The Dow Jones Industrial Average skidded while Trump Media & Technology (DJT) rallied. Fund manager Cathie Wood loaded up on Tesla (TSLA) just before the EV stock plummeted on the stock market today amid Q1 delivery data. Magnificent Seven stocks Nvidia (NVDA) and Meta Platforms (META) fell despite bullish Wall Street calls.


Meanwhile, a trio of stocks eyeing buy points were trying to dig in near entries. Badger Meter (BMI), Republic Services (RSG) and TJX (TJX) are all in base patterns.

Stock Market Today: Nasdaq Hit, Small Caps Dive

The tech-heavy Nasdaq gave up 1.2% in afternoon trade. ON Semiconductor (ON) and Warner Bros Discovery (WBD) lagged with dips of more than 4% each.

The benchmark S&P 500 fell nearly 1% at midday. Humana (HUM) and CVS Health (CVS) were among the worst performers here as managed-care providers sold off.

Calvin Klein parent PVH (PVH) was a noteworthy laggard on the stock market today as it gave up more than 23% after it warned of lower revenue for 2024. It gapped below its short-term and 50-day moving averages, triggering a sell signal.

S&P 500 components were mostly in the red. Energy and utilities were the only areas making gains on the stock market today. Consumer discretionary and health care were the weakest sectors.

The Russell 2000 fell more than 2%. Growth stocks were also getting spanked, with the Innovator IBD 50 ETF (FFTY) crumbling nearly 2%.

The Job Openings and Labor Turnover Survey showed available positions at 8.76 million. This was in line with economist expectations for 8.8 million and up 8,000 on January’s level. The ratio of openings to available workers fell to 1.35 from 1.43 the previous month.

The 10-year Treasury note rose 4 basis points to 4.37% while the 30-year also gained 4 basis points to 4.51%. The five-year yield popped 2 basis points to 4.36% while the two-year slipped 1 basis point to 4.71%.

While it backed off highs, the 10-year yield hit 2024 highs today. At one point, the benchmark rate rose to 4.4%, the highest level since November. The odds of the Fed holding rates steady are now at 96% in May. They are also at just over 41% in June, up from a 30% chance last week and from a 26% chance a month ago, the CME FedWatch Tool shows.

Dow Jones Today: UnitedHealth Plunges

The Dow Jones was getting hit hard early, falling nearly 500 points. This equates to a drop of about 1.2%.

UnitedHealth (UNH) was hardest hit, falling more than 8% to the lowest since July, MarketSurge shows. 

Health care stocks in general were hit after the Centers for Medicare and Medicaid Services announced Medicare Advantage rates for 2025 will increase 3.7%. This disappointed investors who had been hoping for a bigger increase.

Amgen (AMGN) and Intel (INTC) also lagged with dips of around 2% each. Dow Inc. (DOW) was faring best on the Dow Jones today with a nearly 1% gain.

Cathie Wood Buys Tesla, Stock Dives On Deliveries

Buying laggards can be a perilous strategy. But one investor who is not afraid to buy the dip is Ark Invest Chief Executive Cathie Wood.

The firm, where she also serves as chief investing officer, snapped up more than 62,000 Tesla shares for its ARK Innovation ETF (ARKK) Monday. It also bought just over 22,000 shares for the ARK Next Generation Internet ETF (ARKW).

But this time it failed to pay off for the fearless investor as Tesla shares crumbled around 5%, losing further ground on the 50-day moving average in the process.

Tesla was hammered on weak Q1 deliveries. They fell 8.5% year over year to 386,810, missing expectations for 454,000 deliveries. It was also a decline of 20% on the previous quarter.

Tesla stock sits more than 44% below its 2023 high of 299.29, which it reached last July. It has been stuck in a stubborn downtrend since then.

Magnificent Seven: Nvidia, Meta Fall Despite Bullish Calls

The other Magnificent Seven stocks were mostly having negative sessions.

Nvidia (NVDA) was off lows, but remained down nearly 1% as it tests support at the 21-day line. The Leaderboard stock is extended past its most recent entry. It was lower despite Oppenheimer reiterating an outperform rating.

Meta Platforms (META) pared losses and was up less than 1%. Bank of America reiterated a buy rating while it hiked its price target to 550 from 510.

Google parent Alphabet (GOOGL) fell more than 1%, though volume was below average. It is trading just below a 153.78 entry. (AMZN), Microsoft (MSFT) and Apple (AAPL) all fell less than 1%.

Donald Trump Stock Rallies

The wild ride continues for shareholders of Trump Media & Technology.

The stock was in rally mode Tuesday, popping almost 8% after plunging more than 26% the previous two sessions, wiping out much of Trump’s net worth in the process. DJT stock now sits above its short-term moving averages, but is well off recent highs.

The stock made strong gains earlier this year as Trump moved closer to his party’s nomination for president, then rallied further after its merger with special-purpose acquisition company Digital World Acquisition gained shareholder approval.

The stock is up nearly 200% thus far this year, and has an also-strong lift of 34% in the last four weeks alone.

IBD does not recommend investing in stocks that make such wild price swings, and the company has almost no track record of earnings. It is acting more like a meme stock.

Outside Dow Jones: 3 Stocks Near Entries On Stock Market Today

Tuesday was not looking like the best day for breakouts. But a few noteworthy names were hanging tough near entries.

Badger Meter is in a cup-with-handle base with an ideal entry of 164.81. While overall performance is strong, earnings performance stands out. Earnings have grown an average 39% over the past three quarters.

Republic Services is another one to watch as it forms a flat base with a buy point of 192.57. It was holding firm on the stock market today and is trading above both its 10-day line and its 21-day exponential moving average.

Overall performance is very strong for the trash-hauling play, with its IBD Composite Rating coming in at 98. RSG stock holding an EPS Rating of 95.

Off-price apparel play TJX was trying to dig in at the 21-day exponential moving average. It has formed a flat base with an ideal entry point of 102.84. Its EPS Rating comes in at 93 out of 99.

Please follow Michael Larkin on X, formerly known as Twitter, at @IBD_MLarkin for more analysis of growth stocks.


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