Stocks rolled into the first real week of the earnings season with mixed feelings, as names like Apple (AAPL) and Netflix (NFLX) backed away from early highs but remained positive, with Netflix shares soaring in after-hours action on its Q2 results.
X The Dow Jones industrial average, the Nasdaq composite and the S&P 500 all closed within 0.03% of their starting position. Small caps had a shade more momentum, lifting the Russell 2000 index 0.1%.
A weak reading on a New York-region manufacturing gauge and signs of more possible regulatory intervention in China's markets may have rattled investors early in the session. But investors were also looking toward Netflix's Q2 report and the week's increasingly busy earnings schedule, and the market was due for a breather after last week's strong performance.
Netflix Reports, Apple Retakes 50-day
Specialty steel makers were at the top of the sessions best-performing industries, led by Carpenter Technology's (CRS) 6% gain. Retail and mining groups posted many of the day's strongest moves. Macy's (M), Conn's (CONN) and Freeport-McMoRan (FCX) figured powerfully in those advances.
Netflix bolted 8% higher after reporting strong subscriber growth and guidance despite weaker-than-expected Q2 earnings.
Apple notched its seventh straight advance, retaking its 50-day moving average, although a retreat from early highs left the stock below the session's midway mark, only pennies above the 50-day line in a weak-volume move.
Akamai Technologies (AKAM) and Dollar Tree (DLTR) each rose 2%, helping boost the Nasdaq 100.
On the Dow, Apple couldn't outpull IBM (IBM) and JPMorgan (JPM), which each dropped more than 1%.
Trucking fleet operator J.B. Hunt (JBHT) rolled up a 3% gain in heavy trade, despite reporting second-quarter earnings below analysts' targets. The stock is up 13% from a May low and back above support at both its 10- and 40-week moving averages.
Among IBD 50 stocks, YY (YY) swept ahead 3% in better than double its average trade. That put the stock 7% above a 61.62 but point in a flat base, after breaking out past the marker with a heavy-volume 9% spike Friday.
Cell tower operator Crown Castle (CCI) dropped 4% in fast trade after making a $7 billion bid to acquire Lightower Fiber Networks. The deal aims to broaden Crown's ability to provide 5G service to wireless providers like AT&T (T) and Verizon Communications (VZ).
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