The Dow Jones Industrial Average dipped over 100 points on Monday, a decline of 0.3% at the close. Honeywell International outperformed with a nearly 4% gain after announcing potential plans to spin off its aerospace division. Nvidia dropped nearly 2%, and UnitedHealth fell more than 4%.
The Nasdaq composite ended near session highs, gaining 1.2% and setting another record high above the 20,000 mark. Top performers included a company that soared 11% and Micron Technology, which climbed nearly 6%. The S&P 500 rose 0.4%, with CrowdStrike and Lamb Weston climbing more than 5% and 4% respectively.
Phillips 66 lagged with a drop of more than 5%. Communication services and consumer discretionary sectors performed well, while health care and energy lagged. The Russell 2000 index of small caps finished up 0.8%.
Growth stocks showed strength, with the Innovator IBD 50 exchange-traded fund vaulting nearly 2%. An enterprise software company specializing in marketing automation cleared a weekly chart consolidation with a buy point at 41, a second-stage pattern indicating potential for continued growth. The firm has seen its shares rise by nearly 39% since its IPO in September 2023, with earnings projected to grow 25% this year.
Warren Buffett’s Berkshire Hathaway is eyeing a stock from its portfolio that is approaching a potential buy point.
dow slips amid mixed market moves
The stock, focused on market research, is flirting with a flat base buy point of 495.10.
Financial performance and price strength have been strong, reflected in its high ratings. LeMaitre Vascular signaled a sell on Monday by undercutting its 50-day moving average in high volume after announcing plans to offer $150 million in convertible senior notes due in 2030. This triggered a sharp decline, indicating it may be time for investors to consider locking in gains.
Super Micro Computer endured a rough session amid fears of potential delisting from the Nasdaq 100 index. The company had previously faced scrutiny over financial reporting, leading to a resignation by its accounting firm. Despite recent efforts to stabilize, the stock continues to struggle, losing ground on vital moving averages.
Several stocks are eyeing potential buy points. Taiwan Semiconductor is close to a 205.63 buy point after breaking a downtrend on Friday, offering an early entry for aggressive investors. Pet medical insurance provider, Trupanion, popped as it eyes a consolidation entry of 57.90, boasting a solid performance rating.
Higher education stock Adtalem Global Education is forming a base at 92.93 with strong earnings performance, signaling potential for growth. MicroStrategy gained momentum, driven by rising hopes for broad cryptocurrency acceptance. The stock, the largest corporate holder of Bitcoin, benefited from news of its addition to the Nasdaq-100 index, further bolstering shares as it will be included in the Invesco QQQ Trust exchange-traded fund.
