Stocks Indexes Mostly Red, But Apple Refuses To Quit

U.S. stock indexes turned mostly red in late morning trade Tuesday. Apple (AAPL) posted a moderate gain in brisk volume as it added to Monday’s bullish clearing of a four-weeks-tight pattern.


The Nasdaq eased 0.1%, while the S&P 500 and the Dow Jones industrial average lost 0.2% and 0.4% respectively. The small-cap S&P 600 was just below flat.

Volume was running lower on both major exchanges compared with the same time Monday.

The FANG stocks were mostly up, but the early volume faded. Facebook (FB) added 0.1%; (AMZN), 1%; Netflix (NFLX), 1.7%; but Alphabet (GOOGL) slipped 0.1%.

Apple’s breakout Monday lifted it above a secondary buy point at 190.47. Apple’s relative strength line is at a new high, a bullish sign. The RS line measures a stock’s performance vs. the S&P 500. A rising line points to outperformance.

In late morning trade Tuesday, Apple was up 0.7% in average turnover.

China Talks Disappoint

In international news, U.S. trade talks with China have yet to make progress, according to the Asia-Pacific news site The Diplomat. Meanwhile, CNBC reported that on June 15 the White House will release its final list of tariffs on Chinese imports.

The continual swirl around tariffs implies more uncertainty for the stock market. The Street has had trouble pricing in President Trump’s tariff proposals.

Among IBD’s 197 industry groups, department stores and agricultural chemicals led the day’s gainers. Energy and airline stocks sank.

Stock Breakouts

Breakouts Tuesday included variety retailer Five Below (FIVE), Valiant Pharmaceuticals (VRX) and investment manager Altaba (AABA).

Top-rated stocks moving up in volume included internet stock Twitter (TWTR), online restaurant takeout service provider Grubhub (GRUB), health savings account manager HealthEquity (HQY) and advertising play Trade Desk (TTD). HealthEquity beat profit expectations late Monday.

(For updates on this story and other market coverage, check IBD’s stock market news today.)


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Originally posted 2019-09-19 23:15:39.


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