Stock Market Today: Nasdaq Pops as Tesla, Coinbase Stocks Soar
Bed Bath & Beyond was another big winner on Monday, despite last week's bankruptcy warning.
A busy week started with a bang for at least one of the three major market indexes.
While today was quiet on the economic and earnings fronts – both heat up later this week with the December consumer price index (CPI) on Thursday and big banks reporting Q4 results on Friday – there was plenty of single-stock news to mull over. This included an impressive rally for Tesla (TSLA) and a major rebound in one cryptocurrency-related stock.
Tesla stock soared 5.9% Monday, bringing its three-day gain to 8.5%. Justin Mcqueen, market specialist at Capital.com, points to some buy-the-dip action among investors as the reason for TSLA's recent pop. "December was a torrid month for Tesla, which saw its shares fall by more than 35%, in part due to tax-loss selling activity," Mcqueen says. "But based on Capital.com's recent data, traders are increasingly buying up TSLA again. They have begun to use Tesla's sizable dip to pile back into the shares."
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Another big mover today was Coinbase (COIN), which jumped 15.1% after Jefferies analyst Trevor Williams initiated coverage of the cryptocurrency exchange platform. Williams started COIN at Hold, saying near-term trading volumes will likely be hurt by the "industry-wide fallout from FTX's collapse." Still, the analyst believes "COIN's premium brand, position as an onshore/regulated entity, scale, and healthy balance sheet" will help it weather the storm.
Bed Bath & Beyond (BBBY) also saw a sizable move, climbing 23.7%. BBBY shares took a big tumble last week after the home goods retailer warned it is exploring strategic options – including a potential bankruptcy filing – amid cash flow problems. The company also said it expects to report year-over-year declines in net income and revenue in its fiscal third quarter. BBBY will unveil its full fiscal Q3 results ahead of tomorrow's open.
As for the major indexes, the tech-heavy Nasdaq Composite rose 0.6% to 10,635. The broader S&P 500, however, fell 0.1% to 3,892 and the blue-chip Dow Jones Industrial Average finished 0.3% lower at 33,517, hurt by weakness in healthcare stocks Johnson & Johnson (JNJ, -2.6%) and Merck (MRK, -3.9%).
Best Energy Stocks to Buy
Oil prices were another pocket of strength Monday, with U.S. crude futures climbing 1.2% to $74.63 per barrel – their third straight gain.
"Crude prices are rallying as China’s borders open, refiners get big quotas, and as the dollar slides," says Edward Moya, senior market strategist at currency data provider OANDA. "Chinese hopes for an improving reopening from Covid could help propel oil prices much higher. Oil's downward trend was approaching critical support, so energy traders were eagerly looking for any reason to jump back into the oil trade."
Continued gains in crude oil futures will certainly benefit the best energy stocks. Select energy exchange-traded funds (ETFs) should get a lift too.
-
Should You Renew Your CD?With rate cuts impacting earnings, we examine if now is a wise time to renew CDs.
-
7 Ways to Plan Now to Save on Medicare IRMAA Surcharges LaterUnderstand the critical two-year lookback period and why aggressive planning before you enroll in Medicare is the most effective way to minimize IRMAA.
-
Law Reversal Looming? Trump Eyes 2026 Gambling Winnings Tax ChangeTax Deductions It's no secret that the IRS is coming after your gambling winnings in 2026. But how long will that last?
-
Stocks Struggle Ahead of November Jobs Report: Stock Market TodayOracle and Broadcom continued to fall, while market participants looked ahead to Tuesday's jobs report.
-
AI Stocks Lead Nasdaq's 398-Point Nosedive: Stock Market TodayThe major stock market indexes do not yet reflect the bullish tendencies of sector rotation and broadening participation.
-
Dow Adds 646 Points, Hits New Highs: Stock Market TodayIt was "boom" for the Dow but "bust" for the Nasdaq following a December Fed meeting that was less hawkish than expected.
-
Dow Rises 497 Points on December Rate Cut: Stock Market TodayThe basic questions for market participants and policymakers remain the same after a widely expected Fed rate cut.
-
JPMorgan's Drop Drags on the Dow: Stock Market TodaySmall-cap stocks outperformed Tuesday on expectations that the Fed will cut interest rates on Wednesday.
-
Stocks Slip to Start Fed Week: Stock Market TodayWhile a rate cut is widely expected this week, uncertainty is building around the Fed's future plans for monetary policy.
-
Stocks Keep Climbing as Fed Meeting Nears: Stock Market TodayA stale inflation report and improving consumer sentiment did little to shift expectations for a rate cut next week.
-
Crypto Trends to Watch in 2026Cryptocurrency is still less than 20 years old, but it remains a fast-moving (and also maturing) market. Here are the crypto trends to watch for in 2026.
