X Stocks trekked lower Tuesday but gave back only a piece of the ground gained on Monday.
The Nasdaq took the hardest hit, falling 0.8%. The S&P 500 dropped 0.7%, while the Dow Jones industrial average drifted down 0.3%. Preliminary data showed volume on both exchanges coming in higher than Monday's levels.
West Texas intermediate crude dropped to just above $43 a barrel as oil sloughed off another 2%, undercutting a May low to settle at its lowest point since November. But a move that would've sent oil-related stocks crowding the lowest slots on the Dow and S&P 500 barely even registered. Chevron (CVX) and Exxon Mobil (XOM) dropped less than 1%. Oil stocks posted only five of the day's 20 worst losses among S&P 500 stocks.
General Electric (GE) was the Dow's worst performer, down 2% in weak trade. Apple (AAPL) tumbled 0.8%, and all four of the FANG stocks ended lower, despite a price target increase for Netflix (NFLX).
Medicals, drugmakers and biotechs posted a strong session. Merck (MRK) and Pfizer (PFE) easily topped the Dow industrials, up 1.5% and 1.4%, respectively. IBD 50 stock Regeneron Pharmaceutical (REGN) and Alexion Pharmaceuticals (ALXN) led both the S&P 500 and the Nasdaq 100. (Biotechs and drugmakers took the day's top seven gains among Nasdaq 100 stocks.)
Regeneron surged 5% to reach a 17-month high, despite Novartis (NVS) reporting its RTH258 macular degeneration drug had outperformed Regeneron's Eylea in a head-to-head clinical trial. Regeneron is up 9% since clearing a six-month cup base in May. Novartis shares rose 0.2% Tuesday.
Alexion jumped 3% after regulatory filings showed CEO Ludwig Hanson made a purchase of company shares worth $1.1 billion.
IBD 50 and Leaderboard stock Floor & Decor (FND) ended 2% higher after backing down from its early highs. The gain left shares in a buy range above a 43.20 buy point, settling 109% above their April IPO price.
Retail was Tuesday's worst-performing industry, as Dillard's (DDS) and J.C. Penney (JCP) each dropped 5%. Ross Stores (ROST) shed almost 5%, the worst decline among Nasdaq 100 stocks.
Several big names are scheduled to roll out earnings reports after the close, with Adobe Systems (ADBE), FedEx (FDX) and Red Hat (RHT) topping the list.
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