The Dow Jones Industrial Average fell while other indexes ended with gains at the close of trading Monday. Super Micro Computer shook off delisting concerns and soared while Tesla rallied amid a self-driving car initiative. And a Warren Buffett holding cleared a buy point while Intel reversed lower on the stock market today.
Stocks were having a mixed start to the month after November's muscular gains. The Dow Jones Industrial Average ended the day near its lows, dropping 128 points, or 0.3%. Amazon.com and Microsoft were among the top performers in the much-watched index. Amgen and Verizon Communications were laggards, falling more than 1% each.
The Nasdaq composite, meanwhile, popped to fresh highs and hit a record close with a 1% gain. The index is above all its short-term moving averages and sits more than 4% above its 50-day moving average.
Top performers on the tech-heavy Nasdaq composite included Grail, which jumped 7%. Utility Exelon was a laggard as it fell 3%.
Stock Market Today: S&P Hits New High
The benchmark S&P 500 rose 0.2% and also set an all-time high. Lam Research was strong here as it popped more than 6%. Real estate play Texas Pacific Land lagged with a decline of more than 6%.
The S&P 500 sectors were mostly negative. Communication services and consumer discretionary were the best performers. Utilities and real estate lagged the most.
Decliners outnumbered advancers on the New York Stock Exchange 5-4, but advancers held an edge on the Nasdaq.
The Russell 2000 rallied out of the red to gain 0.2%. Growth stocks were getting hammered by the bears though, with the Innovator IBD 50 exchange traded fund diving 1.6%.
Treasury yields were mixed. The yield on the 10-year Treasury note came off lows to trade flat at 4.19% while the two-year rose one basis point to 4.18%.
Intel Stock Fades After CEO Exit
The departure of a chief executive is always a big moment for a company, and can help or harm a stock.
Struggling chip giant Intel initially rallied on news that under-fire leader Pat Gelsinger has retired, before the stock reversed lower.
David Zinsner and Michelle Johnston Holthaus have been named by the company as interim co-CEOs. Zinsner is the firm's chief financial officer while Holthaus leads Intel Products.
This is a temporary move because the firm said it "has formed a search committee and will work diligently and expeditiously to find a permanent successor to Gelsinger."
Intel stock had been up nearly 3% on the stock market today but ended the day down 0.5%.
The chip stock continues to be an underperformer, and sits nearly 20% below its 200-day moving average, according to MarketSurge analysis.
3:31 p.m. ET
Tesla Up Amid Self-Driving Move, Bullish Call
Electric-vehicle giant Tesla was near highs of the day as it popped in late trading. It comes after the firm took a new step forward in its self-driving quest.
The firm's vice president of Autopilot and artificial intelligence software, Ashok Elluswamy, posted on X that version 13.2 of the firm's Full-Self Driving software has "started rolling out to limited external customers."
Additionally, Stifel hiked its Tesla stock price target on Monday to 411, up 28. Stifel cited a "clearer path" for the Cybercab, or robotaxi, and Tesla's FSD technology.
The Leaderboard Watchlist stock now sits well extended past a 264.86 buy point. The Magnificent Seven component owns an IBD Composite Rating of 88, below the 90 that's preferred.
Tesla stock has been rallying since President-elect Donald Trump defeated Vice President Kamala Harris in the Nov. 5 election.
Warren Buffett Stock Apple Clears Buy Point
Tesla was not the only member of the so-called Magnificent Seven group of stocks behaving bullishly Monday.
In fact, Warren Buffett holding Apple has cleared a flat base buy point of 237.49, MarketSurge analysis shows. The stock was up nearly 1% in above-average volume.
This is a first-stage pattern, a bonus. Investor's Business Daily research shows early-stage bases are more likely to net good gains for investors.
Overall solid performance is reflected in its IBD Composite Rating of 91. Earnings are the key strength here, with its EPS Rating sitting at 90 out of a best-possible 99.
Warren Buffett is a noteworthy holder of Apple stock. While his firm Berkshire Hathaway has sold some of its position, it retains 300 million shares in the consumer tech giant.
The stock has been on a strong run since hitting an 18-month low of 165.67 in October last year. It now sits more than 44% above this level.
Meta Platforms also fared well among the Magnificent Seven as it rallied 3%. Microsoft, Amazon.com and Google-parent Alphabet climbed more than 1% each.
Nvidia brought up the rear with a fractional lift on the stock market today. The AI chip giant, a member of the prestigious IBD Leaderboard list, is trading just below a 140.76 buy point.
Stock Market Today: Two Equities Eye Entries
Meanwhile, a few stocks were trading near potential buy points amid the tepid action.
Travelers, which provides commercial insurance and personal insurance, is eyeing a flat-base entry of 269.56. This is part of a bullish base-on-base pattern.
Overall performance for Travelers is strong, netting it an IBD Composite Rating of 95 out of a best-possible 99. It is in the top 20% of issues in terms of price performance over the past 12 months. The stock ranks in the top fifth of the competitive Insurance-Property/Casualty/
And Badger Meter has formed a cup with handle base. The ideal buy point here is 229.32.
Earnings are a key strength for the water meter maker, with its EPS Rating sitting at 97. Big Money has been snatching up the stock of late, which is reflected in its Accumulation/Distribution Rating of B-. In total, funds hold 61% of BMI stock.
IBD is currently recommending overall exposure at the 80%-100% level. However, make sure to look for issues that are clearing proper buy points.
1:47 p.m. ET
AI Stock Super Micro Rockets After Probe
Super Micro Computer was one of the best performing issues on the stock market today as it soared nearly 30%.
The artificial intelligence play has been battered from highs amid a slew of worries over governance. But it has rallied furiously from lows, and now sits more than 140% above its mid-November low of 17.25.
It hit those lows amid delisting fears. Its woes began in August when short seller Hindenburg Research claimed it had found evidence of "accounting manipulation."
Shares took more of a beating when Ernst & Young resigned as the company's auditor. Supermicro narrowly avoided delisting from the Nasdaq and has yet to file its annual report or results from the most recent quarter.
However a special board committee, which included law firm Cooley and forensic accounting firm Secretariat Advisors, has now ruled it found "no evidence of misconduct."
"The evidence reviewed by the Special Committee did not raise any substantial concerns about the integrity of Supermicro's senior management or Audit Committee, or their commitment to ensuring that the Company's financial statements are materially accurate," the company said in a news release.
The server company also said it is appointing Vice President of Finance and Corporate Controller Kenneth Cheung as its new Chief Accounting Officer.
Super Micro stock now sits around 13% above its 50-day moving average but remains nearly 40% below its 200-day line, according to MarketSurge analysis. It is also roughly 66% below its March high of 122.90.
12:26 p.m. ET
U.S. Construction Spending Hits High
Spending on construction projects was up 0.4% in October to $2.17 trillion, according to the Commerce Department. This was higher than economists' expectations for a lift of 0.2%. Year-over-year spending rose 7.2%.
The windfall comes amid booms in data center construction, as well as increasing investment in manufacturing facilities. However, home construction remains subdued.
And the Institute for Supply Management's manufacturing index rose to 48.4 in November, up from 46.5 in October. Economists expected the index to rise to 47.6. Numbers below 50 indicate the manufacturing sector is shrinking.
10:52 a.m. ET
Trump Makes New Tariff Threat, Targets BRICS
Stocks were mixed after Trump threw down a tariff gauntlet to the BRICS nations. The nine-nation trade bloc includes Brazil, Russia, India, China and Iran.
"We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100 percent Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy," he said in a Truth Social post.
Following the statement, the dollar edged higher against most major currencies. In contrast, the Chinese yuan fell to a four-month low.
The U.S. Dollar Index, which measures the greenback against a basket of currencies, rose nearly 1%.
Stock Market Today: Stellantis Skids On Tavares Resignation
Meanwhile, Stellantis, whose brands include Chrysler, Fiat and Jeep, has announced the resignation of CEO Carlos Tavares. It comes amid falling sales for the company.
Stellantis' senior independent director Henri de Castries said in a news release that "in recent weeks different views have emerged which have resulted in the Board and the CEO coming to today's decision."
The company is expecting to conclude its search for a new leader in the first half next year.
Bernstein analyst Daniel Roeska said in a note to clients Tavares had been looking to make "deep cost cuts" while the automaker's problems are "more due to a hubristic view of its brands' pricing power and market position."
He also said he struggles to identify any scenario where the events "can be positively spun as far as the stock price is concerned." Roeska rates the stock a hold with a 12.10 price target.
Stellantis stock gapped down. It sits below its 50-day moving average and the 200-day line as a long downtrend continues.
Please follow Michael Larkin on X at @IBD_MLarkin for more analysis of growth stocks.
