The Stock Market Fluctuated Monday. Which Stocks Gained?
The Dow Jones Industrial Average and S&P 500 gained on Monday. But they still remained well off session highs. On the other hand, the Nasdaq composite tumbled down due to weak performances from software and biotech stocks. Amazon.com (AMZN) has also extended losses since Friday’s earnings sell-off.
However, China’s Nio stock and other EV stocks surged forward early in the session due to strong delivery data. Despite that, the stocks have lost early gains soon. Li Auto (LI) skyrocketed by 12%, while Xpeng (XPEV) and Nio (NIO) jumped from 7% to 8%.
On Monday, the stock market mostly rallied thanks to a solid reading from the ISM Manufacturing Index. It soared to 59.3 in October, better than the consensus estimate of 55.7, surpassing September’s reading of 55.4. Furthermore, according to the IBD/TIPP presidential poll, Joe Biden is leading in the elections by 3.2 points, 48.8%-45.6.
The Dow Jones industrials climbed up by more than 1.4%, boosted by a strong performance from Honeywell, which reported earnings on Friday. Dow Inc. (DOW), Walgreens Boot Alliance (WBA), Chevron (CVX), and Caterpillar (CAT) were other top gainers in the Dow Jones today.
How did the S&P 500 fare?
The S&P 500 increased by 0.9% thanks to a strong showing from Mohawk Industries (MHK). Its shares surged forward by almost 11% on Friday after reporting earnings. On Monday, the stock continued on a winning streak, clearing a bottoming base with a 100.10 buy point. In addition, gas and oil stocks outperformed in the S&P 500 as oil prices jumped. U.S. crude oil futures traded at $36.81, gaining nearly 3%.
Meanwhile, the Nasdaq composite plummeted down after gaining almost 1.5% intraday. It declined by 0.2%. Besides Amazon, Nasdaq 100 laggards included Advanced Micro Devices (AMD), Facebook (FB), Adobe (ADBE), Apple (AAPL), and Workday (WDAY).
AMD fell below its 10-week moving average, along with Workday. The later dropped down by about 2% in late trading, hurt by an 8% fall for Coupa Software (COUP). Shares weakened after news broke that the company is acquiring Llamasoft for $1.5 billion.
In Europe, U.K.-based Farfetch (FTCH) rallied by 13% to 31.91. The company operates a tech platform for the global fashion industry. It connects retailers with consumers.
On Sunday, Farfetch shares stood just below a 28.91 correct entry point. However, the stock increased past the entry Monday. It is past the 5% buy zone now.
On the other hand, top-rated medical stocks in the MarketSmith Growth 250 plummeted. Ultragenyx Pharmaceutical (RARE), Penumbra (PEN), Quidel (QDEL), and Novocure (NVCR) declined from 6% to 7% in late trading.
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