Nasdaq composite outperformed Tuesday afternoon, up 1%, as market leaders like You’re here (TSLA) and Shopify (SHOP) has reached new heights. But after a good day of outperformance on Monday, the Dow Jones Industrial Average has fallen behind, weighed down by a drop of 6% for Boeing (BA).
Boeing shares rose 14% on Monday after the company’s struggling 737 Max jet had its first FAA recertification flight. But Boeing’s stock was low Tuesday after Norwegian Air canceled orders for 97 Boeing 737 Max and 787 jets. The airline is also seeking compensation for the grounding of the 737 and the engine problems associated with the 787.
On the last trading day of the second quarter, the Russell 2000 Small Cap Index was up 0.8%; the S&P 500 rebounded 0.5% and industrialists in the Dow Jones fell 0.2%. The S&P 500 is on track for its best quarter since the fourth quarter of 1998, when it rose 20.9%. The Nasdaq is about to make its best quarter since the fourth quarter of 2001, when it rose 30.1%.
Chip Stocks leads the way
Semiconductor stocks outperformed, helped by strong report Micron technology (MU). Micron’s stock has increased, but is still below a point of purchase of 54.92.
Nasdaq 100’s best performing stocks included Lam research (LRCX) and Qualcomm (QCOM). Lam Research, discussed in Tuesday’s IBD Live show, is fighting for a breakout on a point of purchase of 325.22. Qualcomm is just below a 92.24 entry.
The Philadelphia Semiconductor index increased by more than 2%. The top performing sectors of the S&P 500 included finance, technology and real estate.
According to the Big Picture column on Monday, the stock market remains in a confirmed upward trend. The S&P 500 confirmed a new upward trend on April 2 with a follow-up day. The follow-up day for the Nasdaq composite was April 6. The number of distribution days remains slight for the Nasdaq, but it is a little high in the S&P 500. At the top on Tuesday, the S&P 500 showed five days of distribution but only two on the Nasdaq.
Growth stocks outperformed Tuesday after underperforming on Monday. IBD 50 ETF innovator (FFTY) was up 1.7% after rising slightly on Monday. The exchange-traded fund recovered well after Monday’s lows, but lagged behind the 1.2% gain in Nasdaq.
US Stock Market Today overview
|Index||symbol||Price||Loss of profit||% Change|
|S&P 500||(0S & P5)||3073.07||+19.83||+0.65|
Last update: 1:24 PM AND 6/30/2020
Best winners of IBD 50 Tuesday included Focus Financial Partners (FIRE). IBD Industry leader recently issued a sell signal from a point of purchase of 31.51, but recovered the point of purchase with conviction on Tuesday.
Dow Jones Movers
Intel (INTC) was one of the main winners of the Dow Jones today, up[17%althoughtheIntelactiontookplaceafterareassuranceatapointofpurchaseof6223[17%althoughIntelstockhasbeenstrugglingafterafailedbreakoutovera6223buypoint[17%bienquel’actionIntelaiteudumalaprèsunecassureratéesurunpointd’achatde6223[17%althoughIntelstockhasbeenstrugglingafterafailedbreakoutovera6223buypointTo write (QRVO) has a more beautiful graphic in the group of chip makers. He recovered a point of purchase of 108.88 on Tuesday.
Microsoft (MSFT) added 1.3%, but it exceeded an alternative entry of 187.61.
Goldman Sachs and JPMorgan also outperformed the Dow Jones, but not because of rising interest rates. The 10-year Treasury yield remained broadly stable at 0.63%.
Aside from the Dow Jones, the MarketSmith Growth 250 has served many big winners. Lululemon Athletica (LULU) was out of the session highs, but rose another 5% after the company announced plans to acquire home fitness company Mirror for $ 500 million. Is LULU stock a purchase now?
Cutting-edge IT company Quickly (FSLY) was another strong winner, up 7%. Stocks plunged 9.7% on Monday in high volume, but Tuesday’s rally was also marked by strong sales. Due to an explosive gain from a point of purchase of 25.33, Fastly is a candidate to form a tall, tight flag pattern. Due to Tuesday’s solid gains, Fastly stocks have only fallen 2% so far this week after climbing 36% last week.
Chip designer Inphi (OR) consolidates well because it maintains support at the 10-week moving average. An accumulation / distribution rating of A- and a high / low volume ratio of 1.5 indicate solid demand for stocks in recent weeks.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and information.
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