The Dow Jones Industrial Average and the other major indexes were sluggish Monday morning. Dow Jones component Nvidia (NVDA) fell following news China is opening an investigation on the artificial intelligence leader, while Palantir Technologies (PLTR) jumped to a record high on the stock market today.
The Dow Jones industrials inched 0.1% higher. The tech-heavy Nasdaq was almost flat while the benchmark S&P 500 inched 0.2% lower. The small-cap Russell 2000 acted the strongest and gained 0.8%.
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Volume was higher on the New York Stock Exchange and the Nasdaq vs. the same time Friday.
The 10-year Treasury yield added three basis points to 4.19%. U.S. crude oil climbed to $68.37 a barrel. And bitcoin hovered just below the $100,000 level at around $99,700.
Stock Market Today: Nvidia Drops, Palantir Climbs
IBD 50 and Leaderboard name Nvidia sank 2.4% and was back below the 140.76 buy point. The dip came after news that China’s State Administration for Market Regulation said it began an investigation into Nvidia on suspicion of antimonopoly violations. Shares are below the 21-day exponential moving average and are testing the 50-day moving average.
Palantir Technologies trimmed early morning gains to 1% after it announced an expansion of its contract with the U.S. Special Operations Command in a deal valued at $36.8 million. Palantir stock reached an all-time high on the stock market today. Shares have gained over 350% so far this year. The IBD 50 and Big Cap 20 stock holds best-possible 99 IBD Composite and Relative Strength Ratings.
Tesla (TSLA) reached an all-time high, topping the 400 level, before fading to a gain of 0.4%.
Advanced Micro Devices (AMD) sold off 3.3% after BofA Securities downgraded the stock to neutral from buy and cut its price target to 155 from 180.
Stock Movers: Interpublic Pops On Deal News
Interpublic Group (IPG) soared nearly 10% in heavy volume following news that Omnicom (OMC) will buy the advertising company in an all-stock deal. The transaction is expected to be finalized in the second half of 2025. Interpublic stock reclaimed its 200-day moving average but has underperformed, as shown in its weak 21 Relative Strength Rating. Omnicom slid around 6.7% on the news, according to MarketSurge.
Apollo Global Management (APO) pared gains to 1.7% while Workday (WDAY) spiked 6.9% on news that both will be added to the S&P 500 index before the market opens on Dec. 23. Apollo reached a record high on the stock market today.
AppLovin (APP) acted bearish after it didn’t make the S&P 500 index. Shares tumbled around 12% in heavy trading after hitting a fresh high Friday.
C3.ai (AI) increased 0.9% and reached a 52-week high on the stock market today. The company reports its fiscal second quarter results today after the market close.
IBD SwingTrader name Reddit (RDDT) powered up more than 3% after Morgan Stanley upgraded the social media stock to overweight from equal-weight and raised its price target to 200 from 70.
MongoDB (MDB) bumped up 4.4% ahead of the company’s fiscal third quarter earnings results due out after the close of trading.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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