The Dow Jones Industrial Average edged lower early Tuesday, while the S&P 500 and Nasdaq rose. Meta Platforms said it will buy nuclear power from Constellation Energy, lifting Constellation as well as a number of fellow nuclear stocks. Meanwhile, Credo Technology and Dollar General jumped on earnings, while Ollie's Bargain Outlet was flat after its results.
Among major stock indexes, the Dow Jones edged lower, while the S&P 500 climbed 0.2% and Nasdaq composite rose 0.5%. (Click here for the latest on today's stock market action.)
The 10-year Treasury yield fell three basis points to 4.43%. West Texas Intermediate crude oil prices rose nearly 1% to above $63 a barrel as Ukraine struck the Kerch bridge connecting Crimea to Russia.
The April Job Openings and Labor Turnover survey from the Labor Department, released at 10 a.m. ET, showed job openings rising slightly to 7.391 million vs. views for small drop to 7.1 million. That precedes the department's unemployment report for May, which is due Friday.
Join IBD experts as they analyze leading stocks and the market on IBD Live
The major indexes rallied off lows in Monday's stock market trading to finish with small gains near session highs. The Dow Jones index turned it around in the closing minutes to edge up 0.1%. The S&P 500 index rose 0.4%. The Nasdaq composite climbed 0.7%. And the small-cap Russell 2000 advanced 0.2%.
Meta Deal With Constellation Energy
Meta Platforms announced a 20-year deal to buy nuclear power from Constellation Energy. Starting in June 2027, the tech giant will buy 1.1 gigawatts of energy from Constellation's Clinton Clean Energy Center in Illinois, the plant's entire output. The Clinton plant had been in danger of closing.
Last September, Constellation agreed to restart Three Mile Island to provide power to Microsoft.
Meta stock edged lower. On Monday, shares climbed 3.6% to 670.90, topping a 662.67 buy point from a cup-with-handle base on a report that Meta plans to automate ad creation via artificial intelligence.
Meta stock is on SwingTrader.
Nuclear Stocks Charge Higher
Constellation stock rose more than 3% but well off premarket highs when it flirted with a breakout from a 352 buy point out of a deep consolidation on the Meta deal. Others that piggybacked on the news included Vistra Energy, Oklo, Cameco and Talen Energy.
Vistra Energy stock gained over 4%, working the right side of its own deep, messy base. Talen Energy stock advanced 2.5%, near a new high. Talen just topped a 247.35 handle buy point on Monday.
Oklo stock fell 1%, reversing sharp early gains. Shares of the nuclear startup are working on a 59.14 buy point from a very deep base. Investors could use 57.57 as an early entry.
Cameco stock rose 3.5%. The uranium producer is extended from a 53.48 cup-with-handle buy point, but investors could use 62.27 as an alternate entry just below the top of the deep cup pattern.
Also, Nano Nuclear Energy climbed 1.5%, slashing big gains. Shares are eyeing a 37.23 buy point from a handle that's just high enough to be proper.
Early Earnings Movers
Credo Technology earnings beat fiscal fourth-quarter views, with revenue soaring 180%. The high-speed-bandwidth play predicted fiscal first-quarter sales far above analyst forecasts. Credo stock rocketed 24% higher, gapping above an early entry as it builds the right side of a deep base.
Dollar General earnings rose modestly, ending a string of year-over-year declines, while revenue topped views. Dollar General stock gapped up almost 14%, vaulting above a 97.85 flat-base entry.
Ollie's Bargain Outlet earnings and revenue slightly beat first-quarter views. Shares of the close-out fell more than 1%, below the 50-day line. Ollie's has found support at that key level following a failed breakout last month from a flat base, according to MarketSurge. Investors could still use 119.76 as an Ollie's stock entry.
Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
Please follow Ed Carson on X/Twitter at @IBD_ECarson for stock market updates and more.
