Stocks were mixed Tuesday morning after Friday and Monday’s stock market sell-off. Tuesday morning earnings movers include Dow Jones component UnitedHealth Group (UNH) and Morgan Stanley (MS) in the stock market today.
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The Dow Jones Industrial Average rose 0.3% and remained solidly below its 50-day moving average. The S&P 500 inched lower 0.1% and held below its 50-day line after undercutting it Monday.
The Nasdaq was barely higher and was also below its 50-day level after violating it Monday. Monday was the first time the S&P 500 and Nasdaq sank below their 50-day lines since November.
The small-cap Russell 2000 was the hardest hit and slid 0.8% on the stock market today.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) crept up 0.1%. The Innovator IBD 50 ETF (FFTY) was flat on the stock market today.
West Texas intermediate crude oil dipped to $85.11 a barrel. The benchmark 10-year yield inched higher to 4.67%. Fed Chair Jerome Powell is scheduled to speak at 1:15 ET.
Stock Market Today: UnitedHealth Jumps
UnitedHealth Group gapped up more than 6% in heavy volume after the managed care company beat first quarter earnings and sales estimates, even with additional costs from a cyberattack. Shares hit a 52-week low on Friday and are down about 10% for the year. Its relative strength line reversed to the upside on Tuesday after a steep decline since October.
The stock holds a dismal 20 IBD Relative Strength Rating and a suboptimal 54 Composite Rating. UnitedHealth was biggest gainer on the Dow Jones Tuesday.
Morgan Stanley climbed around 3% after the financial giant exceeded first-quarter profit and revenue estimates. The big bank is trying to regain its 21-day exponential moving average and found support at its 50-day line. Morgan Stanley tumbled 5.3% on Thursday in heavy volume and fell through its 50-day line on reports that regulators are investigating its wealth-management business.
Dow Jones stock Johnson & Johnson (JNJ) sank nearly 2% after the health care products company beat first-quarter profit views and slightly missed sales expectations. The stock hit a 52-week low on Tuesday and is trading far below its 50-day line. The blue chip stock was the biggest loser on the Dow Jones in the stock market today.
Bank of America (BAC) sank more than 4% in heavy trading after the big bank topped first-quarter adjusted earnings and sales. The bank stock fell below its 50-day line in stock market trading, in a possible sell signal. Shares are coming off a 52-week high reached on April 1.
Ticketmaster parent company Live Nation Entertainment (LYV) gapped down on news the Justice Department will file an antitrust lawsuit against the live event promoter. The stock plunged below its 50-day line in heavy volume triggering a sell signal. Live Nation stock found support at its 200-day moving average. The stock is on track for largest decrease since July 28, 2023, when it fell 7.84%, according to Dow Jones Market Data.
Magnificent Seven Stocks: Tesla Feels More Pain
Tesla (TSLA) saw more red and gapped down more than 3% adding to Monday’s 5.6% drop. Tesla announced on Monday it is cutting its workforce by more than 10%.
Finally, Leaderboard stock Nvidia (NVDA) notched up 2% and tested its 21-day line. The stock has wavered around that line for a couple of weeks as it forms a flat base.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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