Nasdaq Hits Record High; Apple, CVR Energy, Palantir In Focus

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0:17Good afternoon, everyone, and welcome to Stock Market Today for Tuesday, September 9th. It's Alexis Garcia here. And stocks ticked higher today as investors reacted to more jobs data coming in, showing some further weakness in the labor market. And we also had an Apple event thrown into the mix there as well. And here with us to help break down all of today's market action is IBD News Editor Ed Carson. Ed, we've got to stop meeting like this. We're just going to have to get started. We're going to do a lot of this week. I feel like that's more of a threat to our viewers. as a promise, but what do you have on the docket for us today?

0:58I want to take a look at Apple, CVR Energy, and Palantir Technologies. All right. Well, we'll get to those stocks, but let's check in on the major indexes first, because we had some record closes, near record closes of S &P 500 up about three-tenths of a percent today, the Dow up four-tenths of a percent, the NASDAQ also closing the day almost up four tenths of a percent. And small caps, which have been so strong, taking a little bit of a hit today down about six tenths of a percent. So, Ed, let me get my screen share going here and let's talk some stocks. We'll start with the S &P 500. This one inching towards record highs, probably had a record close here today.

1:43But thoughts here with the market? Yeah, nice, nice day for the market or just okay day a bit somewhere between okay and nice uh we're right at highs we're still at the very top top top of a range so that that's still a possibility we could always sink back into it but we're also seem to be at the cusp can we make another leg here so it'll be really interesting to see uh the breadth wasn't particularly strong today but you know but even with apple being down and maybe nvidia not doing much there were a number of leading stocks there were a number of buy signal. So it was sort of, you know, for stock pickers, it was a good day.

2:18For the broad market, it was okay. It's hard to get too upset when you're at record closes for the S &P and the Dow. And the NASDAQ did peak out to a record high, it appears. Yeah, the Dow is still acting just below some record highs. But you can see they're sort of still at the top of that range. So there were buying opportunities. Just be ready in case we flip back down. But But it's definitely been a time to be heavily invested in looking for new buying opportunities. All right. Well, let's jump on over to the NASDAQ because, as you mentioned, record high here today. Thoughts here with the tech heavy index?

2:55Yeah. I mean, this one had the clearest range in the last couple of days. So it's been trying to get through it. So it's moving higher. There was a lot of there were some strong moves and not just in tech names, but there were definitely some positive leadership roles. And, yeah, it just it's a general trend. I mean, I can nitpick here and there. It's like, oh, it always could come down. But look, the market has made a nice bounce last week off the 50 day line, basically. And since then, we've been sort of trending higher. We're at record highs. This is a pretty good market. All right. And let's check in on small caps quickly, because this has been showing some strength.

3:37But again, down today, about six tenths of a percent. So what are your thoughts here with the IWM? Yeah, it lagged a little bit today, but also like, well, the NASDAQ tested the 50-day line last week. This tested the 10-day line. So it's like, you know, you don't have to lead every single day. The relative strength line has trended higher over the last few weeks. The problem is that it's also trended lower for the past several years. But, you know, one or two days is not, you know, that's fine. It did seem, you know, breadth was a little weaker. There was seemed to be strength in some of the least larger tech names, not necessarily the mega caps, but larger names like Palantir, which we'll take a look at later.

4:16All right, let's check in on the 10-year treasury yield, Ed. It's been trending lower here over the last week, but this one ticked up slightly today, up seven-tenths of a percent. So what is this telling you about where investors are and what's being expected with interest rates? Yeah, I mean, this trend is pretty low. It's right at five-month lows, you know, really sharp drop recently and a longer trend over the last few months and really since the start of the year. So markets are, you know, the today's data, there might've been some sell the news on that. I mean, on the job revisions, big job revision down, didn't really change what the current market is like.

4:55We knew hiring was stalling and, you know, it may have been that the market was even weaker before that. So, but I don't think it didn't seem to change things too much on the bond yields, on the markets, stocks or Fed odds, still looking for a quarter point rate cut next week. We are getting the PPI inflation data and the CPI data on Wednesday and Thursday, respectively. But you would probably have to take a really tame or extremely high inflation report either way to change that quarter point cut outlook. Well, we'll definitely be keeping an eye on that. Let's check in on some sector ETFs, starting with the IBD50, that's FFTY.

5:35This one up six-tenths of a percent today. So what is this telling you about growth stocks? Yeah, and there's some ups and downs. But look, generally, things were going pretty well. You know, it's really been trending higher the last several days and really maybe for the last several weeks. Record maybe a 52-week close today. So nice action. All right, let's hop on over to the VanX Semiconductor ETF. That's ticker SMH. And Chips, Ed, have been enjoying a little bit of a rebound here over the last week, moved above that 50-day line at the end of last week. But give me your thoughts on Chips. Yeah, Chips are doing well.

6:15It's nice that NVIDIA is not even really participating too much in this. The fact that the SMH is still moving up. I mean, NVIDIA went up today, but it wasn't, you know, it's still below the 50-day line. But there's a lot of strong Chips in this right now, and that's reflective in SMH. All right. Well, we talked about chips. Let's talk about software with IGV. That's the iShares software ETF. This went up about half a percent today, Ed, getting solidly above this 50-day line again, continuing this trend here. So what's going on with software? Yeah, trying to make its way back. I mean, Palantir is one of the biggest stocks in that ETF, and we'll be looking at that in a minute.

6:58So that helped. And I'll tell you what, right now, IGB is having a nice after-hours session, and we'll take a look at a couple of stocks that are participating in that. We sure will. An extra bonus round for viewers today. We've got to give them a little treat for putting up with us. That's right. Let's check on in on home builders, because this has been an area of strength, but taking a little bit of a hit today, down almost 3%, flirting with this 10-day line, Ed. So what's going on here? Yeah, there was a really negative earnings outlook from CNM, Core in Maine. They're more of a, you know, infrastructure play, you know, but they warned on, you know, warned on the residential sector.

7:40So CNM, it sort of looks like all of a sudden fell 25 % today. And so that one really, really took, hit home builders so much. But the general rate trend has been positive. So we'll have to see on how that goes. It's come down to the buy points. Some others held above buy points. So down day, but it's been a nice trend. So this is by no means broken yet. It just was not a good day, though. All right. Harvard Business School Executive Education creates powerful connections for leaders from around the world. Their programs strengthen organizations and individuals by deepening relationships and fostering new ones.

8:20Participants leave with lifelong friends, new potential business partners, and a powerful globe-spanning network of fellow changemakers. Learn more at hbs.me slash breakthrough. That's hbs.me slash breakthrough. Well, those were some of the sectors we wanted to look at, but you had some individual stocks. Let's start with Apple, that one in the news today for their iPhone reveal. The big thing coming out of that was the iPhone thin model. So how would you characterize the investor reaction to that? Down 1.5 % today. Looks like it's down slightly in aftermarket hours. But talk to me about what you see setting up with Apple stock.

9:06It fell back below the 235.12 handle buy point, which was legitimate, you know, buy point there. So, but by no means, it didn't plunge through it. As Patrick Seitz, our Apple reporter, was put, it's like, there's no real surprises. We knew the iPhone 17 was going to come out. We knew that the Air was, this iPhone Air was going to come out. We bought these AirPods and other stuff. They didn't surprise people. We'll see going forward. But it just didn't shock anybody. So we'll see. It could easily just bounce right back. You know, you'd like to see it keep on moving higher. You know, can this revive?

9:42And we'll get pre-orders on Friday. And then, you know, and then in stores, you know, a little bit later, it'll start going on sale. So we'll see how consumers react to that. I think that Friday news will be important. So if you're thinking about buying it, that is, keep that in mind. If the pre-orders are seen as strong or not strong, that could definitely be a big factor, you know, so I say next week going on. All right. Well, let's take a look then at CVI. That is CVR Energy. This one, a nice move today, up about 7.5%, peaking above this 32.67 buy point out of a cut base, Ed. But looks like it also powered above this little bit of a handle area here.

10:25But your thoughts here? Yeah, it was sort of an early entry that you could have done just to sneak in a little bit because that, yeah, it wasn't quite long enough to be a handle. Real strength here. And you look at the fundamentals and go, why are we looking at this stock? Well, the thing is, is that the margins are starting to turn up quite a bit. And, you know, the ultimate thing is that, you know, any company wants to sell things for more than they're buying it. And there's the spread, basically the crack spread between what they pay for crude and what they can sell refined products for. And crude is down, say, 12 percent in 2025.

11:01And gasoline is basically flat, maybe just a little bit lower. And so that spread is picking up a little bit. You can see some strength there. The relative strength line is close to a new high. And this has – we obviously – we've seen the refiners. This has doubled since the April lows, but it based – it sort of paused a little bit, made a nice move. There were a lot of refiners that showed strength today as people anticipate. You can see next year. We're having really – there were losses in the first half, but it's probably going to narrow or turn profitable again and then big profits next year.

11:39And you just have to sort of anticipate that because, you know, it's pretty clear what things are going to. You're going to turn profitable in Q3. It'll be sort of iffy in Q4, but then turn up again. So markets are definitely pricing that in. All right. Well, you mentioned Palantir a couple of times. If you say Palantir three times, maybe Alex Karp will appear. That would be something. But talk to me about this chart up about 4 % today, retaking that 21-day line. Yeah. You know, it had been sort of stuck below the 21-day line the past few weeks and sort of trading around the 50-day. So it's decisively above the 50-day line, clearly above the 21-day, above most of the recent action there, it looks like.

12:18You know, so investors could have taken an opportunity to buy here. I think this was added to swing trader today. There's an emerging consolidation. It's not there yet, but we'll be maybe at the end of next week there could be a base. but you probably wouldn't wait till it goes all the way up to 200, you know, or one, you know, 180 or so, uh, or whatever that, the high is, uh, unless it came up and formed a handle. So this is a place where you could at least have started a position if you were so inclined. Again, you could say, I don't know. I don't want to be doing that. That's not, that's fine.

12:48So nobody's under any obligation to do that, but this is probably a good place to do it where you, you, you're clearing a lot of resistance levels. So there were some measures here. And so this has been one of the strongest performers in the S and P 500. It was number one last year. It's number one or number two so far this year. This might be another opportunity for this company that continues to show accelerating revenue growth and really powerful earnings growth. All right, Ed. Well, those were the main stocks for us today, but we also have some earnings coming in after the close. So let's take a look at Oracle.

13:23And again, this is just coming out, so we don't have all the details for you, but we can at least look at the charts and see what the aftermarket action is like. So talk to me about Oracle closing today up 1.3%, but aftermarket looking like it's having a very good time. Yeah, the first thing I looked at it was that there was the, it missed on earnings and revenue, but there was some suggestions about backlog and other things that were really powerful. Obviously, definitely want to take a look at, you know, at investors.com for that, but huge move. If it sort of was right at the tip of an early entry here, well, that's going to just gap up right now, look way out there.

14:02And you'll have to decide whether you want to buy something, gap up, you know, a few minutes into the session or wait for it to pause and somewhat. But this, along with Palantir, are the two biggest names in the IGV ETF. So this is why it's going up here. Right. What about Rubrik also reporting today? Finished the day up 3%. It also looks like it's edging higher after hours here. But talk to me about this. Looks like it's forming the right side of the space pretty nicely. Yeah, teased a lot of things. And with sideways market, we'll have a lot of these fake breakouts or fake buy signals. But it was flashing buy signals this week, but earnings were right away.

14:40So we'll see. There is, at this point, it might be actionable even if it doesn't break out. It's close to the breakout. We'll see. I mean, it's only up a little bit. I'm sure that, you know, this could go all over the place. before the open. This is also an IGV, just not, this is not as big of a holding. All right. How about Synopsys? Again, another one reporting today down about 5 % after hours, down slightly today. Looks like it's right at that 21-day line. Yeah. I think if it had moved higher, it would have been like an early entry. Just got to clear over the last few days, but doesn't look like it.

15:16So that's, I mean, this is why you wait. So I mean, And like, Oracle sort of looked like this, and look, that's up 15%. Well, this one's down 6%. This is why earnings is such a difficult thing. So that's down. I think it missed views. And I think, could you also take a look at CD &S? These are both chip design, electronic design software makers. So far, CD &S is only down a little bit. So it'll be interesting to see how that reacts, because that was sort of flashing buy signals earlier in the week. We'll see if it reacts to that. But both of these stocks are in IGV and SMH. They're a rare company that's actually in both, given they're really important companies.

15:51But Synops is not looking so good right now. All right. Well, one more just before we let you go. Let's look at Arrow Environment. That's ticker AVAV. This one down about 2.5 % today. Also looks like it's down slightly in after hours action, Ed. So any thoughts here? Yeah, I haven't looked at the numbers here, but we'll see how that goes. It needs to get above the 50-day line. And this one can really move both directions on earnings. So I have to see that. It'll be interesting to see if other drone makers move on this. It's an important company in that space, but not acting great right now. All right, Ed.

16:30Well, thank you, as always, for your insights today. And you're going to have a whole lot more of me and Ed this week. We'll be back right here tomorrow after the close. And you can also start your day with more market analysis. tomorrow morning with IBD Live. You can head on over to investors.com slash IBD Live for all the details there. Mark Minervini will be our special guest tomorrow. So you will definitely want to check that out. And again, we'll be right back here tomorrow after the close. Thank you so much for watching.

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