Stock Market Today: Dow Loses Nearly 250 Points As Nvidia Falls; Precious Metal Stocks Hammered (Live Coverage)

The Dow Jones Industrial Average and other major indexes ended Monday with losses on a holiday-shortened week. Precious metals names were especially hit hard as gold fell more than 4% and the price of silver plunged around 7% on the stock market today after hitting a new high.

The Dow closed the day down 0.5%, shedding 249 points. Nvidia (NVDA) was a big Dow loser with a 1.6% drop, following two weeks of impressive gains. The S&P 500 retreated nearly 0.4%. Last week, the S&P 500 and the Dow each made record closing highs.

Meanwhile, the Nasdaq composite on Monday pulled back 0.5%. Small caps also felt pain, with the Russell 2000 dropping 0.6%.

Volume was higher on the Nasdaq exchange and considerably higher on the New York Stock Exchange compared with Friday, in preliminary numbers, though both trading sessions were light due to the holiday season. On the Nasdaq exchange, falling stocks topped rising issues by nearly 5-to-2. On the NYSE, losers edged out winners by 5-to-3.

Elsewhere, the 10-year Treasury yield shed three basis points to 4.11%. Oil prices climbed 2% to around $57.85 a barrel. Bitcoin eased to just under the $87,200 level.

Among exchange traded funds, the Invesco QQQ Trust (QQQ) gave up 0.5%. The SPDR S&P 500 ETF (SPY) slid 0.4%.

Tesla fell 3.3% and extended its losing streak to four sessions. Shares closed below their 21-day line.

3:41 p.m. ET

Stock Market Today: Micron Hits New High

Micron Technology (MU), a member of Investor’s Business Daily’s MarketSurge Growth 250 list as well as the IBD 50 lineup, advanced more than 3% and hit an all-time high. Micron was the biggest gainer on the S&P 500 Monday.

Shares have soared since breaking out of a cup-with-handle base with a 128.60 buy point in September. The chip stock has rallied nearly 250% year to date and holds a 98 IBD Relative Strength Rating. And its robust earnings and sales growth helped it earn a best-possible IBD Composite Rating of 99.

Meanwhile, Tesla (TSLA) fell another 2.5% and is on pace for four straight days of losses. Shares are back below a 474.07 cup base entry and have pulled back to their 21-day line, seeking support.

2:50 p.m. ET

Reddit Nears Buy Point

Reddit (RDDT), a member of Investor’s Business Daily’s Leaderboard watchlist as well as the IBD 50, gained more than 3%. Shares traded in light volume, however, but bounced off their 21-day exponential moving average. Shares of the online discussion platform are nearing a 246.15 buy point from a cup-with-handle base.

Nutex Health (NUTX) led the IBD 50 with a rally of more than 4%. Shares of the health care facilities operator sit above a long base that began in May and are extended from a recent-high buy point of 158.

The stock has been a high performer with its 479% gain this year and has outperformed 99% of the stocks that IBD tracks. Nutex ranks No. 3 out of 13 stocks in IBD’s Medical-Hospitals industry group.

1:42 p.m. ET

Biopharma Names On The Move

Praxis Precision Medicines (PRAX) gapped up more than 12% and hit a level not seen since November 2021. Shares spiked after the company said the U.S. Food and Drug Administration granted Breakthrough Therapy Designation on its ulixacaltamide treatment for essential tremor, a neurological disorder that causes patients to shake involuntarily.

Shares traded around 303 in recent action. The biopharmaceutical stock has seen tremendous growth since it broke out of a cup-with-handle base with a 55.86 buy point in October. Praxis specializes in developing therapies for central nervous system disorders. The company does not have any FDA approved medicines and is not yet profitable.

At the same time, Ultragenyx Pharmaceutical (RARE) stock plunged 43% in huge volume and trading in its stock was temporarily halted Monday morning. The drop came after the company said results from Phase 3 studies on its monoclonal antibody named setrusumab did not achieve statistical significance against the primary endpoints for reduction in fracture rate. Setrusumab is being tested as a treatment for osteogenesis imperfecta, a disease causing brittle bones.

In addition, Wedbush slashed its price target to 23 from 35 and held its neutral rating on shares of the company, which focuses on developing treatments for rare genetic diseases. Ultragenyx has not turned a profit.

11:46 a.m. ET

Gold Names Tumble

Gold, platinum, palladium and copper all joined silver in Monday’s sell-off as investors took some profits. IBD 50 gold names were hit hard.

Harmony Gold Mining (HMY) slid nearly 8% and fell back below a 20.06 buy point from a cup-with-handle base before improving slightly. Shares had recently topped the buy zone. Harmony pulled back to its 21-day line on the stock market today.

AngloGold Ashanti (AU) skidded more than 6% before trimming its loss to 6% in recent trades. It also reached an all-time high on Friday. Similarly, Aura Minerals (AUGO) ceded nearly 8% after a record high on Friday. Shares have gained around 321% this year and were extended from a profit zone out of a cup base with a 41.04 buy point.

Agnico-Eagle Mines (AEM), Kinross Gold (KGC) and Gold Fields (GFI) weren’t spared either as each lost between 4% and 7% before seeing improvement. Newmont (NEM) dropped more than 5% and was the biggest loser on the S&P 500 Monday.

Copper miner Freeport-McMoRan (FCX) fell more than 2% after five straight weeks of gains.

Silver prices plummeted, spurring a slide of more than 8% in the iShares Silver Trust (SLV) exchange traded fund after a record high on Friday. Pan American Silver (PAAS) also plunged, losing more than 5%. Gold prices gave up more than 4%.

10:22 a.m. ET

Stock Market Today: DigitalBridge Spikes On Buyout News

DigitalBridge Group surged nearly 10% in heavy volume after Japanese firm SoftBank Group (SFTBY) said it will purchase the company for a total enterprise value of $4 billion. The stock had already surged 45% in enormous volume on Dec. 5, on an initial Bloomberg report the two were in deal talks.

DigitalBridge stock is now extended from a buy zone of a consolidation pattern with a 14 buy point. The digital infrastructure investment company invests in businesses including data centers, cell towers, and fiber networks.

SoftBank Group gained 0.4% and tested its 21-day exponential moving average. Shares have lost around 37% from its peak of 90 on Oct. 29, but have gained around 97% year to date.

9:48 a.m. ET

Nasdaq-100 Winners, Losers

Among the Nasdaq-100 index stocks, Verisk Analytics (VRSK) and Constellation Energy (CEG) rallied more than 1% apiece, making them some of the best performers just after the market open.

Meanwhile, AppLovin (APP) and Advanced Micro Devices (AMD) tumbled 2.5% and 1.9%, respectively, in morning trade.

9:02 a.m. ET

Dow Jones Movers: Walmart, Apple, Nike

Inside the blue chip index, Walmart (WMT) rose modestly, still in buying range above a 109.58 buy point in a flat base.

On the downside, Apple (AAPL) and Nike (NKE) declined 0.4% and 0.7%, respectively.

7:55 a.m. ET

Nvidia, Tesla Slide

Nvidia stock declined more than 1% premarket Monday, on pace to give up Friday’s 1% advance following last week’s bullish gains. Shares remain above their 50-day moving average line and an early entry at 188.

Tesla shares also slipped more than 1%, threatening to extend a losing streak to four sessions. Amid the losses, the electric-vehicle giant is set to open below its latest buy point at 474.07.

Stock Market Today: Fed Minutes Loom

There will be scarce economic data in the holiday-shortened week. Unlike Christmas Eve, the stock market will not close early on New Year’s Eve, but it will be closed on Thursday, New Year’s Day.

The key releases are the minutes from the Federal Reserve’s latest policy meeting, due out Tuesday, and the Labor Department’s weekly jobless claims, expected Wednesday. Pending home sales data for November is due Monday at 10 a.m. ET.

Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jone s Industrial Average and the stock market today.

Follow Kimberley Koenig for more stock market news on X, the platform formerly known as Twitter, @IBD_KKoenig.

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