The Nasdaq composite led the way in afternoon trading Monday, although several high-multiple software stocks (in terms of price-to-earnings ratios) came under pressure with the 10-year Treasury bond yield up 11 basis points to 1.62%. The Dow Jones Industrial Average eked out a modest gain as it sits just below an all-time high.
X
Boeing stock was up sharply, while financial stocks Goldman Sachs (GS), JPMorgan (JPM) and American Express (AXP) showed gains of at least 2% in the Dow Jones today.
Dow Jones Today
Boeing (BA) led the way in the Dow Jones, up 3.5%, helped by news that Dubai carrier Flydubai will take delivery of 20 737 Max jets this year.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 36379.50 | +41.20 | +0.11 |
| S&P 500 | (0S&P5) | 4773.97 | +7.79 | +0.16 |
| Nasdaq | (0NDQC ) | 15753.00 | +108.03 | +0.69 |
| Russell 2000 | (IWM) | 223.97 | +1.52 | +0.68 |
| IBD 50 | (FFTY) | 45.41 | -0.43 | -0.94 |
| Last Update: 1:12 PM ET 1/3/2022 | ||||
Apple stock closed in on an all-time high and a $3 trillion market cap. Apple (AAPL) shares were up 2.5%.
Chevron (CVX) also outperformed in the Dow Jones as oil prices rose. Benchmark WTI crude oil futures were up just over 1% to $76.25 a barrel. Chevron is in position for a possible breakout try over the 120 level.
Nike (NKE) didn’t react well to positive comments from Guggenheim, which named Nike its top stock for 2022. Nike stock was down 2% as the stock gets resistance at the 50-day moving average.
Stock Market Today
The Nasdaq composite and Nasdaq 100 each rallied 0.7%. Advancing stocks on the Nasdaq outnumbered decliners by less than 2-to-1.
Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live
Top gainers in the Nasdaq 100 included Tesla stock, which soared 11% after the Leaderboard name reported strong Q4 deliveries over the weekend. Tesla (TSLA) gapped up over last week’s high of 1,119, qualifying today’s move as a breakout. The electric-vehicle maker is the IBD Stock Of The Day.
Two other Leaderboard stocks — Advanced Micro Devices (AMD) and Nvidia (NVDA) — also outperformed in the Nasdaq 100.
But several software stocks in the Nasdaq 100 fell hard, including Atlassian (TEAM), CrowdStrike (CRWD) and Workday (WDAY).
S&P 500 Movers
The S&P 500 edged higher by 0.2%, helped by strong moves from beaten-down stocks like Discovery (DISCA), Viacom (VIAC) and cruise line operators Norwegian Cruise Line (NCLH), Carnival (CCL) and Royal Caribbean (RCL).
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Wells Fargo (WFC) made a noteworthy move in the S&P 500, up 5.5%. The money center gapped above its 50-day moving average and broke out over a trendline.
In the security software group, Fortinet (FTNT) lagged badly in the S&P 500, down more than 6%. After a low-volume breakout over a 355.45 buy point, Fortinet is now firmly below the buy point and testing the 50-day moving average.
In the fertilizer group, Mosaic (MOS) showed key price action with a move above the 40 level. Shares were up 2.5% to 40.33.
The S&P 500 suffered a mild distribution day Friday, falling 0.3% in higher volume. But the benchmark index, along with the Nasdaq, isn’t under meaningful distribution at this point. Both indexes are in confirmed uptrends, which gives the green light for new buys. Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
Growth Stocks In Focus
The Innovator IBD 50 ETF (FFTY) reversed lower and was down 1%, still stuck below its 200-day moving average. MP Materials (MP) was the best percentage gainer in the IBD 50, up nearly 5%. MP stock tried to break out over a 46.81 buy point on Dec. 9, but gains faded. It now has its sights set on an alternate entry of 50.18, 10 cents above the stock’s Dec 9 intraday high.
Applied Materials (AMAT) was up nearly 1% and is just below a 159.10 entry after a breakout attempt on Dec. 27.
Inside the MarketSmith Growth 250, Star Bulk Carriers (SBLK) extended gains and is near the top of the 5% buy zone from a 22.85 entry.
Please follow Ken Shreve on Twitter at @IBD_KShreve for stock market updates and more.
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The post Boeing, Goldman Lead Modest Dow Jones Rally; Tesla Soars On Delivery Data; Apple Stock Jumps, Nears $3 Trillion Market Cap appeared first on Investor’s Business Daily.
