Nasdaq rises as small stocks shine
The technology-rich Nasdaq was the best performer among the major indices, rising 0.5%. Visible (NMSIt appeared here, with an increase of about 4%, and an attempt to break the flat base above the buy point 207.16.
The benchmark S&P 500 posted a more modest gain of 0.4%. Boston Scientific (bsx extension) did well here with gains of over 5%
S&P 500 sectors were mostly in positive territory. Real estate and telecom services were the best in the stock market today. Consumer discretion and health lag.
Smaller companies were outperforming, with the Russell 2000 index up nearly 1%. Growth stocks also had a strong session, with the Innovator IBD 50 ETF (FFTY) also by about 1%.
Dow Jones today: MMM shines, Boeing shares rise
The Dow Jones Industrial Average rose more than 100 points, or 0.4%, ahead of the close.
3M was shining brightly on the benchmark. It rose more than 5% amid a Bloomberg report that it had reached a preliminary settlement over lawsuits related to the company’s combat earplugs.
The company has agreed to pay more than $5.5 billion to resolve more than 300,000 lawsuits alleging that defective equipment caused military personnel to suffer hearing loss.
Kathy Wood buys this stock after the Monster Run
There are few fund managers watched more closely than tech investor Cathy Wood.
The CEO of ARK Invest made a bullish bet on the stock, which recently soared as much as 124% after the latest hack.
The bet appears to have paid off immediately, with the stock up more than 10% as the close approaches.
Archer Aviation is developing an eVTOL, which is intended to transport people as an air taxi service. The company is not profitable and no profits are expected in the next few years.
It has recently risen more than 124% after exiting the consolidation zone with a perfect entry point at 3.34.
However, IBD recommends that investors focus on stocks with an asking price of more than 10. The sharp decline in ACHR underscores the risks of dumping such cheap issues.
Despite this, it is in the top 1% of stocks in terms of price performance over the past 12 months.
Nvidia stock reverses upward as chips return
Nvidia stock was in positive territory ahead of the close. The red rose earlier in the session, up more than 1%.
NVDA is trading near the potential entry level of 480.88. It is also trading above its main and short-term moving averages.
It’s been a momentous year for Nvidia stock amid the growing enthusiasm for artificial intelligence. NVDA shares are up more than 226% so far this year.
Arrow is also a member of the prestigious IBD Leaderboard List of Top Stocks.
but, Advanced Micro Devices (AMD), Nvidia’s competitor in artificial intelligence, was basically flat.
Outside the Dow: 3 stock-kind entries
The market is still correcting, even though the indicators are trying to go higher. Here are some potential candidates for your watchlist.
Jubail formed a flat base with an ideal buy point of 115.25, MarketSmith’s analysis appears. It also saw its relative strength line reach new highs as it neared an entry point, which earned it a blue dot on its MarketSmith chart.
The overall performance is very strong, with the stock enjoying a strong EPS rating of 95 out of 99.
The contract manufacturer emerged Monday on the news that it will reduce its exposure to large customers apple (Camel) and operations in China by selling its mobility unit.
NOV Oil & Gas Industry Equipment stock approached entering the cup with a handle at 20.98. The RSI line has been looking strong lately.
All-around performance is strong here, with a composite IBD rating of 96.
Hubble is building the right side of a flat base. The perfect buy point here is 340.06. This is a Phase 2 pattern, which means that it holds a high potential for big gains.
Institutional investors have been net buyers lately, with a strong B- accumulation/distribution.
Please follow Michael Larkin on Twitter at @IBD_MLarkin For further analysis of growth stocks.
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