The Dow Jones Industrial Average and other major indexes turned sharply higher in midday trades Monday. The Dow was up 0.6%, or more than 200 points, while the S&P 500 gained 0.4%. The Nasdaq was higher by 0.5% in the stock market today.
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January’s inflation data is due on Tuesday. Economists see inflation inching up 0.2% after a 0.3% rise in December. On an annual basis, they see the consumer price index falling to a 3% increase from December’s 3.4%. On Thursday, retail sales for January are seen falling 0.1% after 0.6% growth in December, according to Econoday. Ex-vehicles, economists expect it to rise 0.2%.
The SPDR S&P 500 ETF Trust (SPY) gained 0.4% in the stock market today.
Volume on the NYSE and on the Nasdaq was lower compared with the same time on Friday. But breadth was strong. Advancers beat decliners by nearly 3-1 on the Nasdaq and about 4-1 on the NYSE.
The small-cap Russell 2000 held up with a solid 1.8% gain. The index is well on track for a three-day winning streak as it builds gains above the 2,000 level.
The Innovator IBD 50 ETF (FFTY) added 0.2% after a three-day rally.
The yield on the benchmark 10-year Treasury note fell less than 1 basis point to 4.18%.
Dow Jones, Stock Market Today
Intel (INTC) rose but other tech stocks lagged in the Dow. Apple (AAPL) fell further below the 50-day moving average. Salesforce (CRM) also fell with fourth-quarter results due Feb. 28.
Retail stocks in the Dow Jones industrials fared well.
Walgreens (WBA) gained over 1% as did Home Depot (HD). Walmart‘s (WMT) gain was a smaller 0.5%.
Outside the Dow, video imaging company Beamer Imaging (BMR) added even more to the morning’s 500% gain and was up 900%. The company has partnered with Nvidia (NVDA) and it will present its research findings on an automated video cloud service. BMR traded around 2 per share in premarket trades but was at 24 in midday trading.
Meanwhile, Nvidia CEO Jensen Huang observed at a global summit that spending on data centers is set to double over the next few years. NVDA stock rose to another all-time high Monday. Fourth-quarter results are scheduled for Feb. 21. Analysts at Melius Research increased their price target on Nvidia to 920 from 750.
Shares of Monday.com (MNDY) plunged 9% after the software company reported its fourth-quarter results. While topping expectations, the company’s outlook disappointed. Shares are paring some losses.
Oil Deal Lifts FANG
In energy news, Diamondback Energy (FANG) is planning to buy privately held oil and gas producer Endeavor Energy Resources for $26 billion. FANG rebounded from its 50-day moving average in the stock market today and is forming a base.
The cash and stock deal follows several other recent agreements in the oil and gas producers group, including Exxon Mobil‘s (XOM) deal with Pioneer Natural Resources (PXD). Last year, Warren Buffett-backed Occidental Petroleum (OXY) entered into a similar deal with CrownRock.
Cadence Design Systems (CDNS) will report its fourth-quarter results after today’s market close. Also on deck with earnings Monday, Lattice Semiconductor (LSCC) has retaken the 50-day moving average and is testing resistance around 71. In medical research services, Medpace Holdings (MEDP) broke out last week and is in a buy zone from a 317.57 buy point ahead of earnings after close of the stock market today.
NXP Semiconductors (NXPI) is breaking out at 238.27 today. The stock retook the 50-day line after it announced earnings on Feb. 5.
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