The Dow Jones Industrial Average and other major indexes started the holiday-shortened week lower Monday, after a strong day of gains Friday. Palantir Technologies (PLTR) reached a new high on the stock market today before retreating. Tesla (TSLA) looked to end a short losing streak while Nvidia (NVDA) aimed for a third-straight gain.
The Dow Jones index shed 0.6%. Blue chips still sit firmly below their 50-day moving average.
The benchmark S&P 500 edged 0.2% lower Monday and hovered around its 50-day line.
The Nasdaq composite struggled to stay positive after Friday’s 1% gain. The tech-heavy index is just above its 21-day exponential moving average.
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The small-cap benchmark Russell 2000 slid 0.9% and wiped out Friday’s 0.9% gain.
Volume was lower on both the New York Stock Exchange and Nasdaq vs. the same time Friday, a triple-witching session.
Bitcoin retreated 1.5% to under the $93,700 level. The 10-year Treasury yield added three basis points to 4.55%. And U.S. crude oil dipped to $69.12 a barrel.
The Conference Board’s December consumer confidence report fell to 104.7, missed the 113 forecast and lagged the robust 111.7 reading in November.
Stock Market Today: Palantir Fades
IBD SwingTrader and IBD 50 name Palantir climbed to a new high before reversing 2.6% lower Monday morning. The initial bump came following news the company and startup Anduril are in discussions with other tech companies, including OpenAI and Elon Musk’s SpaceX, to form a consortium to jointly bid on U.S. government contracts, The Financial Times reported Sunday.
Defense stocks including Lockheed Martin (LMT) and RTX (RTX) fell in the stock market today.
Tesla attempted to end a three-day pullback after reaching all-time highs, climbing 0.3% on the stock market today. The electric vehicle maker is on the IBD Leaderboard watchlist.
Leaderboard name Nvidia rose 1.3% but remained below its 50-day line. The stock climbed more than 3% Friday after a Morgan Stanley analyst called it a top pick for 2025.
Novo Nordisk (NVO) recouped 3.4% in heavy volume after tumbling 17.8% in heavy volume and hitting a 52-week low Friday. Shares have lost nearly 18% so far this year.
Warren Buffett Adds These Names
Occidental Petroleum (OXY), VeriSign (VRSN) and Sirius XM Holdings (SIRI) were little changed Monday. A Securities and Exchange Commission filing late Thursday showed Warren Buffett’s Berkshire Hathaway (BRKB) recently added shares of all three.
Occidental is up 0.8%. It remains near its 52-week low and holds a weak 16 IBD Relative Strength Rating. Berkshire purchased 8.9 million shares of Occidental from Tuesday through Thursday of last week, according to the report.
VeriSign gave back early gains and dipped 0.1% and sits in a long saucer-with-handle base with a the 202.74 buy point. Shares have underperformed and are down around 3% so far this year.
Sirius XM climbed 2% following Friday’s 12.1% boost. Berkshire Hathaway stock fell 0.3% and sits below its 50-day line.
Apple (AAPL) tapped a record high before reversing 0.2% lower. Shares are extended from the buy zone of a flat base with a 237.49 buy point, according to MarketSurge pattern recognition. The stock is close to reaching a $4 trillion market cap.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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