The Dow Jones Industrial Average and other major indexes came off session highs in mixed action Monday. The Dow ended the trading day 0.3% higher but the S&P 500 gave up its gains and traded marginally lower. The Nasdaq fared worse and lost 0.3% on the stock market today.
Volume on the New York Stock Exchange and the Nasdaq was lower compared with Friday. But breadth was strong as advancers beat decliners by 2-to-1 on the Nasdaq and about 7-to-2 on the NYSE.
The small-cap Russell 2000 held up with a solid 1.8% gain. The index was on a three-day winning streak as it built gains above the 2,000 level.
Meanwhile, the Innovator IBD 50 (FFTY) exchange traded fund reversed lower 0.7% after a three-day rally. The SPDR S&P 500 (SPY) ETF was marginally lower.
Further, the yield on the benchmark 10-year Treasury note slipped slightly more than 1 basis point to 4.18%.
On the economic front, January inflation numbers are due Tuesday. Economists see inflation inching up 0.2% after a 0.3% rise in December. On an annual basis, they see the consumer price index rise at 3%, down from December’s 3.4%.
Dow Jones, Stock Market Today
Intel (INTC) rose but other tech stocks lagged in the Dow. Apple (AAPL) fell further below the 50-day moving average. Salesforce (CRM) also fell with fourth-quarter results due Feb. 28.
Retail stocks among Dow Jones components fared better.
Walgreens Boots Alliance (WBA) gained 1.8%. And Home Depot (HD) added 0.6%, as did Walmart (WMT).
Outside the Dow, video imaging company Beamr Imaging (BMR) catapulted more than 370% higher at the closing bell. The company has partnered with Nvidia (NVDA) and it will present its research findings on an automated video cloud service. BMR traded around 2 per share in premarket trades but finished at just under 10 on the stock market today. Shares touched a high of nearly 35 at one point.
Meanwhile, Nvidia Chief Executive Jensen Huang observed at a global summit that spending on data centers is set to double over the next few years. Nvidia stock rose to another all-time high Monday, reaching a market cap of $1.78 trillion, just below that of Amazon.com‘s (AMZN) $1.79 trillion, according to IBD MarketSmith.
Nvidia’s fourth-quarter results are scheduled for Feb. 21. Analysts at Melius Research increased their price target on Nvidia to 920 from 750.
Shares of Monday.com (MNDY) plunged more than 10% after the software company reported its fourth-quarter results. While topping expectations, the company’s outlook disappointed. Shares pared even bigger earlier losses.
Oil Deal Lifts FANG
In energy news, Diamondback Energy (FANG) is planning to buy privately held oil-and-gas producer Endeavor Energy Resources for $26 billion. Diamondback rebounded from its 50-day moving average on the stock market today and is forming a base. Shares jumped more than 9% in heavy volume.
The cash-and-stock deal follows several other recent agreements in the oil-and-gas producers group, including Exxon Mobil‘s (XOM) deal with Pioneer Natural Resources (PXD). Last year, Warren Buffett-backed Occidental Petroleum (OXY) entered into a similar deal with CrownRock.
NXP Semiconductors (NXPI) tried to get past a 238.27 entry but fell just short on the stock market today. Shares retook their 50-day line after the company announced earnings on Feb. 5. — Investor’s Business Daily
