The Dow Jones Industrial Average managed to inch higher Monday, even as broad benchmarks struggled. Tesla (TSLA) tumbled on disappointing delivery data while World Wrestling Entertainment (WWE) got mauled amid merger news. Dow component UnitedHealth (UNH) popped as co-member Microsoft (MSFT) lagged.
XA trio of promising stocks tested buy points despite the challenging action. Leaderboard stock Royal Gold (RGLD), Tractor Supply (TSCO) and Marathon Petroleum (MPC) all attempted breakouts.
Treasury yields slipped. The 10-year yield fell 6 basis points to 3.43% while the two-year yield skidded 7 basis points to 3.99%. The yield curve remains inverted.
Energy stocks got a boost after OPEC+ announced a surprise production cut. West Texas Intermediate crude rose more than 6% to over $80 per barrel. It is now testing multi-month highs.
Nasdaq Falls And Small Caps Slip
The Nasdaq lagged most out of the major indexes, sliding 0.6%. Atlassian (TEAM) was one of the worst underperformers as it skidded around 5%.
The benchmark S&P 500 reversed higher, gaining 0.2%. Energy stocks shined, with Halliburton (HAL) gaining around 8%.
The S&P 500 sectors were mixed. Not surprisingly, energy and health posted the strongest gains. Consumer discretionary and real estate were the worst groups.
Small caps lagged, dropping the Russell 2000 0.6%. Growth stocks were off lows but the Innovator IBD 50 ETF (FFTY) remained down 0.4%.
Dow Jones Today: UNH Shines, Microsoft Stock Lags
The Dow Jones fared best out of the major indexes, up around 300 points, or just under 1%.
UnitedHealth (UNH) was the index's top performer, popping nearly 5%, bolstered by Friday's announcement of new Medicare rules.
Chevron (CVX) also impressed, rallying more than 4% and gappingabove its 200- and 50-day moving average, MarketSmith analysis shows.
Salesforce (CRM) lagging, dipping nearly 2%. Microsoft also lagged, falling nearly 1%.
Tesla Stock Dives On Deliveries
Tesla has staged a big rally so far in 2023, but came under severe pressure Monday, hammered by reports of total Q1 2023 deliveries of 422,875 and production of 440,808. This was well below analyst estimates for deliveries of around 432,000 vehicles, according to FactSet data.
TSLA stock lost more ground on its 200-day moving average but is holding clear of its 50-day line. It is close to a test of the 21-day exponential moving average.
The stock remains up nearly 80% so far in 2023, a powerful rally but is well off historical highs.
CEO Elon Musk's brain-child has a robust IBD Composite Rating of 89 out of 99. Earnings have turned into a key strength, holding a perfect 99 EPS Rating.
WWE Stock Slammed Amid Merger Talk
World Wrestling Entertainment stock was smashed off of the top turnbuckle amid merger news Monday.
It was down almost 5% amid reports will merge with mixed martial arts giant UFC in a new publicly-traded company controlled by Endeavor. WWE is being valued at $9.3 billion while UFC is being priced at $12.1 billion.
On the open market, World Wrestling Entertainment currently has a market cap of $6 billion, according to IBD data.
Entertainment firm Endeavor will own a 51% stake while WWE shareholders will own the remaining 49%.
Due to the deal's structure, longtime WWE CEO Vince McMahon will still hold a big stake.
It was not just WWE stock that took a tumble though. Endeavor plunged nearly 7%.
Outside Dow Jones: Leader Among Breakouts
Royal Gold attempted to break out past a cup-with-handle entry of 131.99. It is now just below the level.
The miner acquires and manages precious metal stream and royalty interests and is a member of the prestigious IBD Leaderboard list of top stocks.
Tractor Supply is sitting in a buy zone after racing past a flat base entry of 239.76.
All-around performance is strong, with the stock holding an IBD Composite Rating of 95 out of 99. Earnings are mighty.
Marathon Petroleum is just below its entry after it attempted to break out of a consolidation pattern with a 136.56 buy point.
MPC stock is in the top 6% of stocks in terms of price performance over the past 12 months.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more analysis of growth stocks.
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