Stocks wavered but finished in positive territory Tuesday as investors eagerly awaited an earnings report from artificial intelligence leader Nvidia. Meanwhile, Walmart hit another all-time high on the stock market today as the retail behemoth completed a 10-day rally.
The Dow Jones Industrial Average ticked slightly higher, and managed to hit another record high in the process. The Nasdaq held on for a gain of 0.2% after earlier losses, as the tech-heavy index tested its 50-day moving average. Finally, the S&P 500 also clung to a 0.2% increase.
In small-cap stocks, the Russell 2000 fared worse than the major indexes and gave back 0.7% on the stock market today. Volume was lower on both the Nasdaq and the New York Stock Exchange vs. the same time Monday.
On the NYSE, losers beat gainers 4-to-3, while falling stocks topped rising issues at roughly 5-to-3 on the Nasdaq exchange.
In the bond market, the 10-year Treasury yield rose two basis points to 3.84% Tuesday. U.S. crude oil fell to $75.73 a barrel.
Dow Jones stock Walmart edged up only slightly, but set a fresh high Tuesday and marked its 10th straight day of gains. Walmart stock has surged more than 11% since the Big Box retailer's Aug. 15 report saying fiscal second-quarter earnings and revenue came in above estimates. Shares have climbed 45% this year so far.
3:11 p.m. ET
Ferrari Outpaces On A Dull Day
IBD SwingTrader name Ferrari added 2.3% as shares of the carmaker reached a record high. Ferrari stock is extended from a stage-two flat base with a 442.80 entry. Its relative strength line is at a 52-week high.
Insulet surged more than 7% following news that the U.S. Food and Drug Administration approved its Omnipod 5 Automated Insulin Delivery System for adults over 18 with Type 2 diabetes. The stock is in a consolidation pattern with a 209.35 buy point.
The medical device maker retook its 200-day line and is bumping up to its 50-day line, finding resistance. Shares are on pace for largest increase since Nov. 3, 2023, when they rose 15.76%, according to Dow Jones Market Data. Insulet stock was the biggest gainer on the S&P 500 Tuesday.
Also, Hain Celestial Group soared more than 21% in enormous volume after the health-food company beat views on fiscal fourth-quarter adjusted earnings. The company missed on sales views, however. Despite the large stock gain, shares are still down 23% this year so far.
1:47 p.m. ET
Stock Market Today: Medical Device Stock Hits A High
IBD Big Cap 20 stock ResMed advanced around 5% and reached a 52-week high on the stock market today. The sleep apnea device maker was a big gainer on the S&P 500 Tuesday.
ResMed beat fiscal first-quarter adjusted earnings and revenue forecasts on Aug. 1. Shares reached the 20% profit zone from the 197.85 buy point of a stage one flat base.
Netflix rose 2.2% and reached the 697.49 buy point of a stage-four cup base. Shares are in the buy zone up to 732.36. The move came after Evercore ISI raised its price target on the streaming entertainment stock to 750 from 710 and held its outperform rating.
12 p.m. ET
Home Price Report Meets Expectations
June's adjusted Case-Shiller Home Price Index rose 0.4% vs. the 0.2% expected and equaled May's revised 0.4% increase. The report showed home prices in the 20 major U.S. metropolitan markets surveyed were up 6.5% in the 12 months ending in June, reaching record highs.
Stock Market Today: Cabinet Maker Triggers Sell Signal
American Woodmark scaled back from larger morning losses to an 11% deficit on the stock market today. The steep drop came after the cabinet maker missed fiscal first-quarter adjusted earnings and sales projections. Profit fell for the second straight quarter, while revenue has fallen for six straight periods.
Shares dropped more than 19% in heavy volume from the buy point of a base and triggered the 7% sell rule. The stock sliced below its 50-day and 200-day moving averages.
Trip.com advanced more than 8% in heavy trading following the company's mixed second-quarter earnings report. The China-based online travel company topped profit views but missed revenue estimates.
"The second quarter of 2024 witnessed continued growth driven by strong travel demand, especially for cross-border travel," said James Liang, executive chairman.
The stock reclaimed its 50-day line and is on track for its largest increase since Nov. 30, 2022, when it rose 9.4%, according to Dow Jones Market Data.
10:34 a.m. ET
Nvidia Rises As Earnings Loom
IBD 50 stock Nvidia rose 0.2% on the stock market today following Monday's more-than 2% drop. Investors are biting their nails in anticipation of the company's fiscal second-quarter earnings report, due late Wednesday. Nvidia stock is in an irregular base with a buy point of 140.76, according to IBD MarketSurge charts. And an early entry can be seen at 136.15.
Expectations couldn't be higher for Nvidia's numbers. After four straight quarters of earnings growth topping 400%, its Q2 profit increase is expected to moderate to around 141%. Nvidia sales growth is also expected to temper from three quarters of more than 200% growth to 113% in its second quarter.
Cava Group plummeted more than 6% in huge volume on news the company disclosed Artal International's sale of 6 million shares worth around $732 million in a secondary offering.
In separate news, Cava Chief Executive Brent Schulman and other executives disclosed sales of the stock. The transactions locked in profits following Friday's 19.6% and Monday's 3.1% gains following the company's blowout second-quarter earnings report that topped estimates. Profit grew 183% on 35% revenue growth.
The Mediterranean-themed restaurant stock has climbed around 170% this year so far and reached an all-time high Monday.
Futures Await Nvidia Earnings; Buffett Stock Nears Milestone
Stock Market Today: Eli Lilly Lifts On Weight-Loss Drug News
Eli Lilly gained 1.4% on news it released a new form of its weight-loss drug Zepbound for roughly half the price in an attempt to attract patients without medical insurance. The IBD Leaderboard stock is near record highs after bolting higher following its positive second-quarter earnings report on Aug. 8.
Lilly's news caused Hims & Hers to sink more than 5% on the stock market today. The online generic prescription provider sells a similar version of the drug.
Super Micro Computer trimmed morning losses to around 3% in heavy trading, after a Hindenburg short sell report accused the company of accounting manipulation. Shares fell further below their 200-day moving average.
Costco Wholesale bumped up 0.8% on the stock market today and reached the 896.67 buy point of a cup base. Shares are in the 5% buy zone up to 941.50.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
