Stock prices rose only modestly in afternoon trading on Tuesday, with the Dow Jones Industrial Average, Nasdaq Composite, and S&P 500 all trading above their 50-day moving averages. meanwhile, axon enterprise (Axon) and Palantir Technologies (PLTR) was sold on the stock market following today’s earnings announcement.
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The Dow Jones Industrial Average rose 0.1% after regaining its 50-day moving average on Monday. The S&P 500 rose 0.1%, while the Nasdaq fell from flat.
The Russell 2000 stood out, rising nearly 0.6%. Volume on the Nasdaq and New York Stock Exchange increased compared to the same time on Monday.
Among exchange-traded funds (ETFs), Invesco QQQ Trust (QQQ) rose 0.3%. Innovators IBD 50 ETF (FFTY) erased previous losses and fell 0.1%.
West Texas Intermediate crude oil rose 0.4% to $78.83 per barrel. The yield on the benchmark 10-year U.S. Treasury note fell slightly to 4.44%.
Stock market today: IBD 50 stocks fall
IBD 50 member Axon Enterprises fell 5% in heavy trading even as the company reported better-than-expected first-quarter adjusted earnings and sales and raised its 2024 sales outlook It fell more than that.
Axon makes body cam equipment, Tasers, and law enforcement products. The company also announced that it will acquire Dedrone, a leader in airspace security, for an undisclosed amount.
Palantir Technologies, a fellow IBD 50 stock, saw heavy volume on the stock market today, dropping more than 14% after the company reported first-quarter results that met expectations and beat revenue expectations. Ta.
Palantir had expected second-quarter sales to beat expectations, but its full-year 2024 outlook disappointed investors. Palantir provides AI tools to government customers for intelligence gathering, counterterrorism, and military purposes. The company now plans to use generative AI to drive commercial market growth.
The rise of biotechnology
GSK (GSK) has broken out of the cup base with a buy point of 43.84 and is at the lower end of a buy range that extends to 46.03.
The stock has been rising since the company beat first-quarter profit and revenue estimates and raised its 2024 core operating profit outlook on May 1. UK-based pharmaceutical and biotech stocks rose to a 52-week high on the stock market today.
air lease (AL) fell after the aircraft leasing company missed out on revenue and beat profit estimates. Profits fell 18% year over year, and sales growth slowed to 4%. A significant drop in volume was a clear sell signal.
Paytas Holdings (PAY) took a hit even after the bill payment platform operator announced better-than-expected revenue and revenue for the first quarter. The company’s second-quarter and full-year sales forecasts were disappointing as they fell short of expectations.
Stock prices move significantly
In other places, sterling infrastructure (STRL) soared 16%, bypassing the 116.36 buy point and breaking through today’s stock market anomalous norms. The stock is in a 5% buy zone and hit a 52-week high of 122.18.
The relative strength line for the pound has also reached a 52-week high, as shown by the blue dot on the Market Surge chart. The heavy construction company beat first-quarter profit and revenue expectations. Sterling specializes in contract services for highway paving, bridge, water, sewer and light rail projects.
star bulk carrier (SBLK) broke through the stage 3 flat base with a buy point of 25.16. The stock is in the buy zone until 26.42. On the stock market today, stock prices and their relative strength lines reached 52-week highs. Star Bulk operates ships that transport goods such as iron ore, minerals, fertilizers and steel products around the world. SBLK is his IBD stock of the day.
meanwhile, Atokore (ATKR) fell about 11% in a wild move, dropping well below its 50-day line, triggering a sell signal. The electrical and mechanical products maker missed revenue expectations for its fiscal second quarter, but beat profit expectations. Atokore has revised its profit forecast for fiscal 2024 downward. Profits have declined for five consecutive quarters, and sales have declined for six consecutive quarters.
Datadog collapses after executive change
data dog (DDOG) fell more than 10% in volatile trading following the company’s Q1 earnings report and executive changes.
The company beat forecasts for adjusted profits and sales, and provided 2024 revenue guidance that exceeded views. However, Amit Agarwal has announced that he will step down as president at the end of 2024.
The company said in its earnings call that he plans to join Datadog’s board of directors after he retires. The stock has fallen well below its 50-day line, triggering a sell signal, and is now testing the 200-day moving average.
Magnificent Seven shares invest in self-driving startup
Nvidia (NVDA) fell 0.6%, although it pared larger losses. The AI ​​and chip leader is one of his investors in Wave Technologies. The company has raised more than $1 billion to accelerate the development of artificial intelligence products for self-driving cars.
In other news, Goldman Sachs raised its price target on Nvidia shares from 1,000 shares to 1,100 shares and maintained a Buy rating. Nvidia stock is at a cup base with a buy point of 974.
Another name for the Magnificent Seven microsoft (MSFT) is also an investor in the UK-based company. Microsoft stock fell slightly on the stock market that day. The stock is flat, with a buy point of 430.82.
vertex (VRTX) rose 2.3% after the cystic fibrosis treatment maker reported better-than-expected first-quarter profits and revenue. The stock is trading flat at a buy point of 448.40. We are aiming for a recovery to the 50-day line.
Stock market today: Disney focuses on the Dow
dow jones stocks Walt Disney (DIS) fell nearly 10% on heavy volume and fell below its 50-day line, triggering a sell signal. The stock was forming a flat base with a buy point of 123.74.
The media and entertainment company reported better-than-expected adjusted earnings for its fiscal second quarter. However, sales were lower than expected.
The stock could surpass its sharp decline on May 11, 2023, when it fell 8.7%, according to Dow Jones Market Data. Disney was the biggest loser among the 30 Dow stocks on the stock market today.
For more stock market news on X/Twitter, follow Kimberly Koenig @IBD_KKoenig.
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