New York, NY – The Dow Jones Industrial Average closed higher on Monday, with Trump Media & Technology (DJT) surging clear of a key benchmark. Meanwhile, Tesla (TSLA) saw a significant increase after CEO Elon Musk’s optimistic remarks. However, Alphabet (GOOGL) and Meta Platforms (META) experienced declines in the stock market. Famed investor Cathie Wood also made a notable move by investing in a declining AI stock.
A trio of stocks, including Howmet Aerospace (HWM), Broadcom (AVGO), and Stride (LRN), are holding steady near potential entry points. The Nasdaq composite rose 0.4%, with SiriusXM (SIRI) performing well with a 5% increase.
The S&P 500 closed in positive territory, recording a 0.3% gain. Paramount Global (PARA) outperformed on the benchmark index, rising 2.9% amid reports of Chief Executive Bob Bakish stepping down. The S&P 500 sectors mostly ended the day on a positive note, with consumer discretionary and utilities seeing the most gains.
Small-cap stocks outperformed, with the Russell 2000 rising 0.7%. Treasury yields fell ahead of the next Fed meeting, with the 10-year Treasury note dropping to 4.61% and the 30-year falling to 4.73%.
In the Dow Jones Industrial Average, Apple saw a 2.5% increase after an upgrade, while Boeing climbed 3.8%. Notable performers on the index also included Caterpillar and Amgen. However, Intel lagged, falling 1.6%, and UnitedHealth was down 1.3%.
Investor Cathie Wood made headlines by purchasing over 100,000 shares of Palantir Technologies for the ARK Autonomous Technology & Robotics ETF. Palantir stock saw a 1.4% increase on Monday.
Tesla stock continued to soar after securing a deal to bring its Full Self-Driving feature to China with the help of Baidu. CEO Elon Musk also made bold statements about artificial intelligence initiatives at Tesla. The stock closed with a 15.3% gain.
Apart from Tesla’s success, other stocks in the Magnificent Seven had mixed performances. Nvidia ended the session flat, while Alphabet and Meta Platforms experienced declines. Microsoft closed down 1%, while Amazon.com saw a 0.8% increase.
Investors are advised to keep an eye on Howmet Aerospace, Broadcom, and Stride as potential entry points near. Howmet Aerospace is nearing a flat-base entry, while Broadcom has formed a second-stage double-bottom base. Stride is also showing promise after post-earnings gains.
With the stock market showing signs of improvement, it is crucial for investors to consider stocks with strong earnings and price performance. The IBD 50 list serves as a valuable resource to identify such companies.
Overall, the market witnessed a mix of gains and losses across various sectors and individual stocks, showcasing the dynamic nature of investing in today’s economy.