The Dow Jones Industrial Average and other major indexes closed the session with healthy gains Tuesday. Dow component Apple fell as an iPhone event underwhelmed investors, while Oracle catapulted off earnings on the stock market today.
The Dow climbed 0.5%, or 196 points, as UnitedHealth Group lifted the 30-stock index with a jump of 8.6%. But fellow Dow name Apple was a laggard and lost 1.5%. The S&P 500 bumped up around 0.3% Tuesday and closed above the 6,500 level.
The tech-heavy Nasdaq composite added nearly 0.4% and closed at another record high. Small caps on the Russell 2000 were weak and fell 0.6%.
Volume was lower on the Nasdaq exchange and the New York Stock Exchange compared with Monday, in preliminary numbers. On the Nasdaq exchange, falling stocks took a more than 5-to-4 lead over rising issues. And on the NYSE, losers topped winners by around 7-to-4.
The 10-year Treasury yield bumped up to 4.08%. Oil prices climbed to around $62.65 a barrel. Bitcoin dropped to under $111,200.
Stock Market Today: Apple Underwhelms, Oracle Catapults
Apple revealed its iPhone 17 series smartphones with its ultrathin model named iPhone Air. It also highlighted new handsets, Apple Watch smartwatches and AirPods wireless earbuds. Investors apparently were unimpressed, as the stock sank while the event unfolded.
Oracle climbed 1.3% during normal trading hours, but then rocketed more than 21% as its fiscal first-quarter earnings were released after the market close. If the gain holds Wednesday, shares will blow past a 260.87 buy point.
An original meme stock, GameStop forged a 1.6% gain with its fiscal second-quarter results, out after the bell.
Lastly, AeroVironment fell 2.5% as the drone maker's fiscal first-quarter earnings were also expected after the close.
3:21 p.m. ET
This Biotech Soars On Buyout
Tourmaline Bio rocketed nearly 58% higher in enormous volume on news that Novartis agreed to acquire the cardiovascular-focused biotech company for $1.4 billion. New York-based Tourmaline is not yet profitable.
Tourmaline stock was around 47.60 in recent trades, and just under the $48 per share that Novartis will pay for the biotech.
Meanwhile, Novartis gave up 0.4% but remains in the buy zone up to 131.07 from the 124.83 buy point of a flat base.
IBD 50 name Innodata popped more than 11% and is on pace for four straight days of gains. The AI data services stock is building the right side of an early-stage cup base with a 55.69 buy point.
Futures: Oracle Soars After Nasdaq Hits High, Palantir Leads New Buys
1:56 p.m. ET
Palantir Musters Up Strength
Palantir Technologies stock — also a new IBD SwingTrader addition — bolted nearly 4% higher and bounced off its 50-day line, after trading around it for several weeks. The stock also reclaimed its 21-day exponential moving average. Shares got a lift on positive comments from a BofA Securities analyst.
Taiwan Semiconductor climbed nearly 3% and broke out of a flat base with a 248.24 buy point. The newly added IBD SwingTrader position is in the buy zone up to 260.69. The chipmaker's stock hit a record high on the stock market today. Its relative strength line hit a 52-week high.
IBD 50 stock Iren surged more than 12% higher despite reporting mostly lower August numbers, but its artificial intelligence cloud revenue rose to $2.4 million from $2.3 million.
Iren also announced a new chief financial officer. Further, BTIG raised its price target on the green bitcoin mining stock to 32 from 22 and held its buy rating.
12:18 p.m. ET
Revised Jobs Numbers Look Grim
In economic news, the Labor Department's Bureau of Labor Statistics reported a revised employment number showing 911,000 fewer jobs were added than earlier estimated from early 2024 to March of this year.
Among exchange traded funds, the Invesco QQQ Trust added 0.1%. And the SPDR S&P 500 ETF was flat in midday trades.
Big Stock Movers: This AI Name Hits A New High
Artificial intelligence cloud computing stock Nebius Group spiked more than 41% in huge volume on news of a deal with Dow component Microsoft worth up to $19.4 billion. Nebius will provide infrastructure to Microsoft for the tech giant's expanding AI cloud computing services. The agreement runs through 2031.
Nebius hit an all-time high on Tuesday and is now extended after climbing from April lows.
Microsoft ticked 0.1% higher and is in the low end of flat base with an official 555.45 buy point. Shares are below their 10-week moving average.
Nebius is backed by Nvidia and uses the AI leader's chips in its data centers.
Nvidia stock was up 0.2% in recent trades. Shares are below their 50-day and 200-day lines.
10:54 a.m. ET
Small Businesses Feel Optimistic
In economic news, the National Federation of Independent Business's Small Business Optimism Index rose to 100.8 in August vs. the 100.5 expected. This also topped July's 100.3 reading.
Stock Market Today: Apple Sinks, This Recent IPO Tanks
Apple sank 0.8% as investors awaited the iPhone maker's presentation scheduled to begin at 1 p.m. ET. Apple is in a long consolidation pattern with an official 260.10 buy point.
Elsewhere, SailPoint dropped more than 9% in huge volume. The drop came after the identity security company reported a smaller-than-expected loss for its fiscal second quarter, and sales came in higher than estimates. But the company gave forecasts that disappointed. The recent new issue provided a fiscal third-quarter profit and revenue outlook with both below analyst forecasts.
SailPoint stock fell below its 50-day line within a base with a 24.95 buy point. SailPoint stock started trading on Feb. 13, with an initial offering at 23 per share. Shares were trading around 20.35 in recent action.
Core & Main plummeted more than 23% in heavy trading after the water services and products maker missed fiscal second-quarter sales estimates with higher earnings than views. It also lowered its fiscal 2025 sales forecast, which lagged projections.
The stock sliced below its 50-day moving average, triggering a sell signal. It also undercut its 200-day moving average. This comes after the stock reached an all-time high of 67.18 on Friday.
9:46 a.m. ET
Nasdaq 100 Winners, Losers: Atlassian, AMD, Axon
Among the Nasdaq 100 stocks, Atlassian, Diamondback Energy and Advanced Micro Devices were some of the best performers in morning trading.
Atlassian stock jumped 3%, attempting to surpass resistance at the 50-day moving average. Diamondback shares rose 1.6%, looking to bounce back from heavy losses in recent sessions. And AMD stock climbed 1.6%, but remained sharply below its own 50-day line.
On the downside, Axon Enterprise and Old Dominion Freight Line were among the biggest decliners, with losses of 1.1% and 1.5%, respectively.
8:46 a.m. ET
Dow Jones Movers: Microsoft, Nvidia, Sherwin-Williams
Inside the blue chip Dow industrials, Microsoft and Nvidia both rose 0.5% each in premarket trading. Microsoft shares are stuck below their 50-day moving average following last week's losses. And Nvidia looked to add to Monday's gains.
On the downside, Sherwin-Williams dropped 0.5% in morning action. Still, the stock is approaching a 379.65 buy point.
8:11 a.m. ET
Stock Market Today: UnitedHealth Jumps
Dow Jones health care giant UnitedHealth Group jumped more than 4% premarket Tuesday after the company said it expects enrollment in top rate Medicare insurance plans to be in line with its estimates.
Shares are set to open at their highest level since May 13.
Stocks In Buy Areas
Amazon stock edged lower Tuesday morning. The e-commerce titan topped a 236.53 buy point in a flat base Monday, but closed just below it.
Micron Technology added 0.5% premarket Tuesday. Micron stock is breaking out past a 128.60 cup-with-handle entry amid a four-day win streak.
Tesla moved up 0.4% early. Tesla stock briefly topped a 355.39 alternate entry on Monday before reversing lower. The traditional buy point is 367.71, according to IBD MarketSurge.
Finally, Take-Two Interactive tacked on 0.2% Tuesday morning. Shares broke out past a 245.07 flat-base entry Monday, with a 3.8% gain.
Stock Market Today: New Apple iPhone
Apple is expected to unveil its latest smartphone series, the iPhone 17 family, on Tuesday. Apple's presentation is set to begin at 1 p.m. ET.
The likely star of the show is the rumored ultrathin smartphone, the iPhone Air. Amid questions about smartphone prices, Apple is also widely expected to announce new models of the Apple Watch and AirPods wireless earbuds.
Apple stock broke out last week, topping a handle entry at 235.12. Shares edged lower in premarket trading Tuesday.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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