Stocks closed modestly higher Tuesday as the Dow Jones Industrial Average led the major indexes. Meanwhile, Carnival popped and lifted cruise line stocks, as Nvidia climbed to another record high in the stock market today.
The Dow Jones advanced 0.4% but remained below its 50-day moving average. The S&P 500 and Nasdaq eked out gains. But the small-cap Russell 2000 slid 1.3% and closed below its 50-day moving average.
Volume fell on the Nasdaq and the New York Stock Exchange, according to early data. The Innovator IBD 50 exchange traded fund sold off more than 1% and is on pace for a sixth straight decline.
The benchmark 10-year Treasury yield shed 7 basis points to 4.34%. And U.S. crude oil prices dipped to near $73.30 a barrel, as financial markets react to worries of economic weakening.
Stock Market Today: Cruise Line Stocks Get A Lift
Carnival jumped nearly 6% after announcing it would phase out the P&O Cruises Australia brand and absorb into its own Carnival Cruise Line business in 2025.
The stock is forming a double-bottom base with an early entry at 17.68. Carnival was the biggest gainer on the S&P 500 today.
Other cruise line stocks rose in sympathy, including IBD 50 Royal Caribbean, which gained nearly 2% and hit a record high. Norwegian Cruise Line surged nearly 4%.
IBD 50 stock Novo Nordisk broke out of a late-stage cup-with-handle base with a 137.22 buy point. The IBD Leaderboard and SwingTrader stock is in the low end of the 5% buy range reaching to 144.08.
On May 2, the insulin maker reported better-than-expected adjusted earnings and sales for the first quarter, but missed hefty revenue expectations on its weight-loss drug, Wegovy. The stock holds an Accumulation/Distribution Rating of A-, indicating fairly heavy institutional buying over the last 13 weeks.
Nvidia Hits New Highs
IBD 50 and Leaderboard name Nvidia added 1.3%. The stock hit a new high on the stock market today.
Monday's jump came after Chief Executive Jensen Huang announced Nvidia's artificial intelligence chip plans through 2026 on Sunday night ahead of Taiwan's electronics showcase, Computex 2024. The IBD Big Cap 20 stock is extended from a handle entry at 922.20 and a 974 alternative buy point.
Further, Tesla CEO Elon Musk sent emails to Nvidia asking the chip company to divert chip shipments from Tesla to Musk's X social media platform, according to CNBC. That could delay chips to Tesla for development of self-driving technology and humanoid robots, CNBC added. Tesla shares slipped 0.8%.
Intel reversed lower on the stock market today. The company announced new processors and architectures at Computex for artificial intelligence ecosystems including data centers, cloud networks and PCs.
New Economic Fear Grips Wall Street; Where Are Nvidia's Coattails?
Metals Stocks Fall Hard
IBD Big Cap 20 stock Agnico-Eagle Mines plunged more than 5% and pulled back from the 20% profit zone of a cup base with a 56.43 buy point. The gold mining stock fell in sympathy with the drop in gold prices.
The metal fell more than 1% on news Swiss data showed lower demand in April and three straight months of drops in exports, according to The Wall Street Journal. Demand from China has fallen as the price of gold has soared to all-time highs.
SPDR Gold Shares lost 0.9% and tested its 50-day line.
Another IBD 50 name, Pan American Silver, got trampled and lost nearly 7% as silver futures plunged more than 3%. Shares slid below the 21-day exponential moving average on the stock market today.
Stocks On The Move
GameStop trimmed losses and gave back 5.4% after Monday's 21% surge. Monday's move in the meme stock came after Keith Gill, an influential investor on social media, suggested he had acquired a major position in the video game retailer.
Gill uses Morgan Stanley's E-Trade, and the firm and brokerage are considering banning the trader on concerns of stock manipulation, according to The Wall Street Journal.
HealthEquity broke out of a flat base with an 84.49 buy point, according to MarketSurge pattern recognition. But shares fell back below the buy point.
The company topped fiscal first-quarter profit and sales estimates and raised its full-year earnings and revenue outlook. HealthEquity is a health savings account administrator with over 14 million members.
Earnings Movers In Stock Market Today
Donaldson, an industrial air filtration company, topped fiscal third-quarter profit and sales projections and raised its full-year profit forecast. The stock briefly reclaimed its 50-day line but trimmed gains to 1.6% at the close.
Bath & Body Works tumbled nearly 13% in heavy volume. The retailer reported first-quarter earnings and sales that were better than expected.
But investors clued in on its disappointing second-quarter and full-year forecast. The retailer — the biggest loser on the S&P 500 today — fell more than 8% below its 50.34 buy point, triggering a sell signal.
Core & Main plummeted around 14% in huge volume following the company's mixed fiscal first-quarter results. Earnings fell short of views, while sales topped forecasts.
The water, sewer and fire products and services company raised its fiscal 2024 net sales outlook. Shares fell further below the 50-day line and undercut a flat base with a 60.93 buy point, in the stock market today.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
