The Dow Jones Industrial Average and the other major indexes held onto losses Monday afternoon. Bitcoin and restaurant stocks sank on the stock market today while Nvidia (NVDA) was a big loser on the Dow. IBD 50 growth stocks also suffered.
Dow Jones industrials pulled back 0.2%. The tech-heavy Nasdaq slipped 0.2% and the benchmark S&P 500 lost 0.3%. The small-cap Russell 2000 outpaced the major indexes by easing 0.1%, but it had been up as much as 0.8%.
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Bitcoin’s $100,000 Milestone: What Does It Mean For Investors?
Volume was higher on the New York Stock Exchange and the Nasdaq vs. the same time Friday.
Even as the major indexes posted losses, rising stocks topped falling issues on the Nasdaq exchange and the New York Stock Exchange, both by roughly 7-6.
The 10-year Treasury yield added four basis points to 4.19%. U.S. crude oil climbed near $68.55 a barrel. And bitcoin fell 2.2% to just above $98,000 after last week’s performance that lifted it past the $100,000 threshold.
Stock Market Today: IBD 50 Names Hit Hard
The Innovator IBD 50 ETF (FFTY) skidded nearly 4% and pulled back to its 21-day line as some growth stocks took it on the chin Monday.
Several names on Investor’s Business Daily’s IBD 50 list of growth stocks reversed sharply lower. They included Rocket Lab USA (RKLB) with a drop of more than 7%, Powell Industries (POWL) which sold off nearly 6%, and Emcor (EME) with its plunge of more than 5%.
Bitcoin related names were some of the worst performers in the IBD 50 list. Cryptocurrency miner Mara Holdings (MARA) tumbled more than 8% but found support at its 21-day line.
Coinbase Global (COIN) fell more than 7% after reaching a profit zone from a late-stage choppy base with a 283.48 buy point last week.
Lastly, Hut 8 (HUT) tanked more than 9% after reaching a high on Friday not seen since April 2022. Its recent strong performance earned it a best-possible 99 Relative Strength Rating.
Outside of bitcoin stocks, American Superconductor (AMSC) sank nearly 7% and is on pace for its third straight day of losses. The stock is seeking support at its 50-day line. Shares are back below the 32.70 buy of a deep cup base after volatile action and a breakout that faded.
Outside the IBD 50, Cava Group (CAVA) plummeted more than 10% and undercut its 50-day line, as some restaurant stocks also sold off. Chili’s and Maggiano’s parent Brinker International (EAT) fell nearly 4% while Kara Sushi (KRUS) slid nearly 6%. Both are finding support at their 21-day lines.
12 p.m. ET
China Stocks Bolt Higher
China stocks jumped on news that the Chinese government said it will take a more “more proactive” fiscal policy and loosen monetary policy next year.
China-based online retailer Alibaba (BABA) bolted 8.3% in heavy volume. Shares retook the 21-day exponential moving average but remained below the 50-day line. Despite the strong action, Alibaba stock is around 21% below its high of 117.82, reached on Oct. 7.
Travel booking provider Trip.com (TCOM) lifted more than 10% and exploded above a choppy irregular base. The stock hit a new high on the stock market today. In addition, its relative strength line reached a 52-week high as shown by the blue dot on its IBD MarketSurge chart.
JD.com (JD) raced higher 12.2% as it reclaimed its 50-day line. The stock holds a best-possible 99 Relative Strength Rating. XPeng (XPEV) soared by nearly 15%.
Krane CSI China Internet (KWEB) exchange traded fund popped 11% the China-stimulus news. Shares are back in a buy zone up to 34.26 after reclaiming the 32.63 buy point of a Sept. 26 breakout. Alibaba is its third-largest holding in the fund.
Palantir Technologies (PLTR) reversed lower at midday, erasing a 6% early gain. The stock initially popped after it announced an expansion of its contract with the U.S. Special Operations Command in a deal valued at $36.8 million.
Despite the reversal, shares have gained over 350% so far this year. The IBD 50 and Big Cap 20 stock still holds best-possible 99 IBD Composite and Relative Strength Ratings, but shareholders should be on guard for a period of consolidation.
10:31 a.m. ET
Nvidia Drops, Tesla Pares Gains
IBD 50 and Leaderboard name Nvidia sank 2.4% and was back below the 140.76 buy point. The dip came after news that China’s State Administration for Market Regulation said it began an investigation into Nvidia on suspicion of antimonopoly violations.
Shares are below the 21-day exponential moving average and are testing the 50-day moving average.
Tesla (TSLA) reached an all-time high, topping the 400 level, before fading to a gain of 0.4%.
Advanced Micro Devices (AMD) sold off 3.3% after BofA Securities downgraded the stock to neutral from buy and cut its price target to 155 from 180.
Stock Market Today: Interpublic Pops On Deal News
Interpublic Group (IPG) soared nearly 10% in heavy volume following news that Omnicom (OMC) will buy the advertising company in an all-stock deal. The transaction is expected to be finalized in the second half of 2025.
Interpublic stock reclaimed its 200-day moving average but has underperformed, as shown in its weak Relative Strength Rating of 21. Omnicom slid around 6.7% on the news, according to MarketSurge.
Apollo Global Management (APO) pared gains to 1.7% while Workday (WDAY) spiked 6.9% on news that both will be added to the S&P 500 index before the market opens on Dec. 23. Apollo reached a record high on the stock market today.
AppLovin (APP) acted bearish after it didn’t make the S&P 500 index. Shares tumbled around 12% in heavy trading after hitting a fresh high Friday.
C3.ai (AI) increased 0.9% and reached a 52-week high on the stock market today. The company reports its fiscal second quarter results today after the market close.
IBD SwingTrader name Reddit (RDDT) powered up more than 3% after Morgan Stanley upgraded the social media stock to overweight from equal-weight and raised its price target to 200 from 70.
MongoDB (MDB) bumped up 4.4% ahead of the company’s fiscal third quarter earnings results due out after the close of trading.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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