The Dow Jones Industrial Average gained as Caterpillar (CAT) excelled after the passage of the $1 trillion infrastructure bill. Advanced Micro Devices (AMD) rocketed higher amid a deal with Facebook parent Meta Platforms (FB). Tesla (TSLA) tumbled after CEO Elon Musk floated a big stock sale.
A slew of stocks managed to pass buy points amid the bullish action. Alpha & Omega Semiconductor (AOSL), GitLab (GTLB) and Ultra Clean (UCTT) all moved above entries.
XS&P 500 Passes Milestone As Growth Stocks Lead
The Nasdaq saw some gains melt away, but still closed up about 0.1%. AMD stock faring best. Xilinx (XLNX) also stood out, thanks to a gain of nearly 5%.
The S&P 500 was also slightly higher, rising 0.1%. It also managed to close above the 4,700 mark for the first time. Mining stock Freeport-McMoRan (FCX) was among the best gainers here, rising more than 6%.
A slender majority of the S&P sectors closed positive, with materials and energy leading. Consumer staples and utilities were the worst laggards.
Small caps rose amid mild gains among financials, with the Russell 2000 moving up 0.3%.
Growth stock bulls managed to trample the bears, with the Innovator IBD 50 ETF (FFTY) finishing with a 1.3% gain. While AMD was winning headlines, MP Materials (MP) fared best with a gain of just under 14%.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 36431.39 | +103.44 | +0.28 |
| S&P 500 | (0S&P5) | 4701.72 | +4.19 | +0.09 |
| Nasdaq | (0NDQC ) | 15982.36 | +10.77 | +0.07 |
| Russell 2000 | (IWM) | 242.50 | +0.69 | +0.29 |
| IBD 50 | (FFTY) | 52.28 | +0.68 | +1.32 |
Last Update: 4:04 PM ET 11/8/2021 |
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Dow Jones Digs In As Caterpillar Stock Excels
The Dow Jones Industrial Average managed to dig out a gain of about 0.3%, which was enough to make it the leading major index for Monday.
Caterpillar (CAT) was the top stock on the Dow Jones today. It closed up about 4% in heavy volume.
Nevertheless, the stock needs to retake its 200-day moving average going forward. It briefly peeked above this level before reversing.
It has been lagging the key technical benchmark for more than two months.
CAT stock is currently looking to form the right side of a 22-week consolidation with a 246.79 buy point, according to MarketSmith analysis.
AMD Stock Rockets On Facebook Deal
AMD stock spiked higher after the firm confirmed it won Facebook parent Meta as a data center chip customer.
The social media giant has adopted AMD's Epyc to power its infrastructure and the buildout of Frontier, the first U.S. exascale supercomputer.
The company also announced the MI200 accelerator chip, which aims to speed up tasks such as machine learning and artificial intelligence.
AMD stock was off highs but still managed to post a gain for the day of more than 10%. It is a member of the prestigious IBD Leaderboard list of leading growth stocks.
The chip giant has hit its 20% profit goal from a 114.59 entry and triggered the eight-week hold rule after hitting the mark in rapid order.
Tesla Stock Falls After Elon Musk Floats Sale
Tesla gapped down in big volume after CEO Elon Musk asked Twitter users whether he should sell a 10% stake in the EV giant.
Poll results came back with 58% to 42% in favor of the stock sale. Musk said on Twitter he was "prepared to accept either outcome."
Despite its dip, Tesla had already looked ripe for a pullback after surging nearly 40% above a 900.50 buy point in only two weeks.
Tesla stock staged a partial recovery after finding support at its 10-day moving average, but still closed down nearly 5%.
The stock remains well extended after recently triggering the 8-week hold rule from the 900.50 cup with handle entry.
Tesla stock is also a member of the IBD Leaderboard, and is currently a three-quarters sized position.
These 3 Stocks Pass Buy Points
Alpha and Omega Semiconductor is in a buy zone after breaking past a cup-without-handle buy point of 43.10.
Overall performance is excellent here. In addition, this is a second-stage base. IBD research finds these are more likely to lead to rich gains.
Earnings have jumped by an average of 307% over the past three quarters, which is well clear of CAN SLIM requirements.
GitLab closed below its entry after rising above an IPO base buy point of 132.44. Investors should remember that new issues can be very volatile.
Nevertheless, the RS line is spiking. The company offers a code-sharing platform that competes with Microsoft's GitHub. It went public at 77 per share.
Semiconductor equipment stock Ultra Clean sits a hair under its buy zone after rising above a double-bottom base entry of 59.27.
The stock has seen its relative strength line gain traction of late. It offers solid price and earnings performance.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.
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