The Dow Jones Industrial Average and other major indexes rose sharply midday Monday. The Dow rose 0.6%, or more than 200 points, while the S&P 500 gained 0.4%. The Nasdaq was up 0.5% in the stock market today.
January inflation data is due Tuesday. Economists expect inflation to rise 0.2% after rising 0.3% in December. On an annual basis, they forecast the consumer price index will fall to 3%, from 3.4% in December. January retail sales are expected to fall 0.1% on Thursday after growing 0.6% in December, according to Econoday. Excluding vehicles, economists expect an increase of 0.2%.
The SPDR S&P 500 ETF trust (TO SPY) gained 0.4% on the stock market today.
Volume on the NYSE and Nasdaq was lower than at the same time Friday. But the width was strong. The Advancers beat the Decliners by nearly 3-1 on the Nasdaq and about 4-1 on the NYSE.
The small-cap Russell 2000 index held up with a solid 1.8% gain. The index is on track for a three-day winning streak as it makes gains above the 2,000 level.
The Innovative IBD 50 ETF (FFTY) added 0.2% after a three-day rally.
The yield on the benchmark 10-year Treasury note fell less than a basis point to 4.18%.
Dow Jones, stock market today
Intel (INTC) rose but other technology stocks lagged the Dow Jones. Apple (AAPL) fell further below the 50-day moving average. Selling power (RCMP) also fell with fourth-quarter results due on February 28.
Retail stocks in the Dow Jones industrial sector performed well.
Outside the Dow, video imaging company Projector imaging (BMR) added even more to the morning's 500% gain and was up 900%. The company has partnered with Nvidia (NVDA) and will present the results of his research on an automated video cloud service. BMR was trading around 2 per share in pre-market trading, but was at 24 at midday.
Meanwhile, Nvidia CEO Jensen Huang observed at a global summit that spending on data centers is set to double over the next few years. NVDA stock hit another all-time high on Monday. Fourth-quarter results are scheduled for February 21. Analysts at Melius Research increased their price target on Nvidia from 750 to 920.
Actions of monday.com (MNDY) plunged 9% after the software company reported fourth-quarter results. Although beating expectations, the company's outlook was disappointing. Stocks reduce some losses.
Oil deal raises FANG
In energy news, Diamondback Energy (CROC) plans to buy private oil and gas producer Endeavor Energy Resources for $26 billion. FANG has rebounded today from its 50-day moving average in the stock market and is building a base.
The cash and stock deal follows several other recent deals in the oil and gas producer group, including Exxon Mobile(XOM) deal with Pioneering natural resources (PXD). Last year, supported by Warren Buffett Western oil (OXY) entered into a similar agreement with CrownRock.
Cadence Design Systems (CDNS) will report its fourth quarter results after the market closes today. Also on deck with winnings on Monday, Lattice Semiconductor (LSCC) has resumed the 50-day moving average and is testing resistance around 71. In medical research services, Medspace Holdings (MEDP) broke out last week and is in a buy zone from a 317.57 buy point ahead of earnings after the market close today.
NXP Semiconductors (NXPI) breaks out to 238.27 today. The stock returned to the 50-day line after the results were announced on February 5.
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