The Dow Jones fell slightly Tuesday, while the S&P 500 and Nasdaq rose solidly. Nvidia (NVDA) extended its rally on the stock market today while Tesla (TSLA) trimmed some electric vehicle prices in Europe.
Meanwhile, Chinese stocks and related plays sold off, including Alibaba (BABA), Nio (NIO) and Freeport-McMoRan (FCX).
↑
X
Stocks Slump As Rates Rise Again; Flowserve, ROAD, Allstate In Focus
The Dow Jones fell 0.1%. The S&P 500 advanced 0.6%. The Nasdaq composite jumped 1%.
The 10-year Treasury yield climbed to 4.04%. The benchmark yield rose to just under 4.03% Monday, closing above 4% for the first time since late July
Crude oil prices fell nearly 5% to about $73.50, after jumping 3.7% on Monday. Copper prices sank 2%.
Join IBD experts as they analyze leading stocks and the market on IBD Live
Investors Fret Over Hurricane Milton
The Dow Jones Industrial Average declined 0.9% in Monday’s stock market trading. Stocks on the benchmark S&P 500 index sank nearly 1%. The tech-heavy Nasdaq composite fell 1.2%. And small caps on the Russell 2000 gave up 0.9%, fractionally below its 21-day line.
Insurers sold off as Hurricane Milton was bearing down on Tampa, Fla., ahead of a Wednesday landfall. They were little changed early Tuesday.
Stock Market Today: Nvidia Extends Bullish Move
Elsewhere, artificial intelligence chip giant Nvidia rose 3,2% to nearly 132.
On Monday, Nvidia stock gained 2.3% to 127.78, though coming off intraday highs as market losses picked up. Shares have run up 9.2% in a four-day win streak, which started with a bounce off the 50-day line.
Monday’s move cleared a trendline entry around 126 as well as the Sept. 26 short-term high of 127.67, which could viewed as a handle buy point.
On Tuesday, Nvidia topped the Aug. 26 high of 131.26, which also could serve as an Nvidia buy point.
Nvidia may have gotten a boost Monday from Super Micro Computer (SMCI), which said it deployed more than 100,000 graphics processing units for some major AI data centers. Super Micro stock soared 15.8% on Monday but fell solidly Tuesday.
On Tuesday, Taiwan’s Foxconn said it’s building the world’s largest chip manufacturing facility to make Nvidia’s next-generation Blackwell AI chips.
Currently, Nvidia relies on Taiwan Semiconductor Manufacturing (TSM) to make its chips. Taiwan Semi will report September sales early Wednesday. Taiwan Semi stock edged lower Tuesday, slightly extended from a cup-with-handle buy point.
Nvidia stock is on IBD Leaderboard, SwingTrader and the IBD 50.
Best Growth Stocks To Buy And Watch
Tesla Trims Prices In Stock Market Today
Overnight, Tesla introduced the Model 3 Long Range Rear Wheel Drive EV in several European countries, including Germany, France, the U.K., Norway and the Netherlands.
It also cut the price of the base Model 3 Standard Range by 3.6% in France, 5.75% in the Netherlands and 5.9% in Germany.
Tesla’s European sales have fallen significantly in 2024, as EV and overall sales slump.
Tesla stock rose 1% Tuesday. Shares fell 3.7% to 240.83 on Monday, just below the 21-day line. The EV giant now has a 264.86 cup-with-handle buy point, according to MarketSurge.
Ideally, Tesla stock won’t make a decisive move until after Thursday night’s expected Tesla robotaxi event.
China Stocks Tumble On Stimulus News
The National Development and Reform Commission didn’t announce any new fiscal stimulus, disappointing investors.
Hong Kong’s Hang Seng Index plunged 9.4%. The Hang Seng had surged since late September amid rate cuts and various measures to encourage lending, property buying and Chinese shares.
The Shanghai exchange reopened after being shut for five trading days for national holidays. The Shanghai composite initially skyrocketed in Tuesday’s return, but finished up 4.6%, far off highs.
Among U.S.-traded Chinese stocks, Alibaba stock sold off 6%. EV startup Nio lost 7%. But those are just a fraction of the huge gains they’ve enjoyed over the past couple of weeks.
Freeport-McMoRan stock sank over 4% on the stock market today. The copper miner had forged a handle buy point after initially running up in late September.
Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
Please follow Ed Carson on X/Twitter at @IBD_ECarson for stock market updates and more.
YOU MAY ALSO LIKE:
Why This IBD Tool Simplifies The Search For Top Stocks
IBD Digital: Unlock IBD’s Premium Stock Lists, Tools And Analysis Today
Time The Market With IBD’s ETF Market Strategy
How To Invest: Rules For When To Buy And Sell Stocks In Bull And Bear Markets
