The Dow Jones Industrial Average was lower but the Nasdaq and S&P 500 climbed. Regional bank KeyCorp (KEY) and AI stock Monday.com (MNDY) soared on the stock market today, while Nvidia (NVDA) and Apple (AAPL) got bullish analyst comments. Trump Media & Technology (DJT) fell following its latest earnings report.
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The Dow Jones industrials slipped nearly 100 points, or 0.3%. It is trying to hold above the 50-day moving average after rallying back to the level last week.
The tech-heavy Nasdaq composite rose 0.6%. AI play Super Micro Computer (SMCI) was a top performer here as it rallied around 9%. Albemarle (ALB) lagged as it fell around 4%.
The S&P 500 was also positive, rising 0.3%. Starbucks (SBUX) impressed here as it rose nearly 4%. The coffee chain stock popped amid 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 falling 0.4%. The midcap S&P 400 was down 0.2%.
Growth stocks were having more luck, with the Innovator IBD 50 (FFTY) exchange traded fund up 0.2%.
Regional Bank KeyCorp Pops On Deal
Regional banks gave back much of their recent gains amid a broad pullback.
But KeyCorp, which operates through its KeyBank subsidiary, scored a double digit gain after Bank of Nova Scotia agreed to take a minority stake in the company. Scotiabank is to purchase 14.9% of KeyCorp’s stock in return for a cash injection of about $2.8 billion.
Key stock gapped up away from it 50-day moving average and is now well clear of an old buy point of 15.61, MarketSurge analysis shows.
KeyCorp is on pace for its biggest largest increase since Nov. 9, 2020, according to Dow Jones Market Data. On that day it surged 18.6%
Stock Market Today: Monday.com Pops On Earnings
One stock that was rising on earnings on the stock market today was Monday.com.
Shares surged after the company reported strong second-quarter results. EPS popped 129% to 94 cents as revenue climbed 34% to $236.1 million. This was better than Wall Street expected.
The firm also guided for revenue of $245 million in the current quarter. This was higher than analyst estimates for $243 million.
The project management software maker competes with the likes of Asana (ASAN) and Smartsheet (SMAR).
Monday.com stock was up more than 10% at 10:30 a.m. ET. It gapped through the 50-day moving average but has suffered from choppy action of late. It holds an IBD Composite Rating of 93 out of 99.
Magnificent Seven: Bullish Calls For Nvidia, Apple
The so-called Magnificent Seven group of stocks were mostly negative in early trading, but there were a couple of exceptions.
Nvidia rose more than 2% after UBS reiterated the stock as a buy and held its price target at the 150 level. Nevertheless, the Leaderboard stock remains nearly 11% below its 50-day moving average.
Apple stock was up 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 are giving him “more confidence this upgrade cycle will kick off a long awaited renaissance of growth” for the company over the next year. He also touted potential benefits from AI.
Amazon.com (AMZN) was also slightly positive. Google parent Alphabet (GOOGL), Microsoft (MSFT) and Facebook parent Meta Platforms (META) all fell slightly.
Tesla (TSLA) was lagging the most out of the select group of stocks as it fell around 1.4%.
Donald Trump Stock Falls As Losses Continue
Trump Media & Technology was getting punished in early trade on the stock market today after the firm posted another quarterly loss.
The Truth Social parent saw its loss per share narrow 12 cents compared to a loss of 17 cents in the same quarter of last year. Its net loss fell to $16.4 million vs. $22.8 million a year earlier. About half the loss was tied to legal costs, including those from its reverse merger with Digital World Acquisition Corp. in March.
The firm saw net sales fall 30% to $836,000, a third straight quarter of roughly $800,000 in revenue. It did increased somewhat on the first quarter’s sales of $770,500.
Operating costs at the social media play soared to $19.5 million vs. $4.9 million a year earlier. The stock was down nearly 3% Monday.
Trump Media has been a loser since hitting a March 26 high of 79.38. It was down about 67% from level at Friday’s close. It has lost more than a quarter of its value in the past four weeks alone.
Please follow Michael Larkin on X, formerly known as Twitter, at @IBD_MLarkin for more analysis of growth stocks.
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