The Dow Jones Industrial Average was up even as Nvidia (NVDA) fell on new rules from the Biden administration to curb the export of artificial intelligence chips. Most other indexes fell on the stock market today. Howard Hughes (HHH) surged after billionaire investor Bill Ackman made an offer to buy the company.

Indexes are off to a poor start as they look to bounce back from recent declines. The Dow outperformed by squeezing out a gain of more than 100 points. This equates to a lift of 0.3%.

UnitedHealth (UNH) fared best in the Dow as it jumped nearly 4%. Caterpillar (CAT) and Chevron (CVX) were also strong, gaining nearly 2% each. Chevron climbed above its 50- and 200-day moving averages. Outside of Nvidia, Apple (AAPL) lagged most as it skidded more than 2%.

The Nasdaq composite fared worst among the major indexes as it fell 1.5%. It lost further ground on the important 50-day moving average.

Constellation Energy (CEG) and Micron Technology (MU) were laggards on the tech-heavy index, falling more than 7% and over 5%, respectively. Constellation has slipped back below a 288.75 entry, MarketSurge analysis shows.

Stock Market Today: Energy Strong, Utilities Lag

The S&P 500 gained fell further from its own 50-day line as it dripped 0.8.%. Humana (HUM) was a bright spot as it gained more than 6%, though it remains in a downtrend.

In contrast, Moderna (MRNA), which also has been mired in a long downtrend, plunged more than 20%. It skidded after it lowered its 2025 sales forecast by $1 billion. It now expects revenue of between $1.5 billion and $2.5 billion.

The S&P 500 sectors were mixed on the stock market today. Energy and materials were the strongest areas while technology and utilities lagged the most.

Small caps were under pressure, with the Russell 2000 down around 1%. Growth stocks were hit even harder, with the Innovator IBD 50 (FFTY) exchange traded fund falling nearly 3%.

Dow Jones Today: Nvidia Hit Amid Biden AI Curbs

Nvidia was under pressure Monday after the Biden administration unveiled tough new proposed rules on artificial intelligence exports to China.

They will cap the number of chips advanced AI chips can be exported as well as require a license to export the data needed for the most sophisticated AI systems, The Wall Street Journal reported.

The move will strengthen restrictions on adversaries such as China and Iran. However, a group of 18 countries, which include key U.S. allies such as the U.K. and Germany, are exempted.

Nvidia said in a blog post that the new rules were "drafted in secret and without proper legislative review" and labeled it "sweeping overreach." It also said the "Biden Administration's new rule threatens to squander America's hard-won technological advantage."

There will be a 120 day comment period on the rules due to its complexity, Commerce Secretary Gina Raimondo said.

Nvidia was off opening lows, but remained down nearly 3%. The Leaderboard stock lost ground on its 50-day moving average in the process. It is about 10% below a 146.54 buy point.

The broader chip space was also lower, with the VanEck Semiconductor ETF (SMH) skidding nearly 2%.

Bill Ackman Makes Howard Hughes Offer

Texas-based real estate developer Howard Hughes jumped on the stock market today after it emerged that Ackman's Pershing Square has made an offer to snap up a majority interest in the firm.

The Pershing Square chief has long been involved with Howard Hughes, stepping down from the firm's board after serving as its chairman since 2010.

Pershing Square currently own 18.85 million shares in Howard Hughes, which are worth around $1.5 billion.

Ackman said in a letter to the Howard Hughes board that the deal could see the company become a "modern-day Berkshire Hathaway that would acquire controlling interests in operating companies." He also said in the letter that he has been "displeased with the company's stock price performance."

The proposed deal values Howard Hughes at about $85 per share. Howard Hughes stock rallied more than 9% on the stock market today. While it bounded away from its 200-day line, it remains stuck below its 50-day moving average.

Stock Market Today: Boot Barn Tests Entry

Breakouts are tough to find amid the current challenging market conditions.

But that did not stop Boot Barn testing a weekly chart cup with handle with a buy point of 163.04, MarketSurge analysis shows. While it has slipped back below this level it is in the buy zone of an daily chart cup-with-handle entry of 156.42.

Boot Barn was walking higher after it guided for December-quarter EPS of $2.43, which was better than analyst expectations. Revenue guidance for $608.2 million was also above views.

Overall performance for the western and workwear play is stout, netting it an IBD Composite Rating of 92.

Both earnings and price performance are solid. Full-year EPS is seen rising 17% this year and popping a further 19% in 2026, according to FactSet.

Please follow Michael Larkin on X at @IBD_MLarkin for more analysis of growth stocks.

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