The major stock market indexes fell sharply today, but the losses were quickly reduced and the deficit was kept at a moderate level. Facebook parent meta platform (Meta) A fellow Magnificent Seven player gave me a bad blow. Nvidia (NVDA) managed to write off some of its losses after being shaken earlier.
After Hours, Database and Cloud Management Software Giant oracle (ORCL) jumped more than 9% in after-hours trading after reporting third-quarter profit of 3 cents to $1.41 per share. Revenue was $13.3 billion, slightly below expectations of $13.31 billion.
The Dow Jones Industrial Average ended an early 0.6% decline and rose slightly. united health (united nations) increased by more than 12 points or 2.6%, contributing to this cause. Nike (NKE) was the second-best performing stock on the Dow Jones Industrial Average, rising nearly 2 points (2%). However, the relative strength ratings for both companies are low at 25 and 20, respectively.
Meanwhile, some insurance companies showed unusual strength amid Monday’s rebound.
arch capital group (ACGL), a member of IBD’s Property and Casualty industry group, rose 3.1% to 90.31. This was better than the 88.77 that was entered using a relatively shallow cup with a handle. The 5% buy zone from 88.77 rises to 93.21. Buying within the 5% range protects new buyers from being squeezed out during normal price declines.
Arch Capital received airplay Monday IBD Live. The company’s strong track record of profit and revenue growth in recent quarters will face challenging year-over-year conditions in the coming quarters. Analysts surveyed by FactSet expect earnings to be weak, falling 5% this year to $7.99 a share. The Bermuda-based company’s earnings soared nearly sevenfold, from $1.36 per share in 2020 to $8.45 in 2023.
Meta is down slightly from the day’s low, but still down 4.4%. Volume was 8% above the 50-day average. However, the stock price has continued to rise an impressive 37% since January 1st. The owner of the Instagram and Facebook social media platforms is looking for bullish buying support in the near-term 21-day exponential moving average. This moving average can be programmed for 21 days. market surge.
Nvidia stock chart analysis
Nvidia stock fell nearly 4% in the first 15 minutes of trading, but fell to 2% by the end of trading. Volume was 33% above normal levels. But the sales were not as massive as seen in Friday’s plunge. Around lunchtime on Wall Street, NVIDIA was trading slightly above and below break-even levels. Nvidia is comfortably above its important 21-day exponential moving average, which is a sign of stock price strength.
Nvidia is a designer of artificial intelligence chips and a leader in graphics processing units that handle accelerated computing tasks. Recently, the market value has grown to over $2 trillion. After nine weeks of gains, mega-cap tech stocks could be due for a pullback. The stock price is on a flat basis and is well above the 505.48 buy point.
This base followed a double-dip pattern, forming what could be considered a base-on-base before Nvidia broke above 505.48 during the week ending January 12th. Hedge 3/4 positions on the leaderboard.
Nvidia receives the highest overall rating of 99 from IBD. However, this rating is best used for stock selection, not when to buy or sell in the stock market. Overall Wall Street expects Nvidia’s earnings for the current fiscal year, which ends in January, to jump 80% to $23.35 per share.
stock market today
The Nasdaq Composite Index briefly fell below 16,000 and fell to a morning low of 15,978, but rebounded to close at 16,019. It fell by 0.4% on the day.
Through Friday, the Nasdaq was up 7.2% year-to-date, lagging the S&P 500’s 7.4% gain. The large-cap benchmark pared its losses to about 0.1%, trading near its early Monday low of 5,101.
Listed on Nasdaq costco wholesale (Fee) continued to fall after turning negative last week. The discount retail giant came under a lot of flak last week after its fiscal second-quarter sales, which ended in February, fell far short of analysts’ expectations. Earnings rose 12% to $3.71 per share, and the company expects fiscal 2024 earnings to rise 8% to $15.93. Shares fell 1.6% on Monday in heavy trading, testing major support at the 10-week moving average.
Finally, the small-cap Russell 2000 was down 0.8%. However, the popular index has not regained much of its nearly 3.3% rise over the past two weeks.
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Meanwhile, investors are bracing for new inflation statistics. February US Consumer Price Statistics These will be displayed on traders’ screens before the market opens on Tuesday. On February 13th, the stock market fell sharply following the release of the consumer price index for January. The major indexes fell on high volume, a hallmark of notable professional selling.
According to Econoday, economists expect the CPI index to rise 3.1% year-on-year, matching the rate of increase in January. Core prices are expected to rise by 0.3% compared to January, slowing down from the 0.4% increase in January, and by 3.7% compared to the same month last year, and by 3.9% in the previous month.
Meta stock analysis
Recently, there has been an accumulation of sessions called distribution days where institutional investors often take profits. In the past eight sessions, Nasdaq has recorded his four-day distribution. Those include a 1.7% decline on March 5th and a 1.2% decline three sessions later on March 8th.
Meta has certainly helped the tech sector of the stock market lead the charge since November. The social media giant is well above the breakout point at 326.20. However, the stock is now nearing a potential new entry point if it tests the rising 10-week moving average.
The Menlo Park, Calif.-based company has posted impressive year-over-year growth, with revenue up 31%, 168% and 203% and sales up 11%, 23% and 25% over the past three quarters. Did. Wall Street believes Meta’s earnings will rise another 45% in the first quarter to $4.89 per share. market surgesales increased 26% to $36 billion.
Meta will report first quarter results on April 24th. In its fourth quarter report, Meta announced its first-ever cash dividend to shareholders and an enhanced share repurchase plan.
For more information on Metaplatform chart actions, check out this IBD Stock Spotlight column.
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Falling into pity?
Includes other tech stocks making notable moves marvel technology (MRVL). The stock rallied lower, ending the day down 4.1% on light but still above-average sales.
The company, a member of IBD’s fabless semiconductor industry group, began a seven-month base-on-base on March 1 with a proper buy point of 73.53. Gains quickly accumulated over the next four sessions as Marvel recovered 16.6% from this proper entry. This fell short of IBD’s aggressive selling rule, which takes away at least short-term profits when breakout gains reach 20-25%.
However, Marvell stock has fallen sharply recently, dropping nearly 5% on Monday after dropping 11% on heavy volume on Friday. This inappropriate behavior led to defensive selling rules, or at least selling rules to lock in small profits or avoid losses, when growth stocks lost most of their double-digit gains. Ta.
Marvell released fourth-quarter results late Thursday, but the numbers didn’t meet IBD’s stock selection criteria in terms of earnings growth, which is at least 25% on a year-over-year basis. On the other hand, the sales growth rate should be at least 20% for small- and mid-cap stocks and at least 10-15% for large-cap and mega-cap stocks. Microprocessor Design’s earnings were flat at 46 cents per share, even as sales rose 1% to $1.43 billion.
Marvell’s mutual fund sponsorships fell to 2,291 funds in the fourth quarter, compared to 2,320 funds in the third quarter, according to MarketSurge data.
External technology, leisure product chains and mid-cap stocks Academy Sports & Outdoors (yes) has also bounced back and forth from its flat-based buy point at 68.50 to negative. Academy fell nearly 2.6% on Monday on above-average sales, marking its sixth straight session of declines.
Also a leader in the retail industry Abercrombie & Fitch (ANF) – rallied sharply from the initial breakout above the early buy point of 28.39 in May and is still up significantly, over 300%. However, amid heavy trading, the stock price fell more than 3% at one point, marking the fourth straight decline. The stock closed 1.8% lower at 116.54. Note the possibility of testing the 50-day line.
outside the stock market
Outside of stocks, Bitcoin surged again, initially rising 3% to a record $71,568. The digital currency then accelerated its rise, rising nearly 4% to $72,137. iShares Bitcoin Trust (ibit), a new spot Bitcoin price tracker rose nearly 4% to a new high. Extended from 7 weeks cup with handle with buy point of 30.23.
Trading in U.S. Treasuries has been fairly quiet, but Econoday provides a complete picture of Treasury auctions for various periods.
The benchmark 10-year bond yield rose 1 basis point to 4.10%.
Elsewhere, Nymex crude oil futures reversed an early decline and rose 9 cents to $78.10 a barrel. In recent weeks, oil prices have exceeded $80 for the first time since the week of November 6th.
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