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The stock market aimed to extend its rally into a fourth consecutive week on Monday, with all three major indexes showing improvement midday. Despite a shortened trading schedule due to the upcoming Thanksgiving holiday, investors remained active.
Key Points:
- The Dow Jones Industrial Average rose by 0.5%, the Nasdaq composite gained 1%, and the S&P 500 added 0.6% midday.
- All major indexes maintained positions above their 50-day moving averages.
- The Invesco QQQ Trust (QQQ) and Innovator IBD 50 ETF (FFTY) recorded gains, while the 10-year Treasury yield decreased to 4.42%.
Market Insights:
- The Federal Open Market Committee’s minutes, scheduled for Tuesday, may offer insights into the Federal Reserve’s outlook for interest rates.
- The Global X MSCI Argentina ETF (ARGT) surged over 12% after libertarian Javier Milei won Argentina’s presidential election.
Notable Stock Movements:
- Boeing (BA): Up 4.6% after Deutsche Bank upgraded the stock, reaching its largest one-day percent increase since July 26.
- Nvidia (NVDA): Edged 1.2% higher, positioned in the 5% buy zone ahead of its earnings report.
- CRISPR Therapeutics (CRSP): Up nearly 7% after UK regulators granted conditional approval for its gene CRISPR treatment.
- Palo Alto Networks (PANW): Rebounded over 5% following a sell-off post-earnings report.
- Dorian LPG (LPG): Catapulted around 9% after Jefferies upgraded the stock, reaching a 52-week high.
- Immunogen (IMGN): Plunged over 7% after Goldman Sachs initiated coverage with a neutral rating.
Other Stock Highlights:
- AeroVironment (AVAV): Jumped over 4% and is now above the buy range from a 123.34 handle entry.
- Palantir Technologies (PLTR): Advanced 4.7%, topping the buy zone from a 20.24 buy point.
- Full Truck Alliance (YMM): Soared after reporting 25% net sales growth in its third-quarter earnings report.
Market Analyst Ratings:
- PENN Entertainment (PENN): Gapped up over 6% after an upgrade from BofA Global Research.
- Chegg (CHGG): Tumbled over 5% following a downgrade by Morgan Stanley.
- Krispy Kreme (DNUT): Sank 1.8% after a downgrade by J.P. Morgan.
The market exhibited resilience amid a shortened trading week, with notable stock movements and analyst ratings contributing to the overall dynamic.
