Palo Alto Networks, Moderna, Nvidia, Tesla and Broadcom were the top five S&P 500 index gainers on the stock market today.
The S&P 500 rose 0.7% Monday even as the 10-year Treasury yield jumped to a 15-year high, though market breadth was not impressive. The Nasdaq — buoyed by PANW stock, Moderna, Tesla and Nvidia — jumped 1.6%. Both remain below their 50-day moving averages, while the market remains in a correction. The S&P 500 and Nasdaq are in day two of a stock market rally attempt.
PANW stock gapped up 14.8% to 240.81, retaking its 50-day moving average in huge volume. The cybersecurity giant has a 258.88 buy point, though investors could use 254.03 as an early entry, along with a trendline just under 250.
In a rare Friday night release, Palo Alto reported better-than-expected earnings, though revenue just missed. Guidance also was mixed, but the company gave a bullish long-term forecast.
MRNA stock leapt 9.3% to 111.08 as rising Covid cases and a new variant buoy the mRNA vaccine maker. Moderna also has a new deal to develop its experimental cancer vaccine with a T-cell CAR-T treatment from China's Carsgen Therapeutics. Moderna stock, which last week fell to it its worst level since late 2020, is still below its 50-day and 200-day lines.
NVDA stock jumped 8.5% to 469.67, rebounding back above the 50-day and 21-day lines. Shares broke a short-term trendline and cleared a 452.68 short-term high. Either one would serve as an early entry into Nvidia stock, but Wednesday night's earnings — and the market correction — make that extremely risky.
Two more analysts raised NVDA stock price targets Monday. That's seven upgrades and/or price target hikes since the start of last week. Along with Q1's strong results and blowout guidance, expectations are very high for Nvidia earnings.
TSLA stock raced 7.3% higher to 231.28. A Baird analyst noted buzz about the upcoming Tesla Cybertruck and updated Model 3, despite ongoing margin pressures. Tesla stock snapped a six-day losing streak and remains below all its moving averages, after tumbling from a 2023 high of 299.29 just before the Q2 earnings report.
AVGO stock popped 4.8% to 865.14, moving close to the 50-day line after hitting a two-month low on Friday. A decisive move above the 50-day line could offer an early entry, but risks are elevated. The AI-exposed chipmaker will likely move on Nvidia earnings.
Broadcom stock has a more traditional buy point of 921.78 or 923.18
Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.
