Stock Market Today: Stocks Power Higher; This Chip Leader Surges, While Netflix Breaks Out | Stock News & Stock Market Analysis

The major market averages continued to move higher in midday trade Wednesday, reaching fresh record highs with strong gains among leading chip stocks. Meanwhile, FANG stock Netflix (NFLX) broke out above a potential buy point.

X The tech-heavy Nasdaq led the way with a 0.6% gain Wednesday, while the S&P 500 and Dow Jones industrial average rose 0.4% and 0.1%, respectively.

On the economic front, the Federal Reserve will release its minutes from its recent policy meeting at 2 p.m. ET.

Among the Dow Jones industrial components, Apple (AAPL) continued its two-day rebound after finding solid support at the 50-day line Tuesday. Shares moved up 0.8%, but still remain below a 176.34 flat-base entry.

On the downside, Intel (INTC) dropped nearly 4%, as an earlier rally attempt sputtered. The stock fell after the Register reported that some Intel chips have a security flaw that will force redesigns in Linux and Windows operating systems. Shares are below a 47.40 buy point. Rival Advanced Micro Devices (AMD) moved up 7%, but remains below its long-term 200-day moving average line.

Video streaming platform Netflix advanced nearly 2% to break out above a 204.48 flat-base buy point in the stock market today. Volume was tracking almost 100% above average, well-above the IBD standard 40%-50% increase for a breakout day. The 5% buy range tops out at 214.70.

Meanwhile, fellow FANGs Facebook (FB) and (AMZN) were rapidly approaching their own buy points. Facebook moved up 1.1% to 183.45, just 90 cents shy of a 184.35 flat-base entry. Amazon rose 0.8% to 1199 — about 1% away from a 1213.51 buy point.

Leading chip stocks were sharply higher midday Wednesday after the Register’s report, extending Tuesday’s strong gains. Graphics-chip maker and IBD 50 name Nvidia (NVDA) surged nearly 5% to get back above its 50-day line. The stock is building the right side of potential cup-shaped base.

Airlines were under pressure in midday trade Wednesday. Delta Air Lines (DAL) declined over 2% after raising its Q4 cost forecasts. Shares are in buy range from a 54.16 cup-with-handle entry. Leaderboard member Southwest Airlines (LUV) fell 2%, but remains extended from a 59.99 buy point.

Inside the IBD 50, Universal Display (OLED) rose over 2%, as the stock continues to find support at its 50-day line. Shares are nearing the completion of a cup-shaped base, but remain about 8% away from their 52-week high.

On the downside, Floor & Decor (FND) was on pace to extend a losing streak to three trading sessions. Shares fell 1.4% to move even further below a 46.34 cup-with-handle entry.


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Originally posted 2018-01-03 19:03:50.


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