The major stock indexes ran broadly higher in today’s stock market action. Stocks jumped in early trade Monday after Canada agreed to join the trade agreement between the United States and Mexico. Tesla (TSLA) stock surged after CEO Elon Musk settled his lawsuit with the Securities and Exchange Commission. Top growth stock Nvidia (NVDA) advanced to a new high and is now extended. (For updates on this story and other market coverage, visit the Stock Market Today.)
The Dow Jones industrial average led the major indexes with a 0.9% advance. The S&P 500 and tech-heavy Nasdaq followed up with gains of 0.7% apiece.
Intel, F5 Networks Downgraded
Dow stock Intel (INTC) dropped 1% after being downgraded at Barclays. The analyst reduced the rating from equal weight to underweight, while lowering the price target from 53 to 38. The stock is finding resistance near its down-trending 50-day moving average line amid a correction that began in early June.
F5 Networks (FFIV) fell 4% on Piper Jaffray’s rating downgrade. The analyst cut the stock from neutral to underweight. Shares remain about 3% from a flat base’s 183.37 buy point after a breakout on Aug. 20.
Apple (AAPL) is nearing a fresh record high with an over-1% advance Monday. The stock found support near its 10-week moving average and is about 18% from a flat base’s 194.30 buy point.
After the Stock Market Close
After the stock market close, Stitch Fix (SFIX) will report its quarterly earnings results. Analysts expect the company to report adjusted earnings of 4 cents per share on revenue of $318.9 million. The stock found support at its 10-week line last week.
Tesla (TSLA) accelerated 16% to the upside after CEO Elon Musk settled with the SEC. Musk will remain CEO of the electric automaker but must resign as chairman within 45 days and cannot be reelected to the role for three years. Tesla will also pay a $20 million fine. Shares are back above the 300 price level after plunging nearly 14% Friday.
IBD 50 Stocks: Nvidia Moves Out Of Buy Range
Among the top growth stocks, graphics-chip maker Nvidia advanced out of the 5% buy range from a flat base’s 269.30 entry Monday, according to MarketSmith chart analysis. The stock received a boost Friday from a price-target hike, gaining over 5%. Shares moved up over 2% and hit a new high.
On the downside, Veeva Systems (VEEV) fell almost 2% after Canaccord Genuity downgraded the software stock from buy to hold. Shares are about 29% from a double bottom’s 84.34 entry.