The Dow Jones Industrial Average and the other major indexes ended a topsy-turvy day mostly on the plus side Tuesday. Investors seemed to be unsure about the December producer price index, which came in lighter than forecasts and kept investors' heads spinning on the stock market today.
The Dow Jones wavered back and forth throughout the session and ultimately finished 221 points higher for a 0.5% gain. But the blue-chip index held firmly below its 50-day moving average. The S&P 500 also whipsawed and finished the day with a slight 0.1% rise, offering a meager addition to Monday's 0.2% positive price reversal.
The Nasdaq composite briefly was in positive ground, but fell apart and sank 0.2%, marking its fifth straight loss. It approached its 50-day line earlier in the session before retreating. Small caps fared the best, however, as the Russell 2000 surged 1.1%.
Volume fell on the New York Stock Exchange and the Nasdaq vs. the same time Monday. But the Nasdaq exchange showed rising stocks topping falling issues by roughly 4-to-3, while on the NYSE, gainers beat losers by more than 3-to-1.
Meanwhile, bitcoin jumped nearly 4% to top the $96,500 level. And crude oil fell 1.3% to around $77.75 a barrel.
3:23 p.m. ET
Stock Market Today: Natural Gas Stocks Hit Buy Points
Williams Cos powered up and broke out of a cup-with-handle base with a 57.25 buy point. The natural gas pipeline stock is in the buy range up to 60.11. Shares are climbing back near their 52-week high, reached on Nov. 22.
DT Midstream bolted higher and broke out of a cup-with-handle base with a 106.29 buy point, as seen on its weekly chart. The natural gas transporter stock is in the buy zone up to 111.60. DT Midstream stock is closing in on its record high, also reached on Nov. 22. Its relative strength line hit a 52-week high.
Dow Jones component Nvidia fell and is on pace for a five-day losing streak. The IBD Leaderboard stock remained below its 50-day line on the stock market today.
Palantir Technologies gained after five straight days of losses. The newly added IBD SwingTrader stock tested its 50-day line, according to MarketSurge chart analysis.
Tesla reversed lower after being ahead most of the day Tuesday. This follows Monday's bullish reversal. Shares dipped below the 21-day line.
1:57 p.m. ET
Drug Giant Tumbles On Outlook
Eli Lilly plunged more than 6% in heavy volume and sliced through its 50-day line, triggering a sell signal. The move came following news the drugmaker cut its fourth-quarter sales outlook due to expected lower revenue from its weight-loss drugs. Shares fell further below their 200-day moving average.
Equitable Holdings lifted nearly 2%, putting it back in the buy zone up to 51.68 of a double-bottom base with a 49.22 buy point.
IBD SwingTrader and MarketSurge Growth 250 stock GE Vernova surged and topped the buy zone of a flat base with a 357.09 buy point. The clean-energy stock reached an all-time high on the stock market today.
ServiceTitan skidded after the workflow software developer beat fiscal third-quarter sales late Monday but gave a fiscal fourth-quarter revenue outlook that disappointed. Shares cratered below an IPO base with a 112 buy point. The stock started trading on Dec. 12 at 71.
12:21 p.m. ET
Two Energy Stocks Break Out
Argan popped nearly 8% in heavy trading and broke out of a cup base with a 165.33 buy point. The power plant construction company is in a 5% buy zone that extends to 173.60. Its relative strength line hit a 52-week high, as shown by the blue dot on its MarketSurge chart.
Vistra jumped and broke out of a late-stage cup base after hitting the 168.67 buy point. The electricity provider's buy zone goes up to 177.10. Vistra stock was added to IBD SwingTrader Tuesday.
Wix.com jumped and broke out of a late-stage flat base with a 229.79 buy point. Its buy range goes to 241.28. Shares of the website development platform revisited a level not seen since August 2021. The stock's relative strength line reached a 52-week high.
GeneDx sold off sharply in heavy volume and knifed below its 50-day line, triggering a sell signal. Shares have given back a gain of more than 10% from the 89.11 buy point, creating a round trip. The stock is also around 17% below the buy point.
10:40 a.m. ET
Economic News: PPI Comes In Shy Of Estimates
The Labor Department's December month-over-month producer price index rose 0.2% vs. the 0.3% to 0.4% expected and softened from the 0.4% increase in November. The annual rate increased to 3.3% from November's 3.0% reading, compared with the expected range of 3% to 3.4%.
The monthly reading without food and energy, what's known as the core PPI, came in at zero and below forecasts for a 0.2% increase. The year-over-year inflation gain was 3.5% vs. an expected range of 3.2% to 3.8%.
The 10-year Treasury yield dipped one basis point to 4.79%, but bounced off lows that followed the PPI report.
The National Federation of Independent Business, or NFIB, Small Business Optimism index jumped to 105.1 and handily topped the 101.3 expected and November's 101.7.
Market Wavers As Nvidia, Tesla Fall; CPI Inflation, JPMorgan Due
Big Movers: Equipment Leaser Gains 100% On Buyout
H&E Equipment more than doubled on news United Rentals will buy the heavy equipment leasing company for $4.8 billion, including $1.4 billion in debt. H&E shares reached a record high on the stock market today.
United Rentals notched a gain but found resistance at its 200-day moving average.
KB Home posted morning gains in enormous volume after the homebuilder topped fiscal fourth-quarter earnings and sales forecasts. The stock remains far below its 50-day line. KB Home holds a weak 24 IBD Relative Strength Rating and a 41 Composite Rating.
Stock Market Today: Chip Testing Stock Tanks
Aehr Test Systems plummeted in huge volume after the company missed fiscal second-quarter profit and revenue estimates. The chip testing equipment company's shares undercut the 200-day line.
Signet Jewelers tumbled around 21% in giant volume after the jewelry retailer reported same-store sales dropped 2% for the holiday season. Signet also cut its fiscal fourth-quarter sales guidance. Shares hit a 52-week low on the stock market today.
Applied Digital soared in heavy volume on news it entered into a partnership with Macquarie Asset Management to accept up to $5 billion to be used for Applied Digital's data centers. The stock reclaimed its 50-day line. Applied Digital reports its fiscal second-quarter results after the market close.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
