The Dow Jones Industrial Average reclaimed a support level in the early trades of Election Day. Dow industrials rose 0.6% and traded slightly above the 50-day moving average.
The S&P 500 made a 0.8% advance. Unlike blue chips, the index has evaded a break of support at the 50-day line amid election volatility. The Nasdaq was the best performer, rising 1% in the stock market today.
Trump Media & Technology (DJT) gapped up 14% and cleared the 200-day moving average, according to IBD MarketSurge. The market indicator of a Donald Trump victory lost 21% last week.
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Volume picked up after dull action on Monday, as both the NYSE and the Nasdaq witnessed more trading in the first hour. Advancers outnumbered decliners more than 2-to-1 on the NYSE and nearly that much on the Nasdaq.
The small-cap Russell 2000 gained 0.6% in the stock market today. The Innovator IBD 50 ETF (FFTY) outperformed with a 2% gain.
The Institute of Supply Management’s services index rose to 56 in October, above economists’ expectations of 53.5.
The yield on the benchmark 10-year Treasury note inched one basis point higher to 4.32%. On Wednesday, the Fed’s meeting commences, with a decision on interest rates due Thursday afternoon.
Dow Jones Stocks
Boeing (BA) fell, hitting resistance at the 50-day line, even as workers ended their strike. The agreement includes a 43.65% compound increase in wages over four years and a ratification bonus of $12,000.
Top gainers in the Dow included Microsoft (MSFT) and Caterpillar (CAT). Microsoft rose more than 1% and Caterpillar is rising from support at its 50-day moving average.
Stock Market Today
Astera Labs (ALAB) soared 30% after its third quarter results were announced. Sales and earnings beat estimates, and the company gave an outlook that beat analyst views.
Among AI plays, Palantir (PLTR) gapped up 21% after its third-quarter report was released late Monday. Earnings of 10 cents per share on $725.5 million in sales beat analyst estimates of 9 cents per share and $703.4 million sales. The company also raised its full-year guidance.
Super Micro Computer (SMCI) fell further in the stock market today after suffering heavy losses ahead of a business update to its fiscal first quarter after the market close. The stock faces the risk of getting delisted from the Nasdaq. The stock plunged 45% last week after the company’s accounting firm quit.
Lattice Semiconductor (LSCC) fell 4% after sales and earnings declined for the fourth straight quarter.
Among other chip stocks, GlobalFoundries (GFS) rose 9% after positive third-quarter results. Revenue of $1.739 billion beat estimates of $1.725 billion, while earnings of 41 cents per share topped views of 33 cents.
Cummins (CMI) rose past a buy zone from a buy point of 322.83 after third-quarter sales of $8.5 billion beat estimates of $8.3 billion.
Among Magnificent Seven stocks, Nvidia (NVDA) gained 2% while Tesla (TSLA) climbed 3.2% after a six-day losing streak that included a sell signal.
Veracyte (VCYT) is trying to break out of a flat base at a buy point of 35.51. Shares rose 0.6% to 35.18 in morning trading.
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