U.S. stocks moved off intraday lows but remained firmly in the red as weak manufacturing data from China continued to weigh.
The Nasdaq and S&P 500 were each down 0.9%, while the Dow Jones industrial average fell 0.8%. Volume was tracking higher across the board vs. the same time Monday.
Steel, banks and energy led the downside in today's stock market action, with oil stocks getting hit as West Texas intermediate crude fell nearly 3% to below $43.53 a barrel.
Soap, cement producers and drugstore stocks were among the scant gainers. Clorox (CLX) gapped up and rose 4% to a new high, edging past a 132.29 flat-base buy point in twice normal trade. The cleaning products maker reported fiscal Q3 adjusted earnings of $1.21 a share, up 12% from last year and a dime above views. Revenue climbed 2% to $1.43 billion, also topping.
Vulcan Materials (VMC) climbed 4% to a new high in heavy trade after reporting Q1 profit and sales that beat forecasts. The construction aggregates and ready mix concrete maker also lifted its full-year aggregates shipment outlook. The stock has rallied 19% this year.
Find out how Vulcan Materials ranks in its industry group at IBD Stock Checkup.
In the IBD 50, Vulcan group-mate U.S. Concrete (USCR) added 3% in light trade. Shares are extended past a 50.50 cup-base entry first cleared in mid-March.
Pfizer (PFE) and Apple (AAPL) outperformed on the Dow with respective gains of 3% and 1.5%. Pfizer shares broke out past a 33.60 cup-with-handle buy point in fast turnover on better-than-expected Q1 sales and higher guidance from the Viagra maker.
Meanwhile, Apple stemmed an eight-session slide after nearly taking out a three-month low on Monday. Volume was running about twice the usual pace. Credit Suisse told CNBC that it's sticking with a $150 price target on the iPhone maker despite last week's disappointing quarterly report and a first-ever decline in iPhone sales.
IBD 50 laggards included contract research organizations INC Research Holdings (INCR) and PRA Health Sciences (PRAH), which each sank more than 8%. Robert W. Baird downgraded INC, which on Monday reported Q1 results and announced a secondary offering of 8 million shares, to neutral from outperform. PRA Health on Monday announced a secondary offering of 5 million shares.
