The Dow Jones Industrial Average and other major indexes worsened Thursday afternoon after reversing lower. Tesla (TSLA) stumbled on the stock market today, following its fourth-quarter delivery numbers, while Constellation Energy (CEG) blasted higher.
The Dow reversed lower 0.8%, after being up around 0.7% earlier in the session. This adds to three straight days of losses to wrap up 2024. The benchmark S&P 500 also gave up gains and fell 0.8%. The Nasdaq composite’s was off 0.9%. The tech-heavy index is below its 21-day exponential moving average but is now edging below its 50-day moving average.
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The Russell 2000 reversed lower 0.2% in another day of volatile action.
Volume was higher on the New York Stock Exchange and lower on the Nasdaq vs. the same time Tuesday. The stock market was closed Wednesday for New Year’s Day.
On both the Nasdaq exchange and the New York Stock Exchange, rising stocks topped falling issues by 6-to-5, even as the major indexes sank.
Bitcoin soared around 2.2% and was just over the $96,600 level, while the 10-year Treasury yield eased to 4.57%. And U.S. crude oil rose 2.2% to $73.28 a barrel.
Adtalem Global Education (ATGE) broke out of a flat base with a 92.93 buy point, but retreated below the entry as stocks weakened Thursday afternoon. Shares held onto a 1.2% gain Thursday afternoon.
The health care education provider reached a new high on the stock market today before giving up some gains. Its relative strength line hit a 52-week high as shown by the blue dot on its IBD MarketSurge charts.
Adtalem was the IBD Stock Of The Day Tuesday. On Thursday, the company announced it will report its second-quarter earnings results Jan. 30.
Constellation Energy (CEG) sprinted 5%, following news it was awarded a 10-year federal government contract for nuclear energy valued at $840 million. Shares are trying to climb back above the 21-day line but found a ceiling at the 50-day line.
Other uranium stocks and ETFs are rising after Canadian producer Cameco (CCJ) said output from its Inkai joint venture in Kazakhstan was unexpectedly halted.
Vistra (VST) also rallied 5%. Shares reclaimed the 50-day line Thursday. The energy stock is extended from an irregular base with 107.24 buy point.
Palantir Technologies (PLTR) trimmed morning losses to 0.7% and is on track for its fifth straight drop. Shares appear to be finding support at the 21-day exponential moving average. The IBD 50 and Big Cap 20 name is about 11% below its record high reached on Dec. 24 but so far no sell signals have surfaced.
CyberArk Software (CYBR) notched a 2.5% gain, on top of Tuesday’s 4.2% jump. The cybersecurity stock reached an all-time high on the stock market today. Shares are rising from support at the 10-week moving average. Wells Fargo boosted its price target to 410 from 350 and maintained its overweight rating on CyberArk stock.
SoFi Technologies (SOFI) dropped nearly 6% and was the biggest loser on the IBD 50 in the stock market today. Keefe, Bruyette & Woods downgraded the stock to underperform from market perform, saying its valuation is too high, but lifted its price target. The stock was around 14.40 in recent trading. SoFi stock trimmed morning losses and tested its 50-day line.
Initial weekly jobless claims for the week ended Dec. 28 came in at 211,000 and lagged the 225,000 consensus estimate. Claims fell from the prior week’s revised 220,000. The latest tally was the lowest weekly reading in eight months.
The final December Purchasing Managers’ Manufacturing Index rose to a higher-than-expected 49.4 vs. the 48.3 forecast, but was below November’s 49.7 reading.
Tesla sank 4.4% after the company reported lower-than-expected fourth-quarter deliveries. It delivered 495,570 vehicles, below the more-than 500,000 expected.
Shares extended a four-day rout on the stock market today, and fell further below the 21-day exponential moving average Thursday, according to MarketSurge.
Tesla edged higher in early morning trading on news the Tesla Cybertruck became eligible for tax credits, but shares faded after the delivery report. Tesla is on the IBD Leaderboard watchlist.
Cloudflare (NET) popped 6% after Goldman Sachs upgraded the stock from sell to buy and raised its price target from 77 to 140. Shares are extended from a 99.17 buy point and reclaimed the 21-day line. Cloudflare stock is on the IBD 50 and Big Cap 20.
Dow Jones component Nvidia (NVDA) lifted 1.7% and is finding resistance at its 50-day line. Nvidia stock is forming a double-bottom base with a 146.54 buy point. The Dec. 24 high of 141.90 shows a possible early entry.
Synaptics (SYNA) rose around 6% on news it’s working with Alphabet‘s (GOOGL) Google to speed up the development of artificial intelligence on the Internet of Things for wearable devices and appliances. Synaptics tested its 200-day moving average and holds a dismal 21 IBD Relative Strength Rating after a prolonged slump.
Alphabet bumped up 0.4% and is in a buy zone up to 191.61 from a 192.49 entry. In separate news, JMP Securities downgraded the Magnificent Seven name to market perform from market outperform and held its price target at 220.
IBD Big Cap 20 stock Broadcom (AVGO) rose 3.1% and is holding above the 20% profit target of a double-bottom base with a 185.05 buy point.
Bitcoin-related stocks rose in sympathy with the increase in the cryptocurrency.
MicroStrategy (MSTR), the largest corporate holder of bitcoin, looked to end a four-day losing streak with a 3.5% jump on Thursday.
Coinbase Global (COIN) acted in similar fashion with a 2.5% increase. The cryptocurrency exchange platform stock is firmly below its 50-day line.
Bitcoin miner Mara Holdings (MARA) rebounded around 2.5% while Riot Platforms (RIOT) advanced 1.8%. All those stocks trimmed opening gains.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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