The Dow Jones Industrial Average was lower, but the Nasdaq and S&P 500 rose. Regional bank KeyCorp (KEY) and AI stocks Monday.com (MNDY) rose on the stock market today, while Nvidia (NVDA) and Apple (AAPL) received optimistic comments from analysts. Trump Media & Technology (DJT) fell after its latest earnings report.
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The Dow Jones industrials fell nearly 100 points, or 0.3%, as the index tries to stay above its 50-day moving average after rebounding to levels last week.
The tech-heavy Nasdaq Composite rose 0.6%. AI game Supermicrocomputer (SMCI) performed best, rising about 9%. Albemarle (ALB) lagged, falling about 4%.
The S&P 500 was also positive, rising 0.3%. Starbucks (SBUX) made a splash here with a rise of almost 4%. The coffee chain’s shares shot up after a Wall Street Journal report that activist investor Starboard Value has taken a stake.
Stock Market Today: Tech Stocks Excel
Meanwhile, the S&P 500 sectors were mostly negative. Technology and energy were the best performers, while real estate and consumer staples fell the most.
The bears bit small caps in early trading, with the Russell 2000 down 0.4%. The mid-cap S&P 400 fell 0.2%.
Growth stocks had more luck, with the publicly traded Innovator IBD 50 (FFTY) fund rising 0.2%.
Regional bank KeyCorp closes deal
Regional banks gave back much of their recent gains amid a broad-based decline.
But KeyCorp, which operates through its subsidiary KeyBank, posted double-digit profits after Bank of Nova Scotia agreed to take a minority stake in the company. Scotiabank will buy a 14.9% stake in KeyCorp in exchange for a capital injection of about $2.8 billion.
Analysis by MarketSurge shows that key stocks have gapped up from their 50-day moving average and are now well above the old buy point of 15.61.
KeyCorp is on track for its biggest gain since Nov. 9, 2020, according to Dow Jones Market Data, rising 18.6% on the day
Stock Market Today: Monday.com Announces Earnings
One stock that rose today on the back of stock market gains was Monday.com.
Shares rose after the company reported strong second-quarter results. Earnings per share rose 129% to 94 cents, while revenue rose 34% to $236.1 million, beating Wall Street expectations.
The company also forecast revenue of $245 million in the current quarter, which beat analyst estimates of $243 million.
The maker of project management software competes with companies such as Asana (ASAN) and Smart leaf (SMAR).
Monday.com shares were up more than 10% as of 10:30 a.m. ET. It broke through its 50-day moving average but has been experiencing choppy action lately. It has an IBD Composite Rating of 93 out of 99.
Magnificent Seven: Optimistic Outlook for Nvidia and Apple
The so-called Magnificent Seven stocks were mostly negative in early trading, but there were a few exceptions.
Nvidia rose more than 2% after UBS reiterated the stock as a buy and kept its price target at the 150 level. Still, Leaderboard shares remain nearly 11% below their 50-day moving average.
Apple shares rose less than 1% after Wedbush reiterated an outperform rating with a price target of 285. Analyst Dan Ives said in a note to clients that recent Asia checks give him “more confidence that this upgrade cycle will usher in a long-awaited growth renaissance” for the company in the coming year. He also touted the potential benefits of AI.
Amazon.nl (AMZN) was also slightly positive. Google parent company Alphabet (GOOGL page), Microsoft (MSFT) and Facebook Parent Meta platforms (META) all fell slightly.
Tesla (TSLA) was the biggest underperformer of the select group of stocks, down about 1.4%.
Donald Trump Stocks Drop as Losses Continue
Trump Media & Technology was punished in early trading on the stock market today after the company reported another quarterly loss.
Parent company Truth Social saw its loss per share narrow to 12 cents, compared with a loss of 17 cents in the year-ago quarter. Net loss narrowed to $16.4 million, compared with $22.8 million a year earlier. About half of the loss was tied to legal costs, including those from the reverse merger with Digital World Acquisition Corp. in March.
The company saw net sales fall 30% to $836,000, marking the third straight quarter of about $800,000 in sales. It was up slightly from the first quarter’s sales of $770,500.
Operating expenses at the social media play rose to $19.5 million from $4.9 million a year earlier. The stock fell nearly 3% on Monday.
Trump Media has been a loser since it hit a high of 79.38 on March 26. It was down about 67% from its close on Friday. It has lost more than a quarter of its value in the past four weeks alone.
Follow Michael Larkin on X, formerly known as Twitter, at @IBD_MLarkin for more growth stock analysis.
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