Major stock indexes held their positions up until the closing bell Tuesday, as lower-than-expected inflation helped the S&P 500 and Nasdaq add to Monday's big gains. The S&P managed to show a slight gain for the year, but the Dow Jones Industrial Average couldn't pull itself out of negative ground on the stock market today, thanks in part to the surprise departure of UnitedHealth Group's chief executive.
The S&P 500 tacked on 0.7% in the wake of Monday's big 3.3% gain. The benchmark index concluded 2024 at 5,881.63 and ended Tuesday's trading at 5,886.55. The Nasdaq remained strong and rose 1.8%, on top of Monday's robust 4.3% advance, though it still is running a deficit for 2025.
The Dow, however, showed signs of a hangover and gave up 0.6%. On Monday, blue chips surged 2.8%, or 1,161 points, lifting the 30-stock index back above the 42,000 level, which it managed to stay ahead of Tuesday. All three major indexes reclaimed their longer-term 200-day moving averages amid Monday's powerful moves, though the Dow dipped back below it Tuesday.
In the small-cap market, the Russell 2000 climbed 0.5% after Monday's 3.4% pop and topped the 2,100 level. Unlike the other major indexes, it remains about 3% below its 200-day line.
Volume was lower on both the Nasdaq exchange and New York Stock Exchange compared with Monday. On the Nasdaq exchange, rising stocks topped falling issues by roughly 3-to-2, while on the New York Stock Exchange, gainers beat losers by more than 4-to-3.
Oil prices rose near $63.70 a barrel. Bitcoin surged above $104,500. And the benchmark 10-year Treasury bond added two basis points to 4.48%.
3:28 p.m. ET
Stock Market Today: Robinhood And Carvana Pop
Robinhood Markets tacked on 10%, and is on track for its sixth straight day of gains. Shares have climbed nearly 32% over the last six sessions and are up around 70% so far this year. The IBD Leaderboard watchlist stock is nearing its recent high of 66.91, reached on Feb. 13.
Newly added IBD SwingTrader name Carvana rallied nearly 6% and broke out of a deep, early-stage cup base with a 292.84 entry point. The online used car retailer is in a buy zone reaching to 307.48. Carvana stock is looking to extend a five-week rally.
LPL Financial Holdings climbed more than 2%, and topped a 384.04 buy point out of a choppy base. Shares are in buy range up to 403.24. The financial advisory stock hit an all-time high on the stock market today. Its relative strength line also hit a new high.
2:06 p.m. ET
Axon Breaks Out, Tesla Adds To Win Streak
IBD 50 stock Axon Enterprise forged ahead by roughly 5% and broke out of a cup base with a 715.99 entry. Shares are in a buy range up to 751.79. Axon stock reached an all-time high on the stock market today.
The stock has shown robust action since the maker of Taser products topped first-quarter profit and sales expectations Wednesday. It also raised its full-year 2025 revenue outlook to a range of $2.6 billion to $2.7 billion.
Another IBD 50 name, Toast, bolted nearly 4% higher and reached its 20% profit zone from a 36.75 cup-with-handle buy point. The restaurant software stock reached a level not seen since December 2021.
Nutanix surged more than 7% in hefty volume and surpassed a 79.99 buy point from an irregular base. Shares are in a buy zone up to 83.99. The data center software stock also reached a fresh new high.
Tesla jumped more than 5%, on pace for its fifth straight day of gains. The stock regained its $1 trillion market cap level Monday.
S&P 500 Erases 2025 Losses As Nvidia Lifts AI, Flashes Buy Signal
12:31 p.m. ET
Stock Market Today: Solar Stock Shines, This Biotech Craters
Nextracker surged more than 9% in heavy volume and moved past a consolidation pattern with a 52.27 buy point. The solar name is in the buy zone that extends to 54.88. Nextracker makes solar tracking panels and solar monitoring software.
Life360 catapulted roughly 22% in giant volume and also surged through a buy zone out of a consolidation with a 52.77 buy point. Shares blew past the buy zone and reached a record high on the stock market today. The stock's relative strength line reached a 52-week high.
Halozyme Therapeutics plummeted roughly 24% in enormous volume. The drop came on news of a new Medicare approach to price negotiations for drugs that use its product, hyaluronidase. Moreover, Leerink Partners downgraded Halozyme stock to underperform from market perform and cut its price target to 47 from 63.
The enormous drop in huge volume flashed several sell signals, including the break of the 50-day and 200-day lines and the 7% sell rule from its 66 buy point from a base breakout.
Palantir, Nvidia Show Strength Once Again
IBD Leaderboard watchlist name Palantir Technologies spiked more than 8% and broke out of a late-stage cup-with-handle base with a 125.25 buy point. Shares are in a buy zone reaching to 131.51. The IBD 50 name reached a record high Tuesday.
Nvidia popped nearly 6% and was the biggest gainer on the Dow Jones index. Nvidia stock regained its 200-day line on Tuesday's pop. The stock topped the $3 billion market-cap level once again Tuesday.
10:40 a.m. ET
Economic News: CPI Data Comes In Light
The Bureau of Labor Statistics' April Consumer Price Index rose 0.2% vs. the 0.3% increase expected, while the annual rate increased 2.3% and lagged the 2.4% rise that was forecast.
The monthly number excluding food and energy also inched up 0.2% vs. the 0.3% forecast, while the annual core number came in at the 2.8% increase projected.
The National Federation of Independent Business Small Business Optimism Index climbed to 95.8 vs. the 94.7 projected in April, which lagged the March reading of 97.4.
Stock Market Today: Coinbase Global Soars, UnitedHealth Tanks
Coinbase Global popped more than 16% in heavy volume, on news it will be added to the S&P 500 before the stock market open on May 19. Shares jumped back above their 200-day line on the stock market today. Coinbase reported first-quarter profit and revenue that came in lower than expected late Thursday.
Dow Jones component UnitedHealth Group tumbled nearly 15% in heavy volume on the stock market today. The plunge came following news of the sudden resignation of CEO Andrew Witty for personal reasons on Tuesday. The health care benefits provider also withdrew its already-reduced earnings outlook for fiscal 2025. Shares have lost around 36% so far this year.
Sea jumped more than 8% in huge volume and broke out of a consolidation pattern with a 147.73 buy point, according to IBD MarketSurge pattern recognition. Shares are in a 5% buy zone up to 155.12. Its relative strength line reached a 52-week high as shown by the blue dot on its chart. Sea stock revisited a level not seen since February 2022.
The move came after the Singapore-based e-commerce company topped first-quarter earnings with a miss on sales estimates. Sea reported 65 cents profit-per-share vs. a four-cent loss-per share a year ago. Sea was the IBD Stock of the Day Wednesday.
Stock Market Today: Stock Movers: Footwear Stock Leaps On Earnings
CyberArk Software gained 1.5% after the cybersecurity firm topped first-quarter earnings and sales forecasts, but its full-year 2025 sales outlook disappointed. Shares are in a stage three cup base with a 421 buy point.
Switzerland-based On Holding hoisted nearly 10% after the footwear maker reported first-quarter profit and sales that came in better than expected. It also raised its full-year 2025 net sales outlook to at least 28% growth. The footwear stock is building the right side of a deep cup base with a 64.05 buy point.
Follow Kimberley Koenig for more stock market news on X, the platform formerly known as Twitter, @IBD_KKoenig.
