The Dow Jones Industrial Average fell after a senior Fed official spoke out on interest rates. But the Nasdaq led as  Nvidia (NVDA) popped after revealing more AI products over the weekend. Meme stock GameStop (GME) soared after Reddit investing personality Roaring Kitty unveiled a seemingly mammoth stake, while Paramount Global (PARA) spiked.

X

The Dow Jones index was lagging the other major indexes, down 0.2%.

The Nasdaq composite fared better as it rose 0.7%. Autodesk (ADSK) was a star here as it popped around 9%. Moderna (MRNA) fared well too as it surged as much as 6% before retreating a bit.

Meanwhile, the S&P 500 added 0.3%. Paramount Global was among the best performers as it surged nearly 9% amid reports of a revised buyout offer from Skydance Media.

Stock Market Today: Trading Glitch On NYSE

The S&P 500 sectors were mixed. Technology and health care were the strongest. Energy and utilities were lagging most.

The Russell 2000 trimmed gains to 0.2%. The Innovator IBD 50 (FFTY) exchange traded fund reversed 0.2% lower on the stock market today.

Trading was halted in some stocks amid technical issues at the New York Stock Exchange. Warren Buffett stock Berkshire Hathaway (BRKA) and Barrick Gold (GOLD) were among equities affected. B-class shares of Berkshire were not affected.

Dow Jones Today: Boeing Stock Climbs

There was mixed action among the 30 Dow Jones Industrial Average components Monday.

Boeing was faring best as it rallied more than 3%. It has now climbed back above the important 50-day moving average, MarketSurge data shows.

Merck (MRK) and Amgen (AMGN) were also outperforming with lifts of around 2% each. Apple (AAPL) was also solid as it rose around 1%.

Dow Inc. (DOW) lagged most on the Dow Jones today as it tumbled more than 2%. It was closely followed by Travelers (TRV) and Chevron (CVX)

Fed Official Sees ‘Extended’ Hold on Rates

Minneapolis Fed president Neel Kashkari earlier said he expects interest rates to hold steady for an “extended period of time.”

“The economy is, in the U.S., quite strong, the labor market is strong, inflation is coming down and many, many people are deeply unhappy about the status of the economy,” he said. “I think it’s because of the high inflation that they’ve experienced.”

Kashkari made the remarks on the Financial Times podcast “The Economics Show.” He was interviewed on May 27, ahead of the Federal Open Market Committee’s blackout period.

Treasury yields extended a decline, though. The 10-year yield fell 9 basis points to 4.41% and the 2-year slid three basis points to 4.86%. A raft of jobs data this week could offer further clarity on the path of rates going forward.

GameStop Soars After Roaring Kitty Post

Meme stock mania was back in full force Monday after influencer Keith Gill — known as “Roaring Kitty” — shared a social media post that showed a seemingly substantial stake in GameStop.

According to his Reddit post, he has a holding of 5 million shares, nearly 2% of the publicly available stock. Additionally, the trader looks to have snared $65.7 million worth of GameStop call options.

Last month he sent GameStop shares soaring after he posted an image on X of a man on a chair holding a video games console. This was his first post on the platform in three years.

GameStop was off opening highs but remained up more than 30%. Fellow meme stock AMC Entertainment (AMC) popped more than 15%.

Despite the pop, GameStop stock looks like a risky investment. It holds an IBD Composite Rating of 67 out of 99 and just 21% of its stock is held by funds, MarketSurge data shows.

Nvidia Stock Pops Amid New AI Products

Nvidia was making progress after CEO Jensen Huang touted future AI chips Sunday. The chip firm advanced more than 3% early Monday. The Leaderboard stock is extended past a 922.20 entry.

The charismatic executive announced plans for the Blackwell Ultra chip in 2025 and a next-generation Rubin platform for 2026. Nvidia is already set to roll out Blackwell AI chips this year.

The product announcements were made the on the eve of the Computex 2024 trade show in Taiwan. Other key firms are making announcements at the event. Advanced Micro Devices (AMD) CEO Lisa Su gave an AI road map for the next two years and touted her firm’s latest AI processors for AI PCs.

And Qualcomm (QCOM) chief executive Cristiano Amon flaunted his firm’s latest Snapdragon chips for Microsoft Copilot+ PCs.

AMD stock reversed modestly lower, while Qualcomm trimmed gains to 1%.

Outside Dow Jones: Stocks Dig In Near Entries

Given current market conditions it pays to be on the lookout for potential breakouts.

Some strong stocks were digging in near potential buy points. Skyward Specialty Insurance (SKWD), Ryan Specialty Holdings (RYAN) and Novo Nordisk (NVO) were among them.

Skyward Specialty Insurance is nearing a mid-stage flat-base buy point of 38.64. All-around performance is strong, reflected in its IBD Composite Rating of 98. The stock is in the top 11% of issues in terms of price performance over the past 12 months.

Ryan Specialty Holdings is closing in on a cup-with-handle entry of 56, MarketSurge data shows. This is a first-stage pattern, a plus. The stock has a near-perfect EPS Rating of 98 out of 99. Earnings are seen popping 27% this year.

Novo Nordisk has formed a cup-with-handle base with a potential entry point of 137.22. Both price and earnings performance are very strong. But the base is late stage, which carries higher risk.

The stock is a member of the IBD Leaderboard list of top stocks.

Please follow Michael Larkin on X, formerly known as Twitter, at @IBD_MLarkin for more analysis of growth stocks.

YOU MAY ALSO LIKE:

Stock Market Forecast: AI Investing And four More Predictions

These Are The five Best Stocks To Buy And Watch Now

Join IBD Live Each Morning For Stock Tips Before The Open

This Is The Ultimate Warren Buffett Stock, But Should You Buy It?

This Is The Ultimate Donald Trump Stock: Is DJT A Buy Amid These Legal Woes?