The Dow Jones edged lower early Tuesday, while the S&P 500 and Nasdaq rose modestly. On the mend was Nvidia (NVDA), which rebounded along with other artificial intelligence plays such as Micron Technology (MU) and Taiwan Semiconductor (TSM) on the stock market today.
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Meanwhile, Tesla (TSLA) and Novo Nordisk (NVO) came in focus for investors as each scored wins in China.
On the markets, the Dow Jones sank 0.2%. The S&P 500 rose 0.1%. The Nasdaq climbed 0.5%.
Crude oil prices edged lower after rising 1.1% to $81.63 a barrel on Monday.
Stock Market Today: Nvidia Leads AI Rebound
Nvidia stock rose more than 3% Tuesday, moving back above its 21-day exponential moving average. Shares tumbled 6.7% to 118.11, off 16.1% from Thursday’s intraday all-time high of 140.76.
Nvidia stock fell below a $3 trillion market cap on Monday, to $2.91 trillion.
As for AI stocks, Broadcom (AVGO) edged higher and Taiwan Semiconductor rose more than 1% early Tuesday. Super Micro Computer (SMCI) climbed 1%. All three stocks — especially Super Micro stock — suffered big losses in the past few sessions.
Micron stock edged lower early Tuesday. The memory-chip play held its 21-day line in recent days. Micron earnings are due Wednesday after the market close.
Novo Nordisk’s Wegovy Gets China Approval
China approved Novo Nordisk’s weight-loss drug Wegovy for use in the country. Novo’s diabetes drug Ozempic, which uses the same active ingredient semaglutide as Wegovy, has been OK’d in China since 2021.
Novo Nordisk rose nearly 3% on the stock market today. The Danish drug giant has been trading in range of a 137.22 cup-with-handle buy point, with the 5% chase zone going to 144.08. But it’s been forming a high handle or shelf in the past few weeks, offering a three-weeks-tight entry of 144.50.
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Tesla China Sales Strong, Cybertruck Recalled
Further, Tesla’s China electric vehicle insurance registrations totaled 17,400 last week, which was up 49% vs. the prior week. Registrations tend to pick up near the end of the quarter, but these still came out better than generally expected.
Meanwhile, Tesla is recalling 11,688 Cybertrucks due to windshield wiper failure, the National Highway Traffic Safety Administration said. The EV giant also is recalling 11,383 Cybertrucks to address trunk bed trim that could come loose, creating a road hazard for drivers behind, the NHTSA said.
Tesla stock edged higher early Tuesday. Shares reversed lower Monday to edge down 0.2% to 182.58. Tesla stock has a consolidation with a 191.08 handle buy point, but the base is below the 200-day moving average.
Nvidia, Novo Nordisk and Taiwan Semiconductor stock are on IBD Leaderboard. Novo Nordisk stock is on SwingTrader. Nvidia stock and Novo Nordisk are on the IBD 50. Broadcom stock, Super Micro and Nvidia are on the IBD Big Cap 20.
Stocks Mixed Monday
The Dow Jones Industrial Average climbed 0.7% in Monday’s stock market trading. The S&P 500 index declined 0.3%. The Nasdaq composite tumbled 1.1%. The small-cap Russell 2000 rose 0.4%, but failed to close above its 50-day line.
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Stock Market Today: Key News
Elsewhere, Dow giant Boeing (BA) has offered to buy key supplier Spirit AeroSystems (SPR), mostly in stock, The Wall Street Journal reported, citing unnamed sources. Bloomberg later reported the the deal price would be around for about $35 a share.
That would be a 6% premium to Spirit Aero’s Monday close and 22% above its Feb. 29 close, just before takeover talks became public. But Boeing stock fell more than 1% early Tuesday while Spirit Aero sank 5%.
Sea (SE) fell over 3% after JPMorgan downgraded the Asian e-commerce and gaming giant to neutral, citing increased competition from TikTok and PDD Holdings (PDD) unit Temu.
Cruise line giant Carnival (CCL) reported earnings before the open. CCL stock jumped 7%. Carnival stock has a double-bottom base with a 17.68 buy point and a 17.07 early entry. But the relative strength line has been lagging in 2024, reflecting Carnival’s underperformance vs. the S&P 500.
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