In the midday trades, the Dow Jones Industrial Average experienced a decline from its previous record highs. The technology company Nvidia saw a rebound after clearing a trendline entry, while Trump Media & Technology experienced a surge following a lockup expiration in the stock market.
The stock market today saw the Dow slip by 0.5%, with the S&P 500 also giving up some ground by falling nearly 0.1%. Both indexes had closed at record highs the previous day. The Nasdaq also experienced most of its early gains disappearing, trading only 0.1% higher.
Volume levels on the NYSE and Nasdaq were lower compared to the previous day at the same time. The small-cap Russell 2000 fell by 0.5%, while the Innovator IBD 50 ETF remained unchanged.
Progress Software broke out after a long consolidation period, with the software provider reporting positive results and increasing its full-year sales guidance. Similarly, Flowserve and Pegasystems also saw breakouts in the stock market.
In economic news, new-home sales for August beat consensus estimates. Amgen lagged in the Dow while Merck saw an increase in stock value. Technology and financial stocks had a mixed performance, with Intel rising due to news of a new AI chip, and Nvidia also seeing gains.
Automobile stocks faced downgrades, with General Motors, Ford, and Rivian all experiencing reduced ratings and lower price targets. Flutter Entertainment, however, jumped in stock value after announcing a $5 billion buyback program.
Overall, the stock market today provided a mix of ups and downs across various industries and companies. It will be crucial to monitor these trends and developments to make informed investment decisions.
