The Dow Jones Industrial Average rallied even as Apple (AAPL) fell. Trump Media & Technology (DJT) fell after another assassination attempt on the former president. A number of stocks also cleared buy points in early trade on the stock market today.
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Stocks in general were off to a mixed start as they look to add to last week’s sterling gains. The Dow Jones industrials outperformed as the index rose more than 200 points, or 0.6%. It was boosted as Intel (INTC) rallied 4%.
However the Nasdaq composite fell 0.4%. It is testing support at its 50-day moving average after retaking the benchmark late last week. CrowdStrike (CRWD) was one of the better performers, up 2.5%, while Arm (ARM) lagged as it fell about 6%.
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The S&P 500 reversed higher, but was up just 0.1%. Oracle (ORCL) was a top performer as it popped nearly 4%. The Invesco S&P 500 Equal Weight (RSP) exchange traded fund fared better with a 0.6% gain, climbing to a record high.
One plus for the stock market today was that the S&P 500 sectors were mostly positive.
Financials and energy stocks fared best. Consumer discretionary and technology were the only laggards.
The Russell 2000 reversed higher, rising 0.3%. Growth stocks dipping though, with the Innovator IBD 50 ETF (FFTY) falling 0.1%. The fund is still below its 50-day and 200-day moving averages.
Apple Stock Falls On iPhone Worries
Apple stock fell 2.5% after analysts flagged worries that early demand for the iPhone 16 is lagging behind levels for last year’s iPhone 15.
Citi noted that “delivery times for the iPhone 16 are, on average, a week shorter” compared to demand for the iPhone 15 when it launched last year.
Demand times were longest for the Pro Max and Pro models, with consumers choosing models with larger storage capacities.
And noted Apple analyst Ming-Chi Kuo said iPhone 16 family sales were down an estimated 12.7% on the first weekend compared to those for the iPhone 15 series. However, it is still early, so there is room for iPhone demand to come in better than these initial reports.
Apple stock is forming a cup with handle with an ideal buy point of 232.92.
Donald Trump Stock Dips After Assassination Attempt
Former President Donald Trump survived a second assassination attempt on Sunday, with Secret Service agents opening fire on a gunman at a West Palm Beach, Fla., golf club. The suspect, identified as Ryan Wesley Routh, was later arrested.
Shares in Trump Media & Technology, the parent of conservative social media website Truth Social, fell nearly 3%. Monday. It remains stuck below its 50-day and 200-day moving averages.
The stock was in rally mode Friday after Trump said on Friday that he has “absolutely no intention of selling” his shares in the company. It closed that session 11.8% higher.
At the moment, Trump owns almost 59% of the company’s outstanding shares. The lockup period prohibiting the former president from selling his stake is scheduled to expire by Sept. 25, according to filings.
Stock Market Today: 3 Stocks Clear Entries
With the more encouraging action of late it is a good idea to keep track of stocks clearing buy points.
A number of issues made bullish moves on the stock market today, including Evergy (EVRG), KKR (KKR) and Mr. Cooper (COOP).
Evergy has moved above a flat-base buy point of 61.14, according to MarketSurge analysis. This is a first-stage base. Such early patterns are more likely to net good gains for investors.
All-around performance is strong, but not ideal, for the utility stock, which is reflected in the stock’s IBD Composite Rating of 91 out of 99.
Investment management play KKR cleared a cup-with-handle entry of 124.20. The stock has an Earnings Per Share Rating of 91 out of 99.
Strong performance is expected going forward, with analysts seeing EPS jumping 36% this year and rising a further 31% in 2025.
Big Money has been standing pat on shares lately, with its Accumulation/Distribution Rating coming in at C. Overall, 42% of shares are currently held by funds.
Mr. Cooper Flirts With Buy Point
Finally, Mr. Cooper is flirting with a cup-with-handle buy point of 302.75. The relative strength line is near highs on its weekly chart, MarketSurge analysis shows.
The mortgage stock has an IBD Composite Rating of 94. It has an EPS Rating of 94 and is among the top 8% of stocks in terms of stock market performance over the last 12 months.
Please follow Michael Larkin on X, formerly known as Twitter, at @IBD_MLarkin for more analysis of growth stocks.
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