Stocks launched in mixed trade Monday, as techs lagged, while commodities staged a broad-based rally. Miners led among growth stocks, with Freeport-McMoRan, Cleveland Cliffs and Southern Copper notching strong early gains. Germany’s BioNTech soared on first-quarter results. And Chevron easily led the Dow Jones today, as Apple, Intel and Microsoft lagged.
The Dow Jones Industrial Average rattled off a quick 250-point gain at the open, up 0.7% as it tacks toward a sixth straight advance and marks a new record high. The S&P 500 sagged 0.1%. The Nasdaq Composite shed 1.4% on the stock market today, as China’s JD.com (JD) and Trip.com (TCOM) dragged at the bottom of the list.
Facebook (FB) also dragged on the Nasdaq, down 3.1% after Citi downgraded the stock to neutral, from buy.
Freeport-McMoRan (FCX) ran near the top of the S&P 500, climbing 4.4% as copper, iron ore and gold prices rallied. Freeport is angling to extend its rally to a sixth day, up about 17% since clearing a 37.71 buy point in what IBD MarketSmith analysis plots as a double-bottom base.
Gasoline prices posted moderate gains, due to closure of a critical pipeline caused by a cyberattack, helping to send oil-related stocks to six of the 10 largest early moves on the S&P 500 list.
Stocks to watch for Monday, according to IBD’s Investing Action Plan, include Ruth’s Hospitality (RUTH), which is back above a 26.97 buy point. MarineMax (HZO) is just above a 64.09 entry. Deere (DE) has broken out from a 392.52 buy point. Thor Industries (THO) is below a 148.18 entry, and rival Winnebago (WGO) is working on an 87.63 pivot. Jefferies Financial (JEF) is nearing a 34.96 buy point but is already above a 33.68 early entry.
After the closing bell, Maravai Life Sciences (MRVI), Trex (TREX) and Virgin Galactic (SPCE) are among the companies set to report. Trex ended Friday in a buy range, above a 107.74 buy point in a cup base.
Chevron Paces Dow Jones Today
Chevron (CVX) easily led the early action on the Dow Jones today, rising 2.4% as gasoline prices jumped. Tech stocks impeded progress for the Dow, with Intel (INTC), Microsoft (MSFT) and Apple (APPL) hanging at the bottom of the list.
The Dow Jones returns after a week-long break from the earnings roster with Walt Disney (DIS) reporting its fiscal second-quarter results late Thursday. Analysts polled by Zacks Investment Research expect earnings to fall 55% year over year to 28 cents. They see revenue declining 10% to $16.1 billion compared to the year-ago quarter.
Earnings News: BioNTech,
BioNTech (BNTX) scrambled 8.3% higher, after reporting above-forecast first-quarter results. The Germany-based biotech also announced plans to establish a fully integrated mRNA manufacturing facility in Singapore, set to be operational in…
Go to the news source: Dow Jones Today Rides Commodities Rally To New High, Nasdaq Lags; Freeport Jumps…