Stocks Close Mixed, Extending A Troubling Pattern | Stock News & Stock Market Analysis

Stocks ended mixed Thursday as the stock market continued a troublesome pattern of fading into the close.

X The Nasdaq composite closed 0.1% lower and finished near session lows, as it has done all week. (AMZN), one of the largest Nasdaq components, erases most gains but remained near record highs. Shares added 0.1%. The company plans to add as many as six more cashierless stores this year, according to a report in Recode.

The S&P 500 had been up 1.1% at midday but slid in afternoon trading, up 0.1% at the bell. The index again met resistance at the 50-day moving average.

The Dow Jones industrial average also met resistance again at the 50-day line. It closed 0.7% higher thanks to strength in industrial firms United Technologies (UTX), Caterpillar (CAT), Walmart (WMT) and 3M (MMM).

The Russell 2000 was down less than 0.1% at the close, as small caps also faded late.

The yield on the 10-year Treasury note eased 3 basis points to 2.92% but remains near four year highs. Rate-sensitive ETFs such as SPDR Utilities (XLU), Vanguard REIT (VNQ) and iShares U.S. Real Estate (IYR) rose, with the SPDR and Vanguard funds up about 1%.

Volume was higher on the Nasdaq and lower on the NYSE, according to preliminary data. Advancers led decliners by nearly 9-7 on the NYSE, but losers led the Nasdaq by about 12-7.

McDonald’s (MCD) also was a better-performing Dow component, up more than 1%, but it’s still below its 200-day moving average, where the stock has traded for several days. The company made headlines Thursday after CNBC reported that McDonald’s will bring back Szechuan sauce, an item reintroduced in October but marred by customer protests when restaurants ran low on supply.

Snap (SNAP) tumbled 6% in heavy volume, and has now erased practically all gains from a Feb. 7 break-away gap that took shares above an 18-week pattern. The parent of Snapchat has been sinking this week as users protest the redesign of its Snapchat app. The revolt took on greater weight Thursday after celebrity Snapchat user Kylie Jenner tweeted her displeasure with the redesign.

Get IBD’s Market Prep And Tech Report Newsletters — For Free!

Energy, some retail and consumer industry groups were up 1.5% or more in today’s market. Homebuilders, fiber optics, grocery stores, superregional banks and consumer electronics were some groups at the bottom of the day’s table.


Not Every Market Follow-Through Works: 2 Red Flags To Watch For

Snap Drops As Influential User Kylie Jenner Dislikes Snapchat Redesign

This Health Care Stock Hits Buy Zone On Flu, Medicare Law

Amazon Might Open Six More Cashier-Free Convenience Stores This Year

Source link

Originally posted 2019-09-19 23:09:52.


No comments.

Leave a Reply

error: Content is protected !!