Dow Jones Closes Higher; Tesla Rival Surges On New EV Truck Deal
The Dow Jones Industrial Average rose 0.3% at the closing bell Monday. The index holds a gain of over 3% for the month after June's hefty 4.6% gain. The S&P 500 and Nasdaq gained 0.2%.
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Indexes were nearly flat most of the session until buyers rushed into the market in the final five minutes of trading.
Software stocks helped lead the market higher Monday. Datadog (DDOG), CrowdStrike (CRWD) and Atlassian (TEAM) rose roughly 4%. Adobe (ADBE) rose more than 3% after an analyst upgrade.
Volume on the NYSE and Nasdaq was higher from Friday's levels, according to preliminary data.
The small-cap Russell 2000 rose 0.9%, while the Innovator IBD 50 ETF (FFTY) outperformed with a 2.5% gain.
Crude oil rose 1% to $81.48 a barrel. The yield on the benchmark 10-year Treasury note fell 1 basis point to 3.95%.
Apple (AAPL) rose slightly with earnings due Thursday after the close. The tech leader is trading near an all-time high.
Stocks Moving Today
On Semiconductor (ON) rose in the stock market today after the company reported strong earnings and outlook for the current quarter. Shares have climbed past the 20% profit target from a breakout in May.
Trip.com (TCOM) has broken out above a 40.17 entry.
Among recent issues GEN Restaurant Group (GENK) broke out of an IPO base with a 19.99 entry, but it closed just below the entry. Acelyrin (SLRN) attempted to clear an entry at 25.50 but fell below it.
Tesla (TSLA) rival Nikola (NKLA) surged in strong volume after it landed a deal with J.B. Hunt Transport (JBHT) for its zero-emission trucks.
DT, HUBS Earnings On Deck
Outside Dow Jones, Rambus (RMBS) fell more than 6% in extended trading following the chip designer's earnings report. The stock had found support at its 50-day moving average as it forms a base, but it is below that line in after-hours trading.
Shopify (SHOP) is due to report on Wednesday. RMBS and SHOP stock are on IBD Leaderboard. Also on Leaderboard, software stocks Dynatrace (DT) and HubSpot (HUBS) as well as Generac (GNRC) report this week.
Atlassian, Uber (UBER), Advanced Micro Devices (AMD), Starbucks (SBUX) and Pfizer (PFE) have earnings due this week as well. AMD and PFE are below their 50-day lines. TEAM found support at its 50-day line ahead of earnings.
Dexcom (DXCM) sank nearly 6% to just below its 50-day line after volatile trading Friday after the earnings report.
Recent IBD Stock of the Day United Rentals (URI) added to recent gains and is close to the 471.82 buy point of a cup with handle. The company reported earnings last week.
Adobe rose 3.3% to a 17-month high after Morgan Stanley analysts saw a 25% upside for the stock due to greater clarity on monetization plans for its generative AI software. They upgraded the stock to overweight from equal weight with a price target of 660 from 510.
Please follow VRamakrishnan on Twitter for more news on the stock market today.
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Source: Investor's Business Daily
