The Dow Jones Industrial Average closed higher on Monday despite resistance to House Speaker Mike Johnson’s plan to avoid a government shutdown. Meanwhile, popular investor Cathie Wood bought a declining stock, and Tesla (TSLA) surged due to a Cybertruck move, while other notable stocks such as Nvidia (NVDA) and Apple (AAPL) had mixed results. A trio of prominent names tried to make breakouts despite varied performance.
House Speaker Mike Johnson unveiled a two-step plan to prevent government shutdowns that is in danger of facing opposition from a group of conservative lawmakers led by Rep. Marjorie Taylor Greene, and Rep. Chip Roy, and received criticism from the White House Press Secretary Karine Jean-Pierre.
Early in the session, stocks struggled after Moody’s Investors Service cut its outlook on U.S. debt to negative. The fix retains its AAA rating on U.S. sovereign debt for now.
The ten-year Treasury note inched up 1 basis point to 4.64%, while the 30-year rose 2 basis points to 4.75%. The Nasdaq dropped slightly, falling 0.2%. The S&P 500 also dipped, slipping 0.1%.
Boeing (BA) had a significant rise on the Dow, and on the flip side, Nike (NKE) and Intel (INTC) lagged the most. Electric-vehicle stock Lucid (LCID) performed well with a 4.5% gain.
Cathie Wood bought a large number of shares of the declining digital ad firm, Trade Desk (TTD), showing courage in the face of heavy financial losses for the company. The other stocks recently picked up by Wood’s ARKK fund were Unity Software (U) and DraftKings (DKNG).
Tesla stock had the highest gains today, with a 4.2% increase. Other “Magnificent Seven” stocks such as Nvidia (NVDA) and Meta Platforms (META) rose, while Microsoft (MSFT) and Apple (AAPL) dropped.
In the world of small-cap stocks, the Sprott Uranium Miners ETF (URNM) and PTC (PTC) are showing promising signs of strong performance. However, Camtek has cleared a consolidation pattern entry, but it is a risky move due to upcoming earnings.
Readers may want to follow Michael Larkin on X, formerly known as Twitter, at @IBD_MLarkin for more analysis of growth stocks.
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