The Dow Jones Industrial Average fell Monday, as bitcoin surged above $42,000 for the first time since April 2022. Nvidia and Tesla stock sold off in morning action. X Early Monday, the price of bitcoin briefly topped $42,000, according to CoinDesk, its highest level in 20 months. Bitcoin jumped more than 5% over the past 24 hours, trading around $41,600 in morning trade. Shares of cryptocurrency exchange Coinbase (COIN) rallied 7% Monday morning, further above a 114.43 cup-base entry. Uber Technologies (UBER), along with Jabil (JBL) and Builders FirstSource (BLDR) will join the S&P 500 before the market open on Monday, Dec. 18. Uber stock jumped 4%, while Jabil and BLDR stock were each up more than 2%. On the economic front, Friday’s jobs report from the Labor Department headlines the week. Wall Street economists expect the November employment report to show that employers added 175,000 jobs last month as the unemployment rate held at 3.9%. It is the last major jobs report ahead of the Federal Reserve’s mid-December meeting. The ADP monthly private-sector employment report is out Wednesday. Key earnings reports this week include AutoZone (AZO), Broadcom (AVGO), C3.ai (AI), Lululemon Athletica (LULU) and MongoDB (MDB), along with Ollie’s Bargain Outlet (OLLI) and Toll Brothers (TOL). Dow Jones Today: Oil Prices, Treasury Yields After Monday’s opening bell, the Dow Jones Industrial Average dropped 0.3%, while the S&P 500 moved down 0.7%. The tech-heavy Nasdaq composite lost 1% in morning action. Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) dropped 1%, while the SPDR S&P 500 ETF (SPY) fell 0.8% early Monday . The yield on the 10-year U.S. Treasury bond ticked higher to 4.24%. Late Friday, the benchmark was at 4.22%, its lowest close since early September. Oil prices threatened to extend a losing streak to three sessions Monday, as West Texas Intermediate futures fell nearly 1%. WTI traded below $74 a barrel. IBD’s latest newsletter MarketDiem gives you actionable ideas for stocks, options and crypto right in your inbox Stock Market Rally On Friday, the Nasdaq composite squeezed out a solid 0.6% gain. The S&P 500 rose to a new 2023 high and moved further above its own 50 -day moving average as it gained 0.6%. Both the Nasdaq and the S&P 500 have now risen for five weeks in a row. Friday’s Big Picture column commented, “Advancers outnumbered decliners by almost 6-to-1 on the New York Stock Exchange and by just over 3-to-1 on the Nasdaq. The broader participation is a good sign for the stock market as it looks to continue its advance into the festive season.” Now is an important time to read IBD’s The Big Picture column amid the continuing stock market rally. Be sure to read how to invest during the ongoing stock market uptrend. Learn How To Time The Stock Market With IBD’s ETF Market Strategy Stock Market Today: Best Stocks To Watch Advanced Micro Devices (AMD) and IBD Leaderboard stock Amazon.com (AMZN), along with IBD SwingTrader stock Cloudflare (NET) and MongoDB (MDB) — as well as Dow Jones stocks UnitedHealth (UNH) and Visa (V) — are among the best stocks to watch in the current market rally. AMD and Visa featured in this Stocks Near A Buy Zone column. AMD was a recent IBD Stock Of The Day. Dow Jones Stocks To Watch Health care giant UnitedHealth remains above a handle entry at 546.78 despite Friday’s 1.1% drop. UNH stock was up 0.4% Monday. Payments leader Visa is in buy range above a 250.06 buy point in a cup base, according to IBD MarketSmith pattern recognition. V stock fell 0.4% early Monday. Stocks To Buy And Watch: MDB Breaks Out IBD Leaderboard stock Amazon is holding above its cup base’s 145.86 buy point amid Friday’s 0.6% gain. Shares remain sharply above an early entry at 134.48. AMZN lost 1.3% Monday morning. Chip leader AMD is trying to break out past a 122.11 buy point in a cup with handle, according to IBD MarketSmith pattern recognition, but stayed below that entry Friday. Shares were down 1.3% Monday. IBD SwingTrader stock Cloudflare remains above a 76.07 cup-base buy point after last week’s breakout move. NET stock rose 0.3% early Monday. Lastly, MongoDB extended its breakout gains Friday, with a 4.7% rally. Earnings are due out late Tuesday. MDB stock fell 0.2% Monday. Best Stocks In Today’s Stock Market Action These are four best stocks to watch in today’s stock market, including a Dow Jones leader. Source: IBD Data As Of Dec. 4, 2023 YOU MAY ALSO LIKE
Stocks Fall As Bitcoin Surges Above $42,000 – WorldNewsEra
