Dow Wavers As Nvidia Gives Back Gains, Lifts Uber On Partnership News (Live Coverage)

The Dow Jones Industrial Average wavered Tuesday as all three major indexes either pared gains or reversed lower in morning trades. Nvidia (NVDA) also switched gears and headed lower despite talk of new artificial intelligence initiatives. But Uber Technologies (UBER) got a lift on the stock market today amid news of a partnership with Nvidia.

The Dow wavered between positive and negative ground, and was up 0.1% after the release of two key economic reports. The S&P 500 fell 0.5% and remained below the 6,000 level. The benchmark index pulled back to its 50-day moving average after retaking it Monday. The Nasdaq composite gave back 1.3% after briefly tapping the 20,000 level Monday. The index sits right at its 21-day exponential moving average.

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Meanwhile, the Russell 2000 retreated 0.5% and is finding resistance at its 21-day exponential moving average.

Volume fell on both the New York Stock Exchange and the rose on the Nasdaq vs. the same time Monday.

Bitcoin sank 3.4% to just above the $98,400 level, after retaking the $100,000 level Monday. The 10-year Treasury yield added six basis points to 4.68%. U.S. crude oil increased 0.8% to near $74.15 a barrel.

In economic news, the December Institute for Supply Management Services Index rose to 54.1. That topped the 53.2 expected and was higher than November's 52.1. A reading above 50 indicates that the services economy is generally expanding.

The Labor Department's Job Openings and Labor Turnover Survey, or JOLTS, showed 8.098 million job openings in November vs. the 7.65 million projected. It also exceeded October's 7.744 million reading.

Stock Market Today: Nvidia Stock Falls But Deal News Lifts Uber

Nvidia stock gave back early gains and tumbled more than 5%. Nvidia Chief Executive Jensen Huang unveiled new artificial intelligence initiatives at the CES keynote speech Monday night.

Shares broke out past the 146.54 buy point of a double-bottom base Monday as it moved 3.4% higher. Shares are in a buy zone up to 153.87. The IBD 50 and SwingTrader stock is flirting with its all-time high set on Nov. 21. Its relative strength line reached a 52-week high as shown by the blue dot on the MarketSurge weekly chart.

Uber Technologies popped 1.3% after Nvidia announced a partnership with the ride sharing company for AI-powered autonomous driving technology.

Uber stock is on pace for its fourth straight day of gains and nearing its 50-day line. The stock is clawing back after a downward spiral following a failed breakout from an irregular base in October. The stock's drop below the 50-day line had triggered a sell signal. It holds a weak 27 IBD Relative Strength Rating.

Uniform Supplier Soars On Takeover News

Unifirst (UNF) catapulted 28% higher in huge volume after Cintas (CTAS) offered to buy the rival uniform supplier in a deal valued at $5.1 billion. Unifirst reached a level not seen since March 2021. Cintas added 2.8% on the stock market today.

Roku (ROKU) gained 1.7% after the streaming service provider reported it topped 90 million streaming households in the first week of January. Shares are in the buy zone up to 84.81 of a choppy undefined base with an 80.77 buy point.

Ulta Beauty (ULTA) powered up 3.8% after the beauty retailer announced CEO Dave Kimbell is stepping down. The news prompted several analysts' price target hikes. The stock has underperformed as reflected in its 62 Relative Strength Rating.

Finally, Snowflake (SNOW) advanced 0.8% after Wells Fargo upgraded the stock to overweight from equal-weight and raised its price target to 200 from 150. Shares are on pace for four straight days of gains. The stock is climbing back after falling from recent highs set in early December.

Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.

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