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Indexes Bide Time Ahead Of Financial Earnings; FANGs Outperform | Stock News & Stock Market Analysis

Major stock indexes were mixed and mostly unchanged Monday afternoon,  a perfectly fine performance for the bulls after the Nasdaq composite jumped 3.4% last week in higher volume.

The Nasdaq led the way, up 0.2%; the S&P 500 edged 0.1% higher and the Dow fell fractionally. Volume on the NYSE and Nasdaq was tracking close to Friday’s levels.

Caterpillar (CAT) was a strong gainer in the Dow, up more than 2% to 165.47, after JPMorgan made positive comments. The stock is well-extended, or too late to buy, after a breakout in early December over a 140.54 buy point.

Buyers were in FANG stocks again with names like Facebook (FB), Amazon.com (AMZN), Netflix (NFLX) and Alphabet (GOOGL) showing gains ranging from 0.5% to just over 1%. Amazon led the way, up 1.2% to 1,244, but a recent breakout over a 1,213.51 buy point has come in light volume. Baird raised its price target on Amazon to 1,310 from 1,100, while maintaining an overweight rating

In the stock market today, Apple (AAPL) eased 0.2%  t0 174.68 after hedge fund Jana Partners urged the company to take a more active role in combating youth cell-phone addiction.

Inside the IBD 50, more than 10 names were up 1% or more, helping lift the Innovator IBD 50 (FFTY) to a 0.2% gain.

After a bullish move last week that saw shares surge 11% in higher volume, Nvidia (NVDA) gapped up out of cup-shaped base, rising nearly 4% to 223.69. The conventional entry was 218.77. The weekly chart shows a lagging relative strength line, however, calling the quality of the breakout into question.

Monday’s move was fueled by news the company is teaming up with Volkswagen (VLKAY) and Uber on driverless car technology.

Meanwhile, the JPMorgan Healthcare Conference kicked off in San Francisco on Monday. Headline flow was busy, but it wasn’t a good day for iShares Nasdaq Biotechnology (IBB), which was down nearly 2% to 107.91.

Biotechs were some of the worst performers in the Nasdaq 100, with names like Alexion (ALXN), Regeneron (REGN), Biogen (BIIB) and Shire (SHPG) showing losses ranging from 2.5% to 5%.

Shares of Celgene (CELG) gave back nearly 2% on news it’s planning to acquire San Diego-based Impact Biomedicines for up to $7 billion if certain milestones are hit. Impact is working on an experimental drug for a type of blood cancer called myelofibrosis.

Among the bright spots, shares of Insulet (PODD) gapped out of a flat base, jumping 12% to 76.83. The midcap name shows solid sales growth in recent quarters, but it’s not profitable yet. The company’s specialty is tubeless insulin pump technology.

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