Stocks held steady and showed only modest gains Monday afternoon as fintech stock MoneyLion (ML) reached a new high and a profit zone. Trump Media & Technology Group (DJT) fell hard once again on the stock market today.
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The Dow Jones Industrial Average and S&P 500 traded sideways and inched less than 0.1% higher. The Nasdaq also crept up about 0.1%. The small-cap Russell 2000 outperformed and climbed 0.7%.
Volume fell on the New York Stock Exchange and Nasdaq vs. the same time Friday.
In Monday’s action among exchange traded funds, the Invesco QQQ Trust (QQQ) added 0.1%, while the Innovator IBD 50 ETF (FFTY) sank 0.6%.
West Texas intermediate crude oil dipped to $86.54 a barrel. The benchmark 10-year yield held at 4.43% and was near 2024 highs.
Trump Stock Plunges, Fintech Stock Reaches A High
Shares of Trump Media & Technology Group plummeted nearly 11% and are on pace for a fourth straight decline. The stock broke out of an irregular base, but the breakout quickly failed. The media stock sank below its 50-day line on Friday, triggering a sell signal. Shares gave back a 46% gain from the high reached on March 26, and are below the 58.72 buy point.
MoneyLion (ML) bolted more than 8% and reached a 52-week high. That put shares of the digital banking app provider at the 20% profit zone of a cup base with a 66.98 buy point.
The stock had broken out following the company’s smaller-than-expected fourth-quarter loss and higher sales than views on March 7. Management gave a first-quarter revenue outlook that topped analyst estimates. Since then the stock has climbed in fits and starts but moved into the profit zone Monday.
“After a record-setting year across revenue and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), we are setting our sights on our first positive GAAP EPS quarter in 2024,” MoneyLion Chief Financial Officer Rick Correia said in the earnings report.
Analysts now are forecasting profits of 96 cents a share for MoneyLion’s current first quarter.
Recent initial public offering and IBD 50 stock Kaspi.kz (KSPI) plunged more than 8% after reaching a record high on the stock market today. The Kazakhstan-based payment solutions firm catapulted from its IPO base with a 95.97 buy point in mid-February.
Glaukos (GKOS) broke out of a cup base after hitting a 97.24 buy point. Shares of the glaucoma treatment company are in the 5% buy zone reaching to 102.10. Glaukos reached an all-time high on Monday.
Stock Market Today: Tesla Gets A Nice Boost
Tesla (TSLA) climbed after Chief Executive Elon Musk said the company will unveil its “robotaxi” on Aug. 8. There was a buzz on Friday after Reuters said that Tesla was going to scrap plans for a low-price electric car and pursue the robotaxi.
Tesla is testing resistance at its 21-day exponential moving average and is the best-performing stock on the Nasdaq 100 Monday. Tesla stock is on track for its largest increase since March 18, when it rose 6.25%, according to Dow Jones Market Data.
Apartment Income REIT (AIRC) gapped up around 22% in huge volume after Blackstone announced it will take the company private in a deal worth $10 billion. Its AIR Communities properties own 76 rental housing communities in Miami, Los Angeles and Boston. The stock is on pace for its largest increase on record on the stock market today.
Perion Network (PERI) gapped down more than 40% in heavy volume after cutting its full-year 2024 revenue outlook to a range of $590 million to $610 million from its previous outlook of $860 million to $880 million. The stock is at the lowest price since January 2021.
Bitcoin Stocks Rebound Then Fade
Bitcoin’s price soared and was just over $71,900. Bitcoin-related stocks were mixed in stock market action.
MicroStrategy (MSTR), which owns a large amount of bitcoin, surged more than 6% and retook its 21-day line.
Coinbase (COIN) jumped around 7%, while Marathon Digital (MARA) was down more than 1% in volatile action Monday. Bitcoin mining firm CleanSpark (CLSK) spiked then reversed lower. It is now testing the 50-day line.
Bank Stocks Strong Ahead Of Earnings
A new earnings season kicks off this week. As is customary, bank stocks are first to take center stage, with the likes of Dow component JPMorgan (JPM), Citigroup (C) and asset manager BlackRock (BLK) scheduled to report on Friday.
JPMorgan is fresh off its all-time high 200.94 reached last Monday, and holding above its 21-day line. Citigroup is above its 5% buy zone from a flat base’s 57.95 buy point.
Wells Fargo (WFC) formed a four-weeks-tight pattern with a 58.44 entry and is trading near two-year highs. The bank stock tested its 21-day line.
BlackRock stock looks the weakest of the names as it sank below its 50-day line on Thursday. Shares gave back gains from a flat-base breakout and are back below the 819 buy point.
Stock Market Today: Boeing Falls Apart In More Ways Than One
Dow stock Boeing (BA) shed 0.5%. The Federal Aviation Administration is investigating a Southwest Airlines (LUV) incident Sunday in which an engine cover fell off during takeoff. Southwest shares rose 1.7%.
Magnificent Seven and Leaderboard stock Nvidia (NVDA) fell 1% on the stock market today. The stock is trying to regain its 21-day line after sinking below it on Thursday.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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