The Dow Jones Industrial Average and other major indexes managed to eke out slight gains Tuesday afternoon, as investors took a break after a two-day rally. Apple helped give the Dow a razor-thin surplus, while fellow Magnificent Seven blue chip component Nvidia retreated on the stock market today.
Stocks on the Dow Jones index were off much of the session but managed to switch gears to post a modest four-point gain. Blue chips reclaimed both their 21-day moving average — and more significantly — their 200-day moving average on Monday. Dow stocks managed to inch further above that at the close Tuesday.
Stocks on the S&P 500 were relatively flat for much of the session before finishing with a gain of 0.2%. Along with the Dow, the S&P 500 also reclaimed its 200-day line Monday and crept higher above it Tuesday.
Meanwhile, the Nasdaq composite topped them all, but added just 0.5% by the close. The tech-heavy index held above its 21-day line after retaking it Monday. But it remains below both its 50-day and 200-day lines.
Small Caps Miss Out On Gains
Small caps failed to join the modest party as the Russell 2000 dropped 0.6%. Preliminary data shows volume was slightly lower on the Nasdaq but a bit higher on the New York Stock Exchange compared with the same time Monday.
On the Nasdaq exchange, falling stocks topped rising issues by roughly 5-to-3, while on the New York Stock Exchange, losers edged out winners by more than 4-to-3.
The benchmark 10-year Treasury yield ticked slightly lower to 4.32% Tuesday afternoon. And oil prices posted a slight gain near $69.15 per barrel.
President Donald Trump announced that tariffs on autos, semiconductors and prescription drugs have been put on hold for now. Trump gave himself some leeway by saying there is "flexibility" with the reciprocal tariffs scheduled for rollout on April 2.
Stock Market Today: Tesla Extends Winning Streak
Tesla climbed 3.5% Tuesday after wavering between positive and negative territory earlier in the session. Shares posted their fifth straight day of gains as the stock continued to climb off a March low of 217.02.
While shares have lost 29% so far this year, Tesla stock managed to barely clear its 200-day moving average by Tuesday's close.
3:30 p.m. ET
Apple A Dow Jones Winner
Apple rose more than 1% and was a big gainer on the Dow Jones index Tuesday afternoon. Shares bumped up to their 21-day line, finding resistance. The Big Tech stock is on pace for its third straight day of gains. On Tuesday, Apple announced it will host its annual Worldwide Developers Conference online June 9-13.
Boeing was another Dow Jones winner, also with a lift of nearly 1%. The aerospace and defense stock rose following news Japan Airlines ordered 17 of its 737-8 Max jets.
This follows news Boeing landed a contract for a $20 billion government contract to develop a sixth-generation of U.S. Air Force fighter jets. The company is now bidding for the U.S. Navy contract to build its sixth-generation fighter jets.
On the losing end of the Dow Jones index was drug stock Merck with its plunge of nearly 5%. The stock tumbled on news that its ovarian cancer drug Nemvaleukin will no longer be developed after disappointing trial news. The drug was to be used with a Mural Oncology anti-tumor agent. Mural shares plummeted more than 60%.
2:01 p.m. ET
Trump Media Rallies
Trump Media and Technology bolted higher in heavy volume on news the company is looking to partner with Singapore-based Crypto.com to offer exchange-traded funds. The parent company of Truth Social, Trump Media is majority owned by President Trump.
The stock has acted weak as seen in its 15 Relative Strength Rating and 33% loss so far this year. The company is not profitable and has minimal revenue.
IBD MarketSurge Growth 250 name Tiptree spiked and broke out of a skewed consolidation with a 24.09 buy point. The asset management stock topped the buy zone, which goes up to 25.29. Tiptree reached an all-time high while its relative strength line also hit a 52-week high on the stock market today.
The stock traded in volume of more than 405,000 shares compared with its daily average of 118,000 shares.
IBD 50 component Axsome Therapeutics tumbled despite news the biopharmaceutical developer's phase 3 trial on its Solriamfetol treatment for adults with Attention Deficit Hyperactivity Disorder (ADHD) achieved its primary and secondary endpoints.
Shares fell below their 21-day line and are extended after hitting the 20% profit zone of a 105 buy point of a consolidation.
12:16 p.m. ET
Stock Market Today: Aerospace Name Lifts Off
GE Aerospace climbed and broke out of a flat base with a 212.19 buy point, but then retraced below the entry Tuesday. The stock's relative strength line reached a 52-week high as shown by the blue dot on its MarketSurge weekly chart.
The aerospace/defense group climbed to No. 11 from No. 38 four weeks ago out of the 197 industry groups that Investor's Business Daily tracks.
Also showing strength was IBD SwingTrader name iShares U.S. Aerospace & Defense exchange traded fund as it neared the 159.58 buy point of a flat base.
Elsewhere, CrowdStrike climbed more than 3% after BTIG upgraded the cybersecurity stock to buy from neutral with a price target of 431. Shares tested their 50-day line, seeking support.
KB Home fell more than 5% after the homebuilder missed fiscal first-quarter profit and revenue estimates. Quarterly earnings sank 15% on a 5% sales decrease. The stock has a dismal 22 IBD Relative Strength Rating.
10:52 a.m. ET
Stock Market Today: Consumer Confidence Lags
The Conference Board's consumer confidence report for March came in at 92.9, lagging the expected figure of 94.2. It also was lower than February's 98.3 reading.
The U.S. Census Bureau's February new home sales report showed 676,000 on an annualized rate vs. the 679,000 projected. But the figure topped February's revised 664,000.
In stocks, major stock movers took a breather Tuesday.
Palantir Technologies also reversed course from earlier positive action and fell following Monday's 6.4% increase. Like Tesla, Palantir is retreating after four straight days of gains.
Meanwhile, Nvidia dipped after climbing 3.2% Monday. Shares are hovering around their 21-day line, but remain below their 50-day and 200-day moving averages.
Stocks Add To Gains; Early Read Due On Trump Tariffs Impact
Big Stock Movers: Cloudflare, Heico, Carvana
Cloudflare popped in heavy volume after BofA Securities upgraded the stock to buy from underperform and raised its price target to 160 from 60. The cybersecurity stock is trying to recover after a steep drop from February's high of 177.37, or around 32% higher from recent trades.
IBD 50 name Heico broke out of a cup-with-handle base with a 270.37 buy point. The aerospace play's buy zone reaches up to 283.89.
Online auto retailer Carvana bumped up nearly 4% following Morgan Stanley's upgrade to overweight from equal-weight and raised its price target to 280 from 260. Shares tested their 50-day line, and found resistance.
IBD 50 component Atour Lifestyle Holdings fell after the China-based hotel operator reported fourth-quarter net revenue jumped 38.5%, topping estimates, but earnings missed forecasts. Shares dipped back below the 29.90 buy point of a consolidation after Atour traded in the buy zone and tested its 50-day line.
Oklo plunged and fell back below its 21-day line. The nuclear power plant operator reported a full-year 2024 net loss of 74 cents a share vs. a loss of 47 cents per share in 2023. The startup company has yet to report revenue.
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