Stocks wrapped up a volatile session with modest losses Monday. The Dow Jones industrial average fared best, thanks to 1% gains from UnitedHealth (UNH) and Verizon (VZ).
The Dow industrials dipped less than 0.1% while the S&P 500 gave up 0.2%. The Nasdaq composite fell 0.3% after hitting a record high during the session. Small caps took a beating as the Russell 2000 shed 1.2%. Volume was higher across the board vs. Friday, according to preliminary figures.
UnitedHealth shares are finding support at their 50-day moving average and holding above a 164.10 flat-base buy point. Verizon, 13% off its 52-week high, is trying to regain its 50-day line. The rest of the blue chips moved 0.8% or less in either direction.
Auto parts makers and sellers were among the biggest losers in today's stock market action.
But automakers led the upside, thanks to Tesla's 7% surge in fast trade. Shares sped higher after the electric car maker's March deliveries, released Sunday, beat analyst forecasts and Tesla's own target. The stock broke out past a 287.49 cup-without-handle buy entry and is near the top of its buy zone. Tech services providers and gold miners also outperformed.
Most other car manufacturers skidded as General Motors' (GM) March sales missed estimates and Ford Motor (F) and Toyota Motor (TM) reported year-over-year declines. Their respective stocks fell 3%, 2% and less than 0.1%.
On the IBD 50, Mercury Systems (MRCY) sank 5% to test support at its 50-day line. Volume was lighter than usual. Shares of the defense systems maker are 9% off their March 21 peak.
But Chinese names on the IBD 50 bucked the downdraft. Momo (MOMO) and Autohome (ATHM) gained more than 2% each, while Tarena International (TEDU) added over 1%.
Economic data on tap for Tuesday include February factory orders and international trade. The Fed's Daniel Tarullo is also scheduled to speak. Minutes from the Fed's March 14-15 monetary policy meeting will be released Wednesday at 2 p.m. ET.
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