The stock market’s early rally faltered but then regained momentum in late morning trade. Top stock Nvidia (NVDA) rose in early trade, while music streaming service Spotify (SPOT) will debut in the stock market today.
The Nasdaq composite, after briefly turning negative, was back near session highs with a 0.8% gain. Meanwhile, the S&P 500 and Dow Jones industrial held gains of 0.8% and 0.9%, respectively. The S&P 500 has moved back above its 200-day line.
Among the Dow Jones industrials, UnitedHealth Group (UNH) advanced 2.5%, but remains just under its 50-day line. Shares are trying to shape the right side of a potential base.
Verizon Communications (VZ) edged up 0.1% after nearing its recent lows. Shares are under their 50- and 200-day lines.
Electric automaker Tesla (TSLA) rose just 2% after being up as much 6.9% early Tuesday. The company reported its Q1 production data that saw the company produce more than 34,000 vehicles, including almost 10,000 Model 3 cars. Tesla also announced it will not require an equity or debt raise this year. The stock hit a new 52-week low Monday with a more than 5% decline.
Several FANG stocks were volatile. Video streaming giant Netflix (NFLX) rose nearly 4% early, gave that all back before rebounding to up 2%. The stock is trying to regain its recently lost 50-day support level. Meanwhile, Leaderboard stock Amazon.com (AMZN), which briefly went negative, rose 1.3%. The e-commerce name is still under its 50-day line after a number of a big down days.
Embattled social media firm Facebook (FB) slid 0.4%, as it trades nearly 20% off its all-time high.
Music streaming service Spotify will go public today under the ticker symbol SPOT via a direct listing. Like many new issues, shares are expected to be volatile. The company plans to offer as many as 55.7 million ordinary shares.
Inside The IBD 50 Stocks
Among leading growth stocks, graphics-chip maker Nvidia advanced 3%, but remains stuck under its 50-day moving average line. Shares have been struggling to build upon a Jan. 8 breakout above a 218.77 cup-shaped base entry.
On the downside, Floor & Decor (FND) rose 0.4% after briefly undercutting a 51.58 cup-base buy point.
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