. Nvidia’s stock continues to show significant growth from its previous flat base and is now about 20% above its 50-day moving average.
apple (AAPL) rose 1.3%, on top of Monday’s 0.6% rise. The iPhone maker is reportedly in talks with the following companies: alphabet (Google) Alphabet’s “Gemini” AI model will be integrated into Apple’s iPhone. alphabet (Google) fell slightly after a strong 4.6% gain on Monday.
Also, tesla (TSLA) fell more than 1% on the stock market today after Monday’s 6.3% rally.
Paper stocks soar on CEO news
international paper (IP) soared more than 10% to a flat-based buy point of 38.21 amid heavy volume. There was a reaction after the paper products company announced it. replace the current CEOMark Sutton and KKR Advisor Andrew Silvernail, May 1st. International newspapers were the biggest gainers on the S&P 500 index on Tuesday.
IBD50 stock tide (TDW) The IBD Growth Stock Index rose nearly 4% on Tuesday, hitting a record high. The move comes after BTIG raised its price target to 110 from 90 and maintained its buy rating on the offshore shipping stock.
Another name for IBD 50, ACM Research (ACMR), was sold along with some chip stocks. ACMR stock fell more than 6%, testing its 21-day exponential moving average and continuing its decline from its 52-week high on March 1st.
ACM Research’s stock price rose following the company’s strong fourth quarter earnings report released on February 28th. The company exceeded profit and sales expectations. The stock price reversed on March 4th and began a downward trend.
Stock market today: Nordstrom jumps into talk of going private
luxury department store nordstrom (JWN) popped over 9% at high volumes. Retailer Founding Family Report I would like to take my company private. Dow Jones said the stock was suspended for five minutes due to wild swings at the start of trading on Tuesday. Nordstrom regained its 200-day moving average and tested the 50-day line on the stock market today.
The stock price fell sharply after the company’s fourth-quarter earnings and sales exceeded expectations, and its fiscal 2024 profit outlook was lower than analysts expected.
rival department store Macy’s (M) is also being considered. Arkhouse Management and Brigade Capital Management have raised their current bids to buy Macy’s from $21 per share to $24 in cash, according to people familiar with the matter. Barron’s article from March 14th. The stock rose nearly 1.5% on Tuesday.
In other news, copper stocks have retreated after recent gains. southern copper (SCCO) fell more than 2% after hitting an all-time high on Monday. The stock is growing from a flat base with a buy point of 88.40. freeport mcmorran (FCX) fell 0.3% after hitting a 52-week high on Monday.
super micro computer sink
Supermicrocomputer shares fell nearly 10% on news that the server and software maker announced a 2 million-share stock offering. The decline follows Monday’s 6.4% decline. Following Tuesday’s action in the stock market today, AI stock fell below its 21-day line.
The stock fell below the 900 price level in Tuesday trading. Supermicro stocks were added to the S&P 500 on Monday, but were the benchmark index’s worst performer.
Giga cloud technology (GCT) plunged nearly 15%, adding to a 20.7% decline in heavy trading on Monday. The stock has fallen from its 52-week high on Friday, but the 50-day line is providing support.
Stock market today: StoneCo plummets, Tencent plummets
stone co (STNE) posted a sharp loss of nearly 6% after the Brazilian fintech company reported better-than-expected fourth-quarter profits, but revenue fell short of expectations. However, the IBD 50 stock pared its losses significantly from early trading.
tencent music entertainment (TME) soared 8% after the China-based streaming music and entertainment platform operator reported adjusted fourth-quarter profit and revenue that outpaced views. The stock has reached an upside buy point of 10.70, putting it in the 5% buy zone.
D local (DLO) plunged about 16% as the South American global payments company missed fourth-quarter earnings expectations but beat revenue guidance. The stock price fell below its 50-day line, giving a sell signal.
Advanced Micro Devices (AMD) fell nearly 5%, falling below the 21-day line, but stopped short of reaching the 50-day line on the stock market today. Its relative strength line reversed sharply after the March 8 high.
For more stock market news on X/Twitter, follow Kimberly Koenig @IBD_KKoenig.
You may also like:
Price surge sends these copper stocks to new highs | Where to invest in the stock market
These chemical stocks may not be glamorous, but they’re in buy zone | Where to invest
After 105% Earnings Growth, Cash App Parent Blocks in Buy Zone | Stocks to Watch
Looking for market insights? Check out our live daily segments
With gold prices reaching record highs, is now the time to buy?What the chart shows | Where to invest
