Stocks rose slightly during the day on Monday as major stock indexes were flat to slightly lower. apple (AAPL) is gaining momentum as it aims to join the artificial intelligence race.Meanwhile, the original meme stock game stop (GME) has fallen after doubling at the stock market open today.
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The Dow Jones Industrial Average looked to extend a seven-day winning streak, but was little changed as of midday. The S&P 500 also regained morning gains and was flat, but the Nasdaq rose 0.3%. The small-cap Russell 2000 outperformed the major indexes, but its gain was limited to 0.6%.
Compared to the same time on Friday, volume was roughly flat on the Nasdaq but up on the New York Stock Exchange.
Among exchange-traded funds (ETFs), Invesco QQQ Trust (QQQ) rose 0.2%. Innovator IBD50 ETF (FFTY) fell 0.3% on the stock market today.
Meanwhile, the benchmark 10-year US Treasury yield fell to 4.49%. West Texas Intermediate crude oil also rose to $78.72 per barrel.
Investors are keeping an eye on the April producer price index, which will be released on Tuesday. On Wednesday, all eyes will be on April’s consumer price index and April’s retail sales. The headline CPI is expected to rise 3.4% year-on-year, while the core index, which excludes food and energy, is expected to rise 3.6%.
Apple stock rises on AI news
Magnificent Seven Stocks apple (AAPL) soared 1.6% on news that it is partnering with OpenAI to incorporate OpenAI’s ChatGPT technology into iOS 18, the next iPhone operating system.
Apple stock is at a cup-shaped base with a buy point of 199.62, according to MarketSurge pattern recognition. The stock rose 6%, regaining its 200-day moving average, after the consumer products giant reported on May 2 that it beat fiscal second-quarter profit and revenue estimates.
arm holdings (ARM) rose nearly 6% on news that the company will launch a new AI chip in 2025. In the stock market today, stocks are rising toward his 50-day moving average.
GameStop Ease After Doubling
Meme stock GameStop has lost about 67% in recent heavy trades after investor Keith Gill, known as Roaring Kitty of X, made headlines for his first tweet in nearly three years. The range of price increases has been reduced. Mr. Gill started the stock frenzy in 2020 and 2021 when stocks suffered short squeezes that sent stocks skyrocketing. GameStop on Friday attempted to break above Cupbase with a buy point of 18.59, but today’s surge pushed the stock above the buy zone.
GameStop stock has a mediocre IBD Composite Rating of 59, largely due to the stock’s downward trend since 2021. After posting a profit in the last two quarters, FactSet consensus estimates call for losses in the next four quarters. The company is scheduled to announce its first quarter results in early June. GameStop posted its biggest single-day gain since Feb. 24, 2021, when it rose 103.9%, according to Dow Jones Market Data.
Another meme name, AMC Entertainment (AMC), which rallied more than 12% in sympathy with GameStop.
square space (SQSP) gapped up more than 13% in heavy trading, extending from a long-term uncertain base with a buy point of 34.38. The stock also entered at 37.89, jumping over his bullish three-week tight pattern. The move comes on the heels of news that the website building platform will be taken private in a $6.9 billion all-cash deal with UK-based private equity firm Permira.
Stock Market Today: Intel Leads Dow
dow stock intel (INTC) rose 3.2% on news of exclusive negotiations with Apollo Global Management (APO) on a deal to provide Intel with more than $11 billion to build a massive chip factory in Ireland. Intel stock is trading well below its 50-day line and is down about 40% since the beginning of the year. In the stock market today, Intel was the biggest gainer on the Dow Jones Index.
Apollo stock fell 0.9% as it tested its 50-day line.
tencent music entertainment (TME) saw volume soar more than 10% to the highest in nearly three years after the China-based company reported better-than-expected first-quarter sales and adjusted profit. . Sales decreased by 8% compared to the same period last year, but profits increased by 16%.
IBD50 stock Nvidia (NVDA) reversed, rising 0.9%. HSBC analyst Frank Lee believes the artificial intelligence and semiconductor leader still has huge revenue potential. He raised his price target on NVIDIA stock from 1,050 shares to 1,350 shares and maintained a Buy rating. Separately, Jefferies analysts resumed coverage of the stock with a buy rating and a price target of 1,200.
For more stock market news on X/Twitter, follow Kimberly Koenig @IBD_KKoenig.
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