Nasdaq, S&P 500 Make It Seven In A Row; Netflix Jumps On UBS Note | Stock News & Stock Market Analysis

Major stock indexes marked fresh highs and ended with small gains Wednesday as the S&P 500 and Nasdaq composite stretched their winning streaks to seven sessions.

XAutoplay: On | OffThe S&P 500 and Dow Jones industrial average led the way, rising 0.1%. The Nasdaq added less than 0.1%. Small caps lagged a bit with the Russell 2000 down 0.3%. Preliminary data showed volume on the NYSE and Nasdaq coming in close to Tuesday’s levels in the stock market today.

When it comes to overall market health, what’s interesting to note is that the market has moved from a high distribution day count in the S&P 500 and Nasdaq and overall healthy action in leading growth stocks to a low distribution day count and suspect action in some leading growth stocks. Many leaders are still acting fine, while others have turned sluggish.

FANG stock (AMZN) reversed higher, rising 0.9% to 965.45. Shares lagged early on news European regulators want the company to pay Luxembourg just under $300 million in back taxes. Amazon has had a tough time getting back above the 50-day moving average after giving up the support level in late July.

Apple (AAPL), meanwhile, gave back 0.6% to 153.48. It’s below the 50-day line after erasing a modest gain from a 156.75 buy point.

Netflix (NFLX) continued to rebound off the 50-day moving average, rising about 3% to 184.45. UBS raised its price target to 225 from 190, citing the potential for better-than-expected Q3 subscriber growth. Netflix is working on a cup-with-handle base with a 190.05 buy point.

RV makers took a breather after Stifel downgraded shares of Winnebago Industries (WGO) to hold from buy based on valuation. Headed into Wednesday, Winnebago was well extended after a breakout over a 37.30 buy point. Shares of Winnebago slumped 5% to 43.80, while group peer and Leaderboard name Thor Industries (THO) eased 1.6% to 126.06. Thor cleared a 110.01 buy point in late August.

Constellation Brands (STZ) bounced nicely off the 50-day moving average, rising 1%, ahead of its earnings report Thursday before the open.

IBD’S TAKE: Among spirits firms, Constellation is the third-ranked stock in its industry group based on its Composite Rating of 84. See who the leaders are with IBD Stock Checkup.

Autohome (ATHM) was a nice gainer in the IBD 50, up around 5%. The China-based name reclaimed the 50-day moving average in light volume.

Benchmark crude oil futures for November delivery lost ground for the third straight session, settling at $49.98 a barrel, down 0.9%. U.S. government data showed a larger-than-expected drop in crude supplies.


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Originally posted 2017-10-05 08:23:16.


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