Stocks weakened considerably however remained optimistic in afternoon buying and selling Tuesday with the Dow Jones Industrial Average, Nasdaq and S&P 500 all posting fractional good points. Viking Therapeutics (VKTX) punched greater after outcomes have been launched of the biotech’s remedy for weight reduction. And former President Donald Trump’s Trump Media & Technology Group (DJT) inventory began buying and selling on the inventory market as we speak.
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The Dow trimmed its good points to 0.2%, whereas the tech-heavy Nasdaq bumped up practically 0.3%. The S&P 500 added 0.2% because the small-cap Russell 2000 notched a 0.3% rise.
Volume rose on each the New York Stock Exchange and the Nasdaq vs. the identical time on Monday.
In Tuesday’s motion, the Invesco QQQ Trust (QQQ) change traded fund superior 0.2%, whereas the Innovator IBD 50 (FFTY) ETF climbed 0.3%. The 10-year Treasury yield dipped to 4.24%. And West Texas intermediate crude oil edged down and fell beneath $82 a barrel.
The February new orders of sturdy items rose 1.4% vs. the 1.3% anticipated and far improved over the revised drop of 6.9% for January. The studying excluding transportation rose 0.5% and met expectations. Core capital items orders rose 0.7% vs. the anticipated 0.1% rise.
Stock Market Today: Viking Soars On Drug To Treat Weight Loss
Biotech inventory Viking Therapeutics (VKTX) soared by greater than 22% in heavy quantity on information the drug firm’s oral remedy for weight reduction exceeded expectations in a 28-day trial. It competes with Eli Lilly (LLY) and Novo Nordisk (NVO) within the weight-loss area. As Viking gapped up, Eli Lilly and Novo Nordisk each moved greater.
Western Digital (WDC) broke out of an ascending base in heavy buying and selling, after hitting the 65.92 purchase level. Shares could also be rising in sympathy with rival Seagate Technologies’ pop. The information storage product maker reached a 52-week excessive on Tuesday.
Seagate Technology (STX) surged 9% after Morgan Stanley upgraded the inventory to obese from equal weight and raised its worth goal to 115 from 73 on the information storage inventory.
Krispy Kreme Joins Forces With Mickey D’s
Krispy Kreme (DNUT) inventory skyrocketed 28% in enormous quantity on information it can promote its doughnuts in all McDonald’s (MCD) eating places within the U.S. by the tip of 2026. The firms began testing the concept in 2022. Further, they plan so as to add the doughnuts to extra U.S. shops within the second half of 2024.
Krispy Kreme is in a protracted, undefined base with a 16.22 purchase level. Tuesday’s gap-up could be the biggest one-day % enhance on report for its inventory, based on Dow Jones. Meanwhile, Dow inventory McDonald’s crept up 0.1% and trades below its 50-day and 200-day transferring averages on the inventory market as we speak.
Cardlytics (CDLX) plunged round 35% in enormous quantity after Monday’s 27.4% rise by which it touched a 52-week excessive. Tuesday’s sell-off got here following information the financial institution promoting platform supplier intends to supply $150 million in convertible senior notes. Shares exploded greater than 77% on March 15, a day after the corporate beat views on fourth-quarter outcomes.
Trump Stocks Soar On First Day
Newly merged Trump Media, which mixed Donald Trump’s Truth Social community along with his Digital World Acquisition, gapped up 50% in enormous quantity because it debuted on the Nasdaq Tuesday below the DJT ticker.
In addition, the corporate’s public warrants began buying and selling below the ticker image “DJTWW,” and jumped practically 23%. DJT inventory is on observe for its largest one-day % enhance since Jan. 22, when it catapulted 88.36% greater, based on Dow Jones Market Data.
IBD 50 digital infrastructure inventory Vertiv (VRT) added greater than 2% Tuesday and reached a report excessive on the inventory market as we speak.
Super Micro Computer (SMCI) rose 2.2% on prime of Monday’s 7.1% leap, following information that JPMorgan initiated protection on the inventory with an obese ranking and a 1,150 worth goal. Shares have soared practically 280% so far this 12 months.
Shares of Micron Technology (MU) added round 2% Tuesday on prime on Monday’s 6.3%. Mizuho raised its worth goal to 130 from 124 and in addition maintained its purchase ranking on the chip inventory.
New preliminary public providing Reddit (RDDT) surged greater than 15%. The social media platform inventory began buying and selling on Monday with an IPO worth of 34.
Magnificent Seven: Tesla Offers Free Trial
Tesla (TSLA) jumped practically 4% because the electric-vehicle large introduced it’s providing free one-month trials for its full self-driving service.
Meanwhile, Leaderboard inventory Nvidia (NVDA) pulled again and misplaced 0.3% on the inventory market as we speak after a rally of six straight classes.
Dow Jones part Microsoft (MSFT) edged decrease after Wedbush analyst Daniel Ives raised his worth goal to 500 from 475. He additionally held his outperform ranking on the Big Tech and synthetic intelligence participant.
Stock Market Movers: UPS Sinks
United Parcel Service (UPS) gave again early morning good points and sank greater than 8% after the corporate gave a three-year monetary outlook and scheduled its investor day Tuesday. The inventory additionally fell beneath its 50-day line. United Parcel inventory was the most important loser on the S&P 500 on Tuesday.
McCormick (MKC) gapped up greater than 10% after the spice firm beat fiscal first-quarter earnings and gross sales estimates and gave a fiscal 2024 adjusted earnings estimate that topped estimates. The inventory was the most important gainer on the S&P 500 on Tuesday.
Meanwhile, bitcoin’s worth misplaced floor and was simply above $70,900. Bitcoin-related shares have been combined.
MicroTechnique (MSTR), which owns a considerable amount of bitcoin, climbed 1.8% on the inventory market as we speak. Coinbase (COIN) shed 1.4% whereas Marathon Digital (MARA) reversed 0.2% decrease in recent motion.
Follow Kimberley Koenig for extra inventory market information on X/Twitter @IBD_KKoenig.
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