June 13, 2024
Stock Market

Stock Market Today: Dow Jones And S&P Nearly Flat As Nvidia Stock Edges Up


Stocks maintained a holding pattern as the major indexes were flat Tuesday afternoon, as the market awaited an earnings report from influential Nvidia (NVDA), due late Wednesday. Meanwhile, Trump Media & Technology (DJT) fell hard on the stock market today.




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The Dow Jones Industrial Average edged up but still held below the 40,000 level by early afternoon. The S&P 500 added 0.1% while the Nasdaq inched upward after its record high Monday. The small-cap Russell 2000 slid 0.3%.

Volume fell on the Nasdaq and rose on the New York Stock Exchange vs. the same time in Monday’s session.

Among exchange traded funds, Invesco QQQ Trust (QQQ) was flat. The Innovator IBD 50 ETF (FFTY) bumped up 0.1% on the stock market today.

The benchmark 10-year Treasury yield dipped to 4.41%. West Texas intermediate crude oil sank near $79.20 a barrel.

Stock Market Today: Trump Stocks Plunges

Trump Media & Technology tumbled more than 9% in light volume and tested its 50-day moving average, seeking support. The plunge came after the media company, which is majority owned by former President Donald Trump, reported a first-quarter GAAP loss of $327.6 million. Revenue came in at a modest $770,500.

Eagle Materials (EXP) tumbled more than 6% in heavy volume and fell further below its 50-day line, triggering a sell signal. The company missed fiscal fourth-quarter earnings and revenue estimates.

The sell-off comes on top of a 5.8% decline on May 16. That drop came a day after the stock broke out of a cup base and reached an all-time high.

Eagle Materials produces cement, concrete, gypsum, wallboard and sand used in residential, commercial, industrial, infrastructure and energy applications.

Eli Lilly Rallies To New High; Electronics Stock Craters

Eli Lilly (LLY) broke out of a double-bottom base with a 793.67 buy point and is in the 5% buy zone up to 833.35. Shares reached a record high, according to Dow Jones Market Data.

The stock rallied nearly 3% on news its diabetes drug tirzepatide received approval from Chinese regulators, according to a Reuters article. Tirzepatide is the active ingredient in Lilly’s diabetes drug Mounjaro and its weight-loss drug Zepbound.

In separate news, Lilly’s Crohn’s disease drug mirikizumab showed clinical remission in a Phase 3 trial in patients after a year of treatment, according to Dow Jones Newswires.

The drug stock has gained around 38% so far this year. FactSet full-year 2024 estimates show earnings of $13.68 a share, up from $6.32 in 2023. Analysts see full-year 2025  earnings at $19.12 a share, according to FactSet.

Meanwhile, Keysight Technologies (KEYS) plummeted more than 9% in heavy trading after the company reported higher-than-expected adjusted profit and revenue for its fiscal second quarter. But its fiscal third-quarter earnings and sales estimates disappointed analysts.

Shares fell below their 50-day and 200-day moving averages and triggered a sell signal. Keysight was the biggest loser on the S&P 500 on the stock market today. Keysight provides electronic design and test solutions used in the design, simulation, development, manufacture and installation of electronics systems.

Stock Market Today: Nvidia Flat As It Bides Time

IBD 50 stock Nvidia reversed from a loss and edged up ahead of the company’s fiscal first-quarter earnings report, due Wednesday after the market close. Analysts polled by FactSet expect the graphics-chip maker to earn an adjusted $5.60 a share, up 414% year over year. They see sales of $24.6 billion, up 242%, for the quarter ended April 28.

But all investors will focus on the artificial intelligence leader’s outlook for the second quarter. Analysts project Nvidia earnings of $5.96 a share, surging 121% year over year, on sales of $26.62 billion, for a leap of 97%.

The IBD 50 stock is in an irregular base with a 974 buy point, which is also its all-time high, according to IBD MarketSurge. The IBD SwingTrader stock has gained an impressive 91% year to date.

Palo Alto Networks (PANW) stock pared earlier losses and was down less than 2% in heavy volume after the cybersecurity company reported fiscal third-quarter earnings and revenue that modestly beat estimates. But billings missed on slowing growth in its core network firewall market.

The company gave fiscal fourth-quarter adjusted earnings and sales forecasts that were in line with estimates. Its full-year fiscal 2024 adjusted earnings projection topped forecasts while its revenue outlook for the year met expectations.

Macy’s, Lowe’s Give Back Gains After Earnings

Lowe’s (LOW) gave back morning gains and fell nearly 3% after the home-improvement retailer topped its fiscal first-quarter earnings and sales estimates. Revenue sank from last year’s same quarter while same-store sales dropped 4.1%, though they came in better than the expected 5.5% decline.

Lowe’s cited lower sales on its higher-priced items for the drop. Shares sank below their 21-day exponential moving average on the stock market today.

Macy’s (M) rebounded from losses and gained more than 1%, following the department store retailer’s beat on fiscal first-quarter profit views with in-line sales. Its same-store sales fell 1.2% but fared better than forecasts.

Macy’s gross margin pulled back to 39.2% vs. 40% in the year-ago period. The company raised its forecast on fiscal full-year 2024 adjusted earnings and revenue.

Stock Market Today: Chinese EV Stock Surges

XPeng (XPEV) jumped 6% after the Chinese electric-vehicle maker reported a smaller-than-expected adjusted first-quarter loss, while sales beat views. It projects its second-quarter deliveries will increase 25% to 38%, to 29,000 to 32,000 vehicles, and revenue will rise 48% to 64%

Zoom Video Communications (ZM) reversed and fell 1% after the company topped fiscal first-quarter profit and revenue estimates. But investors clued in on the videoconferencing provider’s lower-than-expected second-quarter adjusted earnings and sales outlook that lagged analysts’ views.

Zoom Video stock is forming a double-bottom base within a longer consolidation. Shares are finding support at their 21-day line.

Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.

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