The Dow Jones Industrial Average was struggling to stay positive while other indexes reversed. Tesla (TSLA) CEO Elon Musk issued a challenge to Twitter (TWTR) amid their ongoing takeover battle. AMC Entertainment (AMC) rocketed as meme stocks including Bed Bath & Beyond (BBBY) powered higher.
Walt Disney (DIS) and Boeing (BA) were among the best blue chips. Meanwhile, a trio of highly rated stocks were among names breaking out Monday. Chart Industries (GTLS), Griffon (GFF) and Synopsys (SNPS) all tested entries.
Volume was mixed, rising on the Nasdaq but falling on the New York Stock Exchange vs. the same time Friday.
The yield on the benchmark 10-year Treasury note skidded 7 basis points to 2.77%. West Texas Intermediate crude oil rose more than 1% to just over $90 per barrel.
Nasdaq Reverses As Small Caps Flex
The Nasdaq saw early gains fade away as it reversed 0.3% lower. Nvidia (NVDA) lagged, falling more than 8% after the firm reported a Q2 revenue miss.
The S&P 500 also saw its early progress evaporate as it fell 0.2%. Tyson Foods (TSN) lagged here, dipping more than 8%.
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S&P 500 sectors were mostly positive. Energy and materials were faring best. Technology and utilities were the worst-performing sectors.
Small caps stood out by grinding out gains, with the Russell 2000 index rising 0.8%.
The Innovator IBD 50 ETF (FFTY), a bellwether for growth stocks, was flat.
Dow Jones Today: Disney, Boeing Lead
The Dow Jones Industrial Average was marginally higher but well off session highs.
Disney stock was shining brightest on the Dow Jones today as it rose more than 2%. It pulled further clear of the key 50-day moving average, according to MarketSmith analysis.
Boeing stock was also making solid progress, rising more than 1.5%. It comes after the FAA said Boeing Dreamliner deliveries are to resume in the “coming days.”
Tesla Stock Up As Elon Musk Issues Twitter Challenge
Tesla stock moved higher Monday even as CEO Elon Musk continued to sound off about his ongoing Twitter takeover dispute.
“If Twitter simply provides their method of sampling 100 accounts and how they’re confirmed to be real, the deal should proceed on original terms,” Musk tweeted at the weekend. “However, if it turns out that their SEC filings are materially false, then it should not.”
He also challenged the firm’s CEO, Parag Agrawal, to a “public debate about the Twitter bot percentage.”
Twitter has yet to offer a response to Musk’s challenges and instead seems to be focusing on their forthcoming courtroom battle.
Tesla stock has formed a consolidation with a 1,152.97 buy point, according to MarketSmith analysis.
The stock remains a long way from its entry, which makes TSLA one to watch for now. An attempt to rally back above the key 200-day moving average looks to have failed. TSLA remains well above the 50-day line.
Twitter stock was off highs but also rose. The stock gained more than 1% and pulled away from its own 200-day line.
AMC Stock Vaults As Meme Plays Jump
A slew of meme stocks were rocketing higher Monday as exuberance briefly returned to the market.
AMC stock was up nearly 13% despite no clear catalyst.
The high-volume move saw the cinema stock sprint away from its 200-day moving average. It has erased much of its losses for the year and is now down less than 12% so far in 2022.
Last week AMC announced it will issue a special “APE” dividend, in the form of AMC Preferred Equity Units. They will trade on the New York Stock Exchange under the ticker APE.
Bed, Bath & Beyond was having an even more impressive day, soaring nearly 37%. It was up by as much as 63% at one stage. Despite its powerful move, the company has been struggling to turn around declining sales.
GameStop (GME), the original meme stock, enjoyed a more moderate jump of 8%.
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Intelligent investors should be keeping track of breakouts rather than snapping up meme stocks.
On Monday, Chart Industries moved above a consolidation-pattern buy point of 206.39. The RS line hit fresh heights.
Earnings are improving, with EPS returning to growth in the most recent quarter. Full-year estimates are also strong for the firm, which manufactures cryogenic and heat-transfer equipment used throughout the liquid gas supply chain.
Building products play Griffon is near the top of its buy zone after passing a cup-base entry of 31.12. The firm specializes in areas including garage doors, lawn and garden tools, and plastics.
All-around performance is strong, with its EPS Rating a perfect 99. GFF is also in the top 3% of stocks in terms of price performance over the past 12 months.
Synopsys briefly topped a consolidation pattern entry of 377.70. The design software play has seen its RS Rating shoot to new heights on its weekly chart.
Institutions are backing SNPS stock of late, with its Accumulation-Distribution Rating coming in at a strong A-.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more analysis of growth stocks.
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