Major stock indexes finished in positive territory Monday as the Dow Jones Industrial Average managed to squeeze minor gains, following the lead of the S&P 500 and Nasdaq. Among Dow stocks, Nvidia and Nike scored the best gains on the stock market today.
The Dow edged into the black, rising less than 0.1%, or 35 points. Bill Ackman stock Nike ranked highly here as it added more than 2%, while Nvidia and Boeing also climbed roughly 2%. Procter & Gamble and 3M were the worst laggards among the Dow components. Both fell more than 1%.
The Nasdaq composite fared best out of the major indexes, reversing higher to gain 0.7%. It continues to sit pretty above its major moving averages. Meta Platforms was a top performer here, popping nearly 4%. Zscaler did even better with a lift of more than 6%.
Broadcom also ranked among the best performers with a gain of nearly 3%. The chipmaker is a member of IBD's Leaderboard list of top stocks. Memory-chip stock Micron Technology climbed nearly 4%.
Business-to-business information technology stock CDW, a major government supplier, lagged with a decline of more than 3%, while Adobe suffered a decline of nearly 3%.
Stock Market Today: Technology, Energy Joust For Top Spot
The S&P 500 rallied out of the red to turn in a gain of 0.4% at the close. The benchmark index's sectors were mixed on the stock market today. Energy and technology were jousting for top honors while industrials and health care lagged.
Outside of steel stocks, gold mining play Newmont stood out with a lift of more than 5%. Utility play Vistra also shined, rising more than 4%.
Renewable energy stock First Solar was a laggard as it tumbled more than 5%. Auto giant General Motors struggled too, dropping nearly 4%.
Small caps also reversed higher, with the Russell 2000 index gaining 0.2%. The index continues to lag its 200-day moving average. Growth stocks outperformed, with the Innovator IBD 50 exchange traded fund up 1.7%. Its gain for the year now sits at nearly 6%.
Cathie Wood Loads Up On Diving Stock
One investor who relishes buying on the dip is ARK Invest Chief Executive Cathie Wood.
And she was at it again on Friday as her company snapped up just over 296,000 shares in 10X Genomics for the ARK Innovation (ARKK) exchange traded fund on Friday.
The stock fell 83% from its 2024 high of 55.96 to its Friday closing price of 9.53. The move by Wood has yet to pay off as the stock reversed lower late in the session and fell nearly 1%. 10X Genomics designs and makes gene-sequencing technology. Its offerings include instruments and software.
Wood, who also serves as Ark Invest's chief investment officer, is known for her swashbuckling contrarian investing style. It paid off in the most recent quarter, as the Ark Innovation fund rose 18.8%, according to MarketSurge data.
However those following IBD investing principles should stay away from the stock as it has been stuck in a long downtrend and also trades for under 10 a share.
The ARK Innovation fund also snapped up around 196,000 shares in Intellia Therapeutics but sold nearly 7,000 shares in Tesla.
Stocks End Strong; Meta Breaks Out, This Sector Shines
Stock Market Today: Betting Plays Take A Hit
Sports betting stocks were getting hit after the Illinois state legislature passed a tax on sports wagers. It plans to tax bookmakers at a rate of 25 cents per bet for the first 20 million wagers and 50 cents per bet beyond that level.
"This discriminatory, punitive and constitutionally suspect tax increase on legal sportsbooks who have invested more than a billion dollars in the state will be destabilizing for regulated sports betting in Illinois," Sports Betting Alliance, an industry trade group, said in a press release.
DraftKings fell 6%. This caused it to undercut its 50-day moving average in high volume, a sell signal. DraftKings provides a platform for sports and fantasy games. It holds a weak IBD Composite Rating of 51 out of 99.
The stock has been an underperformer for a while. Its Relative Strength Rating of 28 puts it in the bottom 28% of equities in terms of price performance over the past 12 months.
Flutter held up better, but still fell nearly 3%, also in higher volume. It continues to form a cup base with an ideal buy point of 299.73 and has gained around 16% so far this year.
3:31 p.m. ET
Bitcoin Dips, Coinbase Stock Seeks Support
Bitcoin has cooled since hitting fresh highs and was lower again today. The price of bitcoin was down 0.6% over the past 24 hours to slightly less than $104,500 per token, according to CoinDesk.
It has fallen around 7% since hitting its all-time high $111,891.30 on May 22.
Cryptocurrency exchange play Coinbase Global fell nearly 1%. It found support after pulling back to the 21-day exponential moving average.
It also remains comfortably clear of its 200-day and its 50-day lines, according to MarketSurge analysis. It is down nearly 2% so far this year.
Strategy, formerly MicroStrategy, rose more than 1%. It is trading tightly below its short-term moving averages. It is also above its major moving averages. It has made solid progress since getting support at the 200-day line in early April.
Bitcoin miner Hut 8, previously a member of the IBD 50 list of leading growth stocks, fell fractionally. It has been finding support at its 21-day line after falling below the 200-day moving average.
Rival mining play Riot Platforms is trying to reclaim the 21-day exponential moving average amid a lift of nearly 5%.
Mara, formerly known as Marathon Digital, is holding above its 50-day moving average amid a gain of more than 1%.
2:21 p.m. ET
Tesla Skids As European Sales Fall
Tesla stock has rallied of late, but it was under pressure Monday.
Shares fell 2% amid news that Tesla sales in several European markets had fallen. Reuters reported a 68% dive in Portugal and a 53.7% plunge in Sweden during May, compared with the same month a year ago. This was despite overall electric-vehicle sales popping by nearly 25% in both markets.
There also were sharp declines in France, Denmark, the Netherlands and Spain. However, Norway bucked the trend, with sales there jumping 213% in May, helped by the revamped Model Y.
Chief Executive Elon Musk was accentuating the positive though, for he reposted on X that sales in Austria had risen by 29% vs. last May.
However, Musk's association with President Donald Trump has been widely touted as a reason for the firm's decline in popularity in Europe. Last week he ended his spell running the Department of Government Efficiency.
Tesla stock currently trades below a 354.99 handle entry. It is a member of the IBD Leaderboard list of top stocks.
Stock Market Today: More Equities Test Entries
With the stock market currently in an uptrend, now is a good time to be looking for actionable stocks. Monday.com popped above a cup-with-handle entry of 303, MarketSurge analysis of its weekly shows.
This is a first-stage base for the enterprise software stock, a plus. The relative strength line is also making progress.
The Israeli stock has an IBD Composite Rating of 97 out of 99, reflecting good overall performance. While earnings are seen rising 9% this year, EPS growth is expected to accelerate to 20% in 2025.
Elsewhere, Triple Flag Precious Metals tested a weekly-chart consolidation entry of 22.96.
However, the fact that it's more than 10% above the 50-day line is a reason for caution. Its Accumulation/Distribution Rating of D means there has been more selling than buying among institutions of late.
12:59 p.m. ET
ISM Manufacturing Index Misses Views
The Institute for Supply Management's Purchasing Managers Index fell to 48.5 in May. This came in lower than economists consensus expectation for a reading of 49.1, according to Econoday. It also dipped below April's reading of 48.7.
Further, imports fell to a 16-year low while exports tumbled to a five-year low.
"In May, U.S. manufacturing activity slipped further into contraction after expanding only marginally in February. Contraction in most of the indexes that measure demand and output have slowed, while inputs have started to weaken," Institute for Supply Management Chair Susan Spence said in a press release.
The manufacturing industries that reported growth in May were: plastics and rubber; nonmetallic minerals; petroleum and coal; furniture and related products; electrical equipment; appliances and components; fabricated metals; and machinery.
Other industries reporting contraction were: paper; wood; printing and related support activities; food; beverage and tobacco; transportation equipment; chemicals; and primary metals.
One index respondent said that "the administration's tariffs alone have created supply chain disruptions rivaling that of Covid-19."
Stock Market Today: Gold Plays Shine
A number of gold stocks were testing entries on the stock market today. It came as the price of gold rose 2.5% to nearly $3,400 per ounce.
Wheaton Precious Metals, recently featured on the Stock Spotlight page, is currently in a buy zone. It cleared a flat base with an ideal buy point of 87.42, MarketSurge analysis shows. The stock found support at its 50-day moving average as it crafted the pattern.
Outstanding overall performance has netted Wheaton an IBD Composite Rating of 99. It is in the top 5% of issues in terms of price performance over the past 12 months. Earnings are a strength, with its Earnings Per Share Rating sitting at 92 out of 99. Profits have risen by an average 34% over the past three quarters.
Full-year earnings are expected to rise 50% this year before slowing to a 3% growth rate in 2026.
Eldorado Gold moved above a weekly chart consolidation entry of 20.65. It is actionable up to 5% above this level. Earnings are seen sliding 1% this year before rebounding to 67% growth in 2026. In total, 53% of shares are held by funds.
AngloGold Ashanti is clearing a consolidation buy point of 46.90. This is a later-stage pattern, a negative. AngloGold also has a top-notch Composite Rating of 99. Profits are seen surging 126% in 2025 before slowing to 5% growth next year.
The South African company boasts eight consecutive quarters of rising fund ownership.
11:11 a.m. ET
Bessent Makes Debt Pledge
The U.S.' growing debt mountain continues to be a concern for many investors. But Treasury Secretary Scott Bessent told CBS's Face the Nation Sunday that the "United States of America is never going to default. That is never going to happen."
He also played down claims from JPMorgan Chase Chief Executive Jamie Dimon that there could be "a crack in the bond market" if the U.S. fails to tackle the national debt. According to Bessent, Dimon has made such predictions "his entire career" and that "fortunately none of them have come true."
The debt ceiling has been tied to President Donald Trump's tax and spending bill, which is currently going through Congress. Bessent said the administration has a target for reducing the national debt.
"We didn't get here in one year, and this has been a long process," he said. "So the goal is to bring it down over the next four years."
China Criticizes U.S. On Trade; Trump-Xi Talks Loom
China took a potshot at the U.S. after Trump claimed Beijing had "totally violated" the temporary trade deal between the world's two largest economies. On May 12, the U.S. and China agreed to slash tariffs for 90 days following talks in Geneva.
Beijing says Washington had itself broken the trade truce. It said technology export controls enacted since terms of the deal were announced have "seriously undermined" the deal. It has vowed to take "resolute and forceful measures" to defend its rights and interests.
China also is displeased about American claims that it will revoke visas for Chinese students.
But the White House said Monday that Trump and China President Xi Jinping are expected to speak this week, CNBC reported.
For its part, the U.S. is unhappy about China's rare-earth export restrictions. These are critical for manufacturing electric-vehicle motors, fighter jets, chips and missiles. Beijing has been slow-walking approvals for export licenses for the materials.
Steel Stocks Pop On Trump Tariff Move
One area that was outperforming on the stock market today was steel stocks. They got a boost after Trump said Friday he will double tariffs on imports on the metal from 25% to 50%.
Trump claimed the tariffs "will even further secure the steel industry in the United States." It comes after his administration approved a deal for Japan's Nippon Steel to merge with U.S. Steel.
Nucor soared in early action, surging nearly 10%. It smashed through its 50-day moving average, though it remains below its 200-day line. Analysts expect earnings to fall 26% this year before rebounding to 32% growth next year, MarketSurge data shows.
Cleveland-Cliffs rocketed 25% higher, but remains shy of its 50-day moving average. Wall Street sees the firm losing money both this year and next.
Stock Market Today: Steel Dynamics Tests Entry
Steel Dynamics tested a double-bottom base entry of 139.65, according to MarketSurge analysis. But while analysts see earnings rising 25% in 2026, it currently owns a poor IBD Composite Rating of 38 out of 99. Though off highs, it remained up 10%.
The VanEck Steel exchange traded fund rose more than 3%.
While the gains appear strong, steel stocks have been stuck in downtrends since early 2024. The U.S. imports almost a quarter of the steel it uses every year. It took in nearly 29 million tons of total and finished steel imports last year, according to the American Iron and Steel Institute.
Please follow Michael Larkin on X at @IBD_MLarkin for more analysis of growth stocks.
