The Dow Jones Industrial Average and other major indexes fell while Trump Media & Technology surged ahead of the election. Warren Buffett-led Berkshire Hathaway slid but Nvidia rose on news it is joining the Dow. Palantir Technologies soared after earnings.
The much-watched Dow Jones index trimmed losses but ended 0.6% lower.
The Nasdaq composite fell 0.3%. The tech-heavy index continues to hold above its 50-day moving average. Tesla and Arm were among the laggards, with Tesla triggering a sell signal with a drop of 8% below its 264.86 buy point.
Stock Market Today: Small Caps Up, Energy Shines
The benchmark S&P 500 also fell 0.3% and is testing the 50-day line for the second time in three sessions.
Mosaic and Enphase Energy were the best performers in the S&P 500. Both gained roughly 5%.
But Constellation Energy was the S&P's worst performer, as it plunged more than 12%. It round-tripped a gain of more than 20% from a 236.30 entry as it dived despite an earnings beat.
The S&P 500 sectors ended mixed. Energy and real estate had the best innings. Communication services and utilities, the latter a defensive area, had the toughest sessions.
Small caps outperformed, but finished below highs for the day, as the Russell 2000 gained 0.4%. The Innovator IBD 50 exchange traded fund reversed lower, closing the session down 0.8%.
Despite the negative action advancers actually led decliners on both the New York Stock Exchange and on the Nasdaq.
Palantir Stock Rallies After Earnings
One stock that came under pressure heading into the close was Palantir. It ended the day down more than 1%. But the stock surged 13% in extended trading after the company announced its Q3 results after the close. The company beat earnings expectations.
The stock has been extended past an ideal entry point of 29.83. It is now getting support at the 21-day exponential moving average, according to MarketSurge tools.
Palantir stock has been on a strong run so far this year, rising more than 140%. It is among the top 2% of issues in terms of price performance over the past 12 months. Overall performance is top notch, which is reflected in its IBD Composite Rating of 99.
Warren Buffett Sells More Apple, Berkshire Falls
Buffett's Berkshire Hathaway ended lower after the firm posted earnings over the weekend. The conglomerate fell more than 2% and undercut the lows from a flat base. The ideal buy point here is 484.82.
It comes after earnings fell 6% on an operating basis vs. a year earlier to to $10.09 billion. Analysts had expected a 1% decline in operating earnings in the third quarter, according to FactSet.
In a noteworthy move, Buffett halted Berkshire stock buybacks during the quarter. It comes after the firm made share repurchases worth $345 million in Q2 and $2.6 billion in Q1.
Berkshire also sold a further 100 million Apple shares in Q3, according to the company's 10-Q statement. This leaves it with 300 million shares. Buffett has slashed Apple holdings from 905 million shares at the start of 2024.
Buffett, who has been Berkshire's CEO since 1970, has been building up a sizable stash of cash. His company's cash hoard swelled by about $48 billion to $325.21 billion.
1:29 p.m. ET
Donald Trump Stock Rockets Ahead Of Election
Tuesday's election is too close to call, but it seems investors like the chances for the ultimate Donald Trump stock.
Trump Media soared nearly 11% in afternoon trade. It remains near session highs heading into the close.
It comes as Trump and his Democratic Party rival Kamala Harris target vital swing states in a last-minute bid to shore up support.
The dynamic duo were both visiting Pennsylvania on Monday. It is the swing state with most electoral votes at 19. Trump was also making a stop in Grand Rapids, Mich.
Trump Media stock suffered a violent pullback last week, plunging 21.5%. Today's gain is seeing the stock attempt to retake the 200-day moving average.
Since hitting a Sept. 24 low of 11.75, Trump stock has rallied nearly 190%. Nevertheless, it has a subpar Composite Rating of 38 out of 99 from Investor's Business Daily.
Earnings also remain a weakness as the company continues to lose money. It currently holds a decidedly lackluster EPS Rating of 15 out of 99.
While the price action continues to be wild, the Donald Trump stock now holds a gain of 100% so far in 2024.
Meanwhile, Treasury yields were slipping Monday afternoon. The 10-year Treasury note fell six basis points to 4.3% while the 2-year dipped four basis points to sit at 4.17%.
1:29 p.m. ET
Boeing Stock Climbs Amid Labor Vote
Boeing was making progress amid investor hopes that a key labor vote Monday could go the company's way.
The International Association of Machinists and Aerospace Workers reached a tentative agreement with the Dow Jones manufacturer on Thursday. Members vote on the agreement today.
This is the first agreement the union has endorsed. It did not provide a recommendation for the previously rejected proposal for a 35% pay hike on Oct. 23.
Boeing's latest offer includes a 38% general wage increase over four years and an increase in Boeing's 401(k) contribution to its union members' retirement plans.
The aerospace giant's finances are being squeezed due to the strike. Rating agencies previously warned that a prolonged strike could cause a downgrade in its credit rating. This would make borrowing money more expensive.
Last week the firm launched an offering of 90 million shares. It also offered $5 billion in depositary shares.
Boeing stock currently sits below both its 200-day and 50-day moving averages, MarketSurge analysis shows. The 50-day line is a key potential resistance area to watch.
All-around poor performance is reflected in the stock's dire IBD Composite Rating of 12 out of 99. Boeing stock is down about 40% in 2024.
Stock Market Today: Lantheus Tests Buy Point
Breakouts were thin on the ground amid Monday's uncertain action.
But Lantheus managed to test a cup-with-handle entry of 117.47. This is a late-stage base, a negative.
The medical products play has a strong IBD Composite Rating of 95. Earnings are a strength, reflected in Lantheus' EPS Rating of 94.
Lantheus makes and sells diagnostic and therapeutic products. However, the company is getting set to serve up its latest quarterly report on Wed., Nov..
Investor's Business Daily suggests investors use options as a strategy to reduce risk around earnings.
12:15 p.m. ET
IPO Stock Flashes Bullish Signal, Eyes Entry
MarketSurge Growth 250 stock Guardian Pharmacy Services flashed a bullish signal as it eyes an entry. The stock's relative strength line hit fresh heights as the stock closes in on an IPO base buy point of 20.10.
However earnings are due soon, which adds risk for investors buying on a breakout before the report. The firm is set to report results after the close on Nov. 12.
The company provides pharmacy services to long-term health care facilities. It priced its Sept. 26 IPO at 14.
Viking Gains Disappear After Going Berserk
Viking Therapeutics stock had gone berserk in premarket trade amid news on its weight-loss pill.
Patients who took the highest dose of Viking's pill lost 8.2% of their body weight. The dosage size here was 100 milligrams. Importantly, the oral version of VK2735 appears tolerable.
The body-weight drop was well in excess of the 1.4% loss for patients who took a placebo and was also better than expected.
William Blair analyst Andy Hsieh said the obesity pill had been seen outperforming the placebo by 5% to 6%. It was also better than amycretin, a weight-loss pill from Novo Nordisk.
Viking stock popped in premarket trade and at the open, but has now shed those gains. Instead, it has fallen by nearly 9% and has undercut the 21-day exponential moving average. It is now close to a test of the 50-day line, MarketSurge analysis shows
Stock Market Today: These Issues Flash Sell Signals
Given recent volatility, it's also a good idea to keep track of sell signals.
Digital Ocean undercut the 50-day moving average and is seeking support at its 200-day line. It is also more than 8% below a 41.58 buy point.
The stock fell around 11% despite serving up an earnings beat. It was punished after issuing fourth quarter guidance that came in lower than analysts had expected.
The firm expects Q4 non-GAAP EPS of 27 cents to 32 cents while Wall Street had been hoping for 38 cents.
The New York Times plunged below its 50-day line after Q3 revenue of $640.2 million came in under analyst expectations.
And investment management play Affiliated Managers skidded below its short-term moving averages and the 50-day line after earnings came in lower than expected amid a 2% dip in sales.
10:48 a.m. ET
Nvidia Up Amid Dow Jones Nod
One major stock moving positively was Nvidia. The artificial intelligence play was outperforming on the news it is to join the Dow Jones Industrial Average.
The stock is just below a consolidation entry of 140.76, according to MarketSurge analysis. Earnings performance is a key strength for the stock, which has a perfect EPS Rating of 99.
Earnings have grown by an average of 361% over the past three quarters, an impressive performance in anyone's book.
It is taking the place of struggling chip giant Intel, which fell nearly 2%.
Nvidia is a long-standing member of the IBD Leaderboard list of top stocks.
This isn't the only move. Paint giant Sherwin-Williams is being swapped in favor of Dow Inc.. The changes to the Dow index take place on Nov. 8.
Magnificent Seven: Tesla Stock Falls
Action among the other so-called Magnificent Seven stocks was negative. The bulk of the group have now posted their quarterly earnings reports, removing some uncertainty.
Tesla fell nearly 1%. The stock flashed a sell signal by falling more than 7% below a cup-with-handle entry of 264.86.
The relative strength line is also dipping. Chief Executive Elon Musk has been a source of controversy of late amid his support for former President Donald Trump.
Google parent Alphabet fell more than 1%. Amazon.com, Meta Platforms, Apple and Microsoft were all down less than 1% each.
Stock Market Today: Stocks Near Entries
Investors should be keeping their peepers open for stocks near buy points.
MercadoLibre has formed a flat base with an ideal buy point of 2,161.73, MarketSurge analysis shows. This is a second-stage base, which still counts as early stage.
All-around performance is very strong for the Latin America e-commerce play. This is reflected in its near-perfect IBD Composite Rating of 98.
MercadoLibre is a member of the prestigious IBD Leaderboard list of top stocks. Earnings are due late Wednesday. That adds risk to buying shares, although the stock has not topped its buy point. It currently sits at the 50-day moving average.
An approach highlighted by Investor's Business Daily is to use options as a strategy to reduce risk around earnings. It's a way to capitalize on the upside potential of a stock's move around earnings, while reducing the downside risk.
Medical products play Insulet has formed a flat base with an ideal buy point of 243.98.
It is a top all-around performer, with its Composite Rating sitting at 96. Big Money has been snapping up shares of late, with its Accumulation/Distribution Rating coming in at A-.
This is one for the watchlist because earnings are due after the close Thursday. The diabetes play develops and sells insulin management systems.
Please follow Michael Larkin on X at @IBD_MLarkin for more analysis of growth stocks.
