The stock market is dragging its feet after it racked up a fourth straight week of gains. The major indexes remained mildly mixed Monday afternoon.
The Dow Jones Industrial Average dipped 0.2% while the Nasdaq crept up 0.3%. The S&P 500 was almost unchanged in the stock market today. All three major indexes remained solidly above their 50-day moving averages. The small-cap Russell 2000 underperformed and fell 0.3%. It remains above its 50-day line, but below its 200-day moving average.
Volume rose on the New York Stock Exchange and fell on the Nasdaq Monday compared with the same time of day on Friday. Because Friday was a half session, volume comparisons will be skewed the rest of today's session.
The Invesco QQQ Trust exchange traded fund, which tracks the Nasdaq 100, inched up 0.3%. The Innovator IBD 50 ETF added 0.4%. And the 10-year Treasury yield shed 7 basis points to 4.40%.
Earnings are still rolling out, with Dow Jones software giant Salesforce, along with Intuit, Pure Storage, Dell Technologies and Zscaler announcing results this week.
Stock Market Movers: Pizza Stock Sizzles
Domino's Pizza rallied 5% after TD Cowen raised its price target to 430 from 410 and held an outperform rating on the pizza stock. Shares hit a 386.51 handle entry from a cup-with-handle base.
Domino's beat its third-quarter EPS estimates but missed sales expectations on Oct. 12. DPZ retook its 50-day line in early November, where it has found support.
IBD 50 stock Carpenter Technology broke out of a cup-with-handle base, after hitting the 71.30 buy point in heavy volume. The specialty metals producer is in the buy zone up to 74.87. Carpenter reported better-than-expected fiscal first-quarter earnings and a miss on sales on Oct. 26.
iRobot gave back much of Friday's 39% gain and plunged more than 20% in huge volume. The sell-off came on news that the European Commission said that Amazon's purchase of the robotics products maker could restrict competition. On Friday, iRobot shares soared after Reuters reported the deal was expected to be approved.
Amazon.com gained 1.4% and sits in the buy zone from a 145.86 buy point. The online retail platform is on pace for its highest close since April 20, 2022, when it closed at 154, according to Dow Jones Market Data.
Roku soared more than 7% in heavy trading and broke out of a lopsided base with a 98.44 buy point. The stock and its relative strength line both hit 52-week highs. The streaming device company reported higher-than-expected third-quarter revenue and a higher net increase in active accounts on Nov. 1. Roku got a boost after Cannonball Research upgraded the stock to buy from neutral with a price target of 116.
Beauty Stock Impresses
IBD 50 stock ELF Beauty surged 4.5% after D.A. Davidson said ELF beauty is a top pick and it believes ELF could beat fiscal 2024 sales estimates. The skin care and cosmetics stock remains above its 50-day line. The company dominated its September-quarter earnings and sales estimates on Nov. 1, with 128% profit growth and a 76% sales increase.
Shopify popped nearly 5% after announcing its global merchant sales hit a Black Friday record of $4.1 billion. Adobe Analytics expects Cyber Monday to break records this year.
SHOP is extended from a double-bottom base with a 67.60 buy point. SHOP is on track for its highest close since March 29, 2022, when it closed at 74.40, according to Dow Jones Market Data.
Footwear retailer Skechers USA rallied 2.2% and broke out of a cup base with a 56.53 buy point. But volume is well below average. The buy zone goes to 59.36.
Foot Locker trimmed morning losses, now down 0.1%, after Citigroup downgraded the footwear retailer to sell from neutral and maintained its 18 price target. A Citi analyst sees a need for the retailer to spend more on promotions to clear out excess inventory, thus reducing margins.
The stock found support at its 50-day line. The company has struggled with seven consecutive declining quarters of earnings and multiple quarters of declining or flat sales. Foot locker is set to report its third-quarter results on Wednesday before the market opens.
Stock Market Movers: Beverage Stock Breaks Out
Crown Castle popped 4.5% on a Wall Street Journal report that stakeholder Elliot Management is pressing for changes to increase the share price at the wireless tower company. The activist investment firm sank more than $2 billion into Crown Castle. The real estate investment trust remains below its 200-day line and lost over 23% this year, but has been rebounding from its October low.
Vita Coco jumped 4.8% and broke out past the 30.25 buy point of a cup-with-handle base. The coconut water stock's 5% buy zone goes to 31.76.
Cerence reversed higher in afternoon trading. The company reported a miss on its adjusted September-quarter profit and a beat on sales estimates. Cerence specializes in AI-assisted automotive software.
Other Stock Movers: Health Care Stock Looks Weary
GE HealthCare gapped down more than 3% after UBS downgraded the stock to sell from neutral and cut its price target to 66 from 86. The medical technology stock is testing its 21-day exponential moving average. The stock was a big S&P 500 loser Monday.
Lucid eased 1.3% after Needham downgraded the EV stock to hold from a buy.
Mondelez International reversed lower 0.3%, despite that RBC Capital upgraded the snacks producer to outperform from sector perform and raised its price target to 83 from 75. The stock has rallied since the company reported higher-than-expected adjusted third-quarter earnings on Nov. 1.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
