The Dow Jones Industrial Average fell even as Boeing (BA) rose on news that Chief Executive Dave Calhoun is leaving the crisis-torn jet maker. Artificial intelligence players Super Micro Computer (SMCI) and Nvidia (NVDA) rallied while a Bill Ackman stock moved toward a buy point. And Donald Trump-linked Digital World Acquisition (DWAC) soared on the stock market today.
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Meanwhile, a trio of promising stocks are currently sitting near entries: Allstate (ALL), Badger Meter (BMI) and Ares Management (ARES).
Stock Market Today: S&P 500 Dips, Small Caps Rise
The shortened trading week was off to a slow start as indexes took a pause amid some recent gains. Remember, the stock market will be closed Friday ahead of Easter Sunday.
The Nasdaq composite was off lows but still down 0.1%. Leaderboard stock Dexcom (DXCM) performed well as it climbed nearly 5% and headed for a 52-week closing high.
The S&P 500 climbed 0.2% also. AI play Super Micro was the best-performing stock in the benchmark index as it gained more than 7%. It moved back above its short-term moving averages, MarketSurge analysis shows.
The S&P 500 sectors were mostly negative. Energy and utilities, the latter a defensive area, outperformed on the stock market today. Communication services and industrials were the worst-performing areas.
Small caps impressed, with the Russell 2000 holding a gain of 0.6%. Growth stocks were also giving the bears a black eye, with the Innovator IBD 50 ETF (FFTY) rising nearly 1%.
Dow Jones Today: Boeing Up, Disney Stock Shines
The Dow Jones industrials fell around 150 points. This equates to a decline of about 0.4%.
Boeing’s early gains faded, but shares remained up more than 1%. CEO Dave Calhoun announced plans to leave the company amid a broader shake-up. He departs at the end of the year.
The executive shuffling comes amid the Boeing 737 Max safety crisis and other quality issues. Calhoun is following in the footsteps of his predecessor, Dennis Muilenburg, who departed in 2019 after two 737 Max crashes.
But it was Walt Disney (DIS) that led the Dow industrials index today, as it popped more than 2%. It was boosted after Barclays upgraded the stock to overweight. The media giant is up around 31% so far in 2024.
McDonald’s (MCD) and Intel (INTC) were among the worst laggards on the stock market today. McDonald’s fell nearly 1.5%, with the chip stock turning in a similar decline.
Bill Ackman Stock Eyes Entry
Famed billionaire investor Bill Ackman is one of the world’s top hedge fund managers. One of the stocks held by his firm, Pershing Square, is currently nearing a buy point after a powerful run over the past 12 months.
That stock is Google-parent Alphabet (GOOGL). It’s one for your watchlist as it eyes an undefined consolidation pattern with an entry of 153.78, MarketSurge analysis shows. The stock was off session lows as it fell less than 1% today.
Along with Ackman, Big Money certainly seems to see a lot of potential in Google stock, with its Accumulation/Distribution Rating coming in at B-. In total, funds hold 41% of shares.
Google stock has been on a tremendous run over the past 12 months. Friday’s closing price of 150.77 means it rallied 43% on its level at the same time a year ago.
Magnificent Seven: Nvidia Stock Rallies, Tesla Digs In
The other so-called Magnificent Seven stocks were having mixed luck on the stock market today.
Tesla (TSLA) reversed higher as it gained more than 1%. This was impressive given that Mizuho Securities downgraded the stock from buy to neutral. It also lowered its price target to 195 from 310.
Leaderboard stock Nvidia (NVDA) was also shining, rising more than 1%. The AI play remains extended from its most recent buy point and is near all-time highs.
Amazon.com (AMZN) was also having a decent inning as it rose 0.6%
Meta Platforms (META) and Microsoft (MSFT) were both down around 1%. Apple (AAPL) fell 0.5%.
Stock Market Today: Donald Trump Stock Soars
It’s been a wild few days for Donald Trump stock Digital World Acquisition.
The Trump-linked special purpose acquisition company reversed lower Friday after shareholders voted to approve the long-expected merger with Trump Media & Technology Group.
However, the stock was in rally mode again Monday. It was surging amid the news that the former president had the size of his bond slashed for his New York fraud case. It was cut from $454 million to $175 million as he tries to appeal the civil business fraud judgment.
Digital World was up around 23%, sitting near session highs. It looks set to recapture the 50-day moving average.
The stock has made strong gains as the Trump push to gain his party’s nomination for president gained momentum. The stock is up around 160% thus far this year, and has an also-strong lift of nearly 17% in the last four weeks alone.
Outside The Dow Jones: 3 Stocks Near Buy Points
A number of stocks worth watching in the stock market today are nearing entries.
Insurance firm Allstate is forming a flat base with an ideal entry point of 168.05, according to MarketSurge analysis. The pattern is of the second-stage variety, a bonus.
The stock is in turnaround mode, with the firm returning to profitability in each of the past two quarters. Earnings are seen soaring around 1,200% in 2024 before slowing to still-impressive growth of 30% in 2025.
Badger Meter is in a cup-with-handle base with an ideal entry of 164.81. This is a first-stage pattern. While overall performance is strong, earnings performance is the standout. Earnings have grown an average 39% over the past three quarters.
The stock is a member of the highflying industrial machinery industry group. The company manufactures residential and commercial water meters.
Ares Management is another one to watch as it forms a flat base with an ideal buy point of 139.40. It is trying to move higher on the stock market today after getting support at its 21-day exponential moving average.
Overall performance is very strong, with its IBD Composite Rating coming in at 95. Earnings performance is particularly strong too, with Ares stock holding an EPS Rating of 97.
Please follow Michael Larkin on X, formerly known as Twitter, at @IBD_MLarkin for more analysis of growth stocks.
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Eugen Boglaru is an AI aficionado covering the fascinating and rapidly advancing field of Artificial Intelligence. From machine learning breakthroughs to ethical considerations, Eugen provides readers with a deep dive into the world of AI, demystifying complex concepts and exploring the transformative impact of intelligent technologies.
