The stock market closed modestly higher Tuesday, as earnings drove much of the major moves.
The Nasdaq and Dow Jones industrial average added 0.2% each and the S&P 500 was only fractionally higher. Overall, index movements were minor, although the Nasdaq and Dow reached new highs during the session.
Volume was higher, according to unconfirmed numbers.
Defensive industry groups led Wall Street. Soap, soft drinks, food wholesalers and auto parts were in the top six of the day. But chip designers, internet content providers and online retailers also were among the session leaders.
After the close, Zillow Group (Z) fell sharply. The real estate information company beat profit and sales expectations for Q4, but its Q1 revenue guidance was lukewarm. The stock was shaping a cup with handle with a 39.15 entry. It was one of the most heavily traded stocks in extended hours.
Microchip Tech (MCHP) jumped 9% after the bell. The chipmaker beat quarterly expectations. The stock has been climbing from the 66.91 buy point of a flat base.
Several breakouts provided some interest to an otherwise dull day, but the results were mixed.
Nvidia (NVDA) poked above the 120.03 buy point of a cup without handle, but reversed below the entry. Volume was flat, which was another indication the breakout is premature. The chip company reports quarterly results after the close Thursday.
Air Lease (AL) also couldn't stick above its buy point. The stock topped the 37.33 entry, only to slip right back into the flat base. Volume was below average for the airline plane leasing firm. On Monday, it announced it had leased five Boeing 787-9 jetliners to China Southern Airlines. The five planes are from Air Lease's order book with Boeing. Air Lease will announce Q4 results Feb. 23 after the close.
Intercontinental Exchange (ICE) made a more credible breakout. Shares gapped past the 59.96 buy point of a flat base in volume more than double the normal pace. The operator of the New York Stock Exchange and other financial trading platforms beat profit expectations this morning.
Weibo (WB) held above the 52.59 buy point of an odd double-bottom base. Shares of the Chinese internet company rose 5% in volume about one-third more than average. Weibo was added Tuesday to IBD Leaderboard.
CDW (CDW) roared more than 6% as it topped the 55.57 buy point of a flat base. The technology products distributor beat estimates with adjusted EPS of 86 cents. Sales of $3.49 billion, however, missed expectations, according to the Associated Press.
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