The Dow Jones Industrial Average wavered throughout much of Tuesday’s session and ultimately edged downward as stocks struggled to overcome a surge in Treasury yields. A positive report on U.S. GDP helped stocks for a time, while the yield boost helped gold prices jump on the stock market today.
↑
X
Market Rally Resilient As Microsoft Leads Megacap Techs; GM, Duolingo Also In Focus
Dow Jones stocks initially fell, reversed to positive ground, and then ultimately closed a fraction lower. On the plus side was software titan Microsoft (MSFT), which led blue chips by rising more than 2%. Conversely, Verizon Communications (VZ) took a bath after reporting earnings and plunged more than 5%.
The S&P 500 slowly ventured into the black, but it ultimately posted a small loss on Tuesday. Philip Morris International (PM) led all gainers, jumping more than 10%. On the other side, Genuine Parts (GPC) plummeted 21%.
The Nasdaq proved the strongest of the major indexes, though it only managed a 0.2% increase. Charter Communications (CHTR) led the charge on that index with a near 5% climb, while Paccar (PCAR) plunged more than 4% on the stock market today.
Treasury Yields Keep Climbing
Contributing to the slide earlier in the session was the yield on the benchmark 10-year Treasury note. It spiked 12 basis points at one point on Monday to levels last seen in July. On Tuesday, the 10-year yield ticked two points higher to 4.2%.
Small caps on the Russell 2000 lagged, with losses of 0.3%. Volume was lower on the New York Stock Exchange and higher on the Nasdaq compared with the same time on Monday. Decliners beat advancers by roughly 5-to-4 on both exchanges.
Meanwhile, the Innovator IBD 50 (FFTY) exchange traded fund also underperformed, falling 0.7%.
In stocks, shares of Coca-Cola (KO) threatened to fall below the flat base they were forming, but managed to stay within the pattern and remain flat by the close. The stock has a buy point of 73.52. A holding of Warren Buffett’s Berkshire Hathaway (BRKB), Coca-Cola is due to report fiscal third-quarter results Wednesday.
3:04 p.m. ET
How Industry Groups Fared
Among the S&P sectors, consumer staples and energy gained while industrials and materials lagged. Among IBD’s 197 industry groups, steel producers were weighed down by Nucor (NUE), which fell to its 50-day moving average amid an earnings-fueled sell-off. Medical services fared well.
2:15 p.m. ET
Stock Market Today: Trump Stock Soars On Betting Odds
Shares of Trump Media & Technology (DJT) soared 7% to their highest level since July. The company of former President Donald Trump jumped amid reports that betting odds favored the Republican candidate in the presidential race.
2:01 p.m. ET
Gold Soars To All-Time High
Gold soared to an all-time intraday high on the stock market today. The precious metal topped the $2,760 an ounce in recent action. According to a recent report from MarketWatch, gold hit intraday record highs 34 times in 2024 as of Friday.
Meanwhile, the International Monetary Fund expects U.S. GDP to grow more than expected. The IMF now says the U.S. is pulling ahead of the world’s other advanced economies, and says GDP should grow 2.5% in the fourth quarter, according to a report in the Wall Street Journal.
That’s higher than the IMF’s earlier 2% estimate from July, which was raised from a January prediction. The IMF also predicted U.S. growth at 1.9% for 2025.
1:24 p.m. ET
Stock Market Today: Tesla Down, Nvidia Dips
Elsewhere, Tesla (TSLA) fell more than 1% in afternoon trades. The electric-car maker is due to report third-quarter results on Wednesday.
Shares gapped down below the 50-day moving average after Tesla’s robotaxi unveiling earlier this month was seen by some analysts as lackluster. The stock remains below that level.
Among other Magnificent Seven stocks, Nvidia (NVDA) made it to a record high after Monday’s jump of more than 4%. The stock dipped 0.6% in recent action.
Shares remain in a buy zone from a 140.76 buy point. Nvidia is a holding on IBD 50 and model portfolios IBD Leaderboard and IBD SwingTrader.
12:29 p.m. ET
Homebuilders Feel The Pressure
Homebuilders were pressured as yields soared. PulteGroup (PHM) triggered a sell signal as it hit its 50-day moving average in heavy volume.
M/I Homes (MHO) and Lennar (LEN) also fell below the 50-day line. KB Homes (KBH) fell further below its 50-day line.
11:08 a.m. ET
Dow Jones Stocks: Verizon Tumbles
Microsoft climbed 4% after announcing a dividend and plans to roll out new autonomous artificial intelligence agents.
Verizon fell nearly 4% on the stock market today after sales missed estimates for the quarter ended Sept. 30. But the telecommunications giant managed to top earnings views.
3M (MMM) gapped up, then fell in volatile action even though the company raised its full-year earnings outlook with its third-quarter earnings report.
3M shares rose into a buy zone from a four-weeks-tight formation with a buy point of 140.72 before pulling back to test the 50-day moving average in heavy volume.
Market Rally Resilient; McDonald’s Dives Late, Tesla Earnings Due
Stock Market Today: Others Near Buy Zones
Other Dow Jones components approaching a buy zone include Cisco Systems (CSCO), which is climbing up the right side of a cup base with a buy point of 58.19, according to IBD MarketSurge. JPMorgan Chase (JPM) is within striking distance of a buy point of 225.48, which is also the stock’s all time high.
Meanwhile, Apple (AAPL) fell more than 1%. It remains just below a buy point of 237.23.
Other earnings movers include General Motors, which broke out from a cup-with-handle base with a buy point of 49.86. The auto behemoth beat sales and earnings estimates and its stock surged nearly 8%.
But GE Aerospace plunged nearly 9% on the stock market today as the company reported a revenue miss.
Please follow VRamakrishnan on X/Twitter for more news on the stock market today.
YOU MAY ALSO LIKE:
IBD Live: Learn And Analyze Growth Stocks With The Pros
Learn How To Time The Market With IBD’s ETF Market Strategy
Find The Best Long-Term Investments With IBD Long-Term Leaders
MarketSurge: Research, Charts, Data And Coaching All In One Place
How To Research Growth Stocks: Why This IBD Tool Simplifies The Search For Top Stocks
Read More: Stock Market Today: Dow Jones Dips, Trump Stock Soars As Betting Odds Pile Up; Tesla Falls