Nasdaq Composite Flat | NVIDIA (NVDA) and Boeing (BA) See Big Gains | XLU, XLE, XLK

Headed into the close it’s a new all-time high for NVIDIA (Nasdaq: NVDA). The company has the largest gain among all Nasdaq-100 constituents.

The Dow Jones is down nearly 400 points today. Key losers include Travelers, American Express, and Home Depot. The big question this week will be whether the ‘sector rotation’ of technology stocks underperforming sectors like utilities and consumer goods continues unwinding or if today was a one-day blip.

You may not have heard of Applovin (Nasdaq: APP), but the stock has been absolutely on fire for the past two years. Year-to-date Applovin’s stock is up 310% and is up 9.30% in late trading.

Applovin traded for less than $10 per share at the beginning of 2023 and now trades for $158.53! What’s the catalyst for these gains? Applovin’s AI engine has ushered in a new era of growth. Today Bank of America raised their price target on the company to $210, a massive jump from their prior target of $120.

As of 1:40 p.m. ET, the Dow Jones is down 325 points (-.76%) while the Russell 2000 is down 32 points (1.40%).

The ongoing ‘sector rotation’ where industries like utilities, real estate, and financial have outperformed technology stocks since July 10th has led to many days where the Dow Jones and Russell 2000 are seeing strong relative performance to the Nasdaq. Today is another day in this trend, with the Nasdaq staying slightly positive on the day while these two indexes are down big.

After the bell today earnings season kicks back into high gear. Major companies reporting include SAP (NYSE: SAP), Nucor (NYSE: NUE), Logitech (Nasdaq: LOGI), and Zions Bancopration (Nasdaq: ZION).

Tomorrow morning has heavy hitters like Verizon, General Motors, General Electric, Raytheon, 3M, and Paccar all reporting. These companies should give a very wide overview of how economic conditions are looking headed into the final quarter of the year.

Some of the biggest market movers on Monday include:

• Kenvue: Is leading S&P 500 performers, but for reasons that the company’s management would rather avoid. Activist investor Starboard has taken a large stake in the company. Kenvue (NYSE: KVUE)  was a spinoff from Johnson & Johnson but has seen below-market-average returns since it began trading in May 2023. Its stock is up 6.2% as of 11:20 a.m. ET.
• Monolithic Power Systems: The biggest loser in the S&P 500 today is Monolithic Power Systems (Nasdaq: MPWR). The company has been a leading beneficiary of increased AI spending and is up 110% across the past year. Its unclear what’s causing today’s sell-off, but the stock is down 5.3%.