Stocks slipped Tuesday as extended winning streaks for the major indexes came to a halt. One bellwether for the day's action proved to be artificial intelligence giant Nvidia, which failed to climb out of negative ground on the stock market today after a six-day rally.
The Nasdaq composite sank 0.3%, but the tech-heavy index managed to hold above its 50-day moving average. Meanwhile, the S&P 500 ceded 0.2%, but the benchmark index also sits above its 50-day line. Both indexes came off eight-day rallies.
The Dow Jones Industrial Average dipped less than 0.2%, after five straight days of gains. The 30-stock index remains below the 41,000 level but sits nearly 3% above its 50-day line.
In small-cap stocks, the Russell 2000 retreated 1.1% on the stock market today. Volume was lower on the Nasdaq and the New York Stock Exchange vs. the same time Monday.
In the bond market, the 10-year Treasury yield shed four basis points to 3.82% Tuesday. U.S. crude oil fell to $73.82 a barrel.
On the Nasdaq exchange, falling stocks topped rising issues by roughly 9-to-4. Meanwhile, on the New York Stock Exchange, losers beat gainers nearly 5-to-2.
On Wednesday, investors are sure to keep an eye on the July Federal Open Market Committee minutes for clues on interest rates. The minutes are due for release at 2 p.m. ET.
Meanwhile, Nvidia slid more than 2% to end its six-day winning steak. The IBD 50 and Leaderboard stock is building a cup base with a 140.76 buy point but an early entry can be seen at 136.15. The stock broke a trendline starting at 140.76 on Monday.
3:40 p.m. ET
Stock Market Today: Shipper Soars On Earnings
Navios Maritime Partners surged more than 15% in huge volume and broke out of a skewed cuplike base with a 53.83 buy point. The move came following the company's beat on second-quarter adjusted earnings and sales estimates. Shares reached a 52-week high on the stock market today.
The stock trades in light volume as was pointed out in today's IBD Live show. The company is an international owner and operator of dry cargo and tanker vessels.
IBD 50 stock Aspen Aerogels reversed lower and gave back more than 3% after an eight-day rally. Shares hit the 31.74 buy point of a stage three cup base earlier Tuesday in its second breakout attempt this week.
Aspen Shares reclaimed their 50-day line in a 22.5% jump on Friday. The stock has climbed sharply since the company's mixed second-quarter earnings report on Aug. 7. The company makes aerogel-based insulation and solutions used in liquid natural gas, energy storage, petroleum refineries and offshore oil and gas systems.
1:52 p.m. ET
Bank Stock Gets Dumped By Buffett
Bank of America slid more than 2%. The drop came on news that Warren Buffett's Berkshire Hathaway unloaded the bank stock, according to a regulatory filing. The holding company sold shares in three separate transactions occurring Friday through Monday.
Bank of America stock undercut its 21-day exponential moving average and fell further below its 50-day line. Shares have toppled nearly 13% and are off a 52-week high ever since the bank reported second-quarter earnings results on July 16.
Bank of America posted three straight quarters of declining earnings with another expected drop for the current quarter. This underperformance can be seen in its suboptimal 48 IBD Earnings Per Share Rating and 60 Composite Rating.
Meanwhile, Berkshire shares eased 0.7% and sit in a buy zone of a flat base with a 430 buy point. The buy zone reaches to 451.50.
Dow Jones stock Boeing tumbled more than 4% on news it suspended flights for its 777X test fleet after the company found cracks in the engine-mounting structure. The aerospace stock sank below its 50-day line and is about 13% below its 200-day line.
The stock was the biggest loser on the Dow Tuesday. Shares have lost 34% so far this year.
12:23 p.m. ET
Stock Movers: Netflix Back On Top
Netflix climbed 1.4% and reached the 697.49 buy point of a late-stage cup base. Shares are in the buy zone up to 732.36 and reached a record high on the stock market today. Its relative strength line reached a 52-week high as seen by the blue dot on the weekly chart.
CyberArk Software advanced 0.6% and revisited a 283 buy point of a stage two cuplike base before fading. The network security software stock may have gotten a sympathy boost from Palo Alto Networks. The stock is on the IBD Leaderboard watchlist.
Darden Restaurants surged 4.3% higher, adding to Monday's 4.4% gain. The restaurant stock reclaimed its 50-day line Monday and bumped up and tested its 200-day moving average in the stock market today. The Olive Garden parent is on pace for its biggest increase since Oct. 4, 2022, when it rose 5.43%. Despite the robust two-day rally, the stock is still down more than 5% so far this year.
PayPal Holdings jumped 2.3% and broke out of a choppy irregular base with a 70.66 buy point. The buy zone reaches to 74.19. Shares are on pace to rise for a sixth-straight day.
10:50 a.m. ET
Palo Alto Climbs, Lowe's Up Despite Miss
Palo Alto Networks jumped 7% in heavy volume on the stock market today after the company beat estimates on fiscal fourth-quarter earnings and revenue. The cybersecurity firm also gave current-quarter and fiscal 2025 profit and sales outlooks that were mostly above forecasts. Further, Palo Alto announced a $500 million stock buyback.
The stock is in a stage three undefined base with a 380.84 buy point. But an early entry at 345.90 is available.
Lowe's fell more than 1% in recent action, though it flirted with break-even territory throughout the morning. The home improvement retailer reported a miss on fiscal second-quarter sales projections and but said earnings were higher than expected. It also gave lowered its fiscal 2024 revenue and earnings outlook.
The stock is in a stage one cup-with-handle base with a 248.99 buy point, according to MarketSurge pattern recognition. Lowe's holds a mediocre 47 out of a best-possible score of 99 on its IBD Composite Rating and an Earnings Per Share Rating score of 68.
Fabrinet soared more than 15% higher in heavy volume after the contract electronics manufacturer topped fiscal fourth-quarter profit and sales projections. Fabrinet also provided a fiscal first-quarter earnings and revenue outlook that topped views. The stock forcefully regained its 50-day line.
Market Pauses Bullishly; Five Stocks Near Buy Points
Stock Market Today: Drug Company Pops On Trial News
IBD 50 and Leaderboard stock Eli Lilly popped more than 3% on news that a Phase 3 study showed its active ingredient tirzepatide reduced the risk of developing type 2 diabetes by 94% in adults with prediabetes and obesity. Tirzepatide is used in its weight-loss treatment Zepbound and its diabetes drug Mounjaro. Lilly stock is climbing back toward its record high of 966.10 reached on July 15.
Tesla erased gains and was down 1.3%, on news the European Union will cut its proposed tariffs on the company's China-made vehicles. The Magnificent Seven stock is working on a fourth straight day of increases.
Hawaiian Holdings jumped more than 11% in heavy volume on news the Justice Department ended its review of Alaska Air Group's proposed acquisition of the Hawaiian Air parent. The deal still needs to be approved by the U.S. Department of Transportation.
Hawaiian Holdings reached a 52-week high on the stock market today. Alaska Air stock rose 0.2%.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
