Stock Market Opening Gains Fade; This Stock Hurts IBD 50

The stock market’s opening gains faded some in the first hour of trading Monday as the market struggled to maintain upward momentum from late last week. Leading stocks were mixed.

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The Nasdaq composite traded flat to lower, while the S&P 500 defended a 0.1% gain. Dow Jones Industrial Average rose 0.25%. The Russell 2000 ceded its early gains and dipped to a narrow loss.

Stock trading today was mixed, with higher volume on the NYSE and lower on the Nasdaq compared with the same time on Friday.

Dow component Boeing (BA) rallied nearly 4% after announcing a series of deals for freighter aircraft. MarketWatch reported that Icelease will be the launch customer for the 737-800 Boeing Converted Freighters with an order for 11 planes. Logistics company DHL Express placed a firm order for nine more 767-300 BCF jets, and Emirates is buying two 777 Freighters.

Boeing stock gapped up and is back to its rising 200-day moving average.

Stock Market Tries To Regain Momentum

Last week, the stock market snapped a five-week win streak but came out of the dip in fair shape. The major indexes face little distribution and leading stocks are generally acting well.

But Monday, Innovator IBD 50 ETF (FFTY) was down 1.1%. Much of the blame rested on CrowdStrike Holdings (CRWD), which tumbled more than 9%, piercing its 50-day moving average in heavy volume. The sell-off threatens a sell signal.

Morgan Stanley initiated coverage of the cybersecurity company with an underweight rating and 247 target price, Dow Jones reported.

Among the major stocks, Meta Platforms (FB), aka Facebook, jumped above its 50-day average with a 2.4% gain.

But Tesla (TSLA) skidded 4.5% as shares continued to glide lower. Filings show CEO Elon Musk sold about $6.9 billion worth of Tesla stock last week, what is believed to be one of the largest-ever stock sales by a chief executive over period of several days, reports said.

Riot Blockchain (RIOT) was one of the most active stocks, up 1% in heavy trading. The Bitcoin mining and blockchain technology company broke out past a 40.90 buy point last week and is extended already. Riot Blockchain was added to IBD Leaderboard last week.

Stock Market Awaits Earnings Reports

Among today’s key earnings reports, Advance Auto Parts (AAP) and Lucid Group (LCID) will announce after the market close.

Analysts expect Advance Auto to earn $2.87 a share on sales of $2.58 billion, according to FactSet. Lucid Group is expected to lose 25 cents a share on sales of $1.3 million, according to FactSet. Shares of the startup elective vehicle maker are trading at their highest level since February after clearing a 28.48 buy point Oct. 28.

This week…