X U.S. stock indexes calmed down Wednesday after torrid selling in the previous session.
The Nasdaq added 0.5%, while the S&P 500 inched up 0.2%. The blue chip Dow Jones industrial average eased less than 0.1%, stung by Nike's (NIKE) 7% plunge. The small-cap Russell 2000 bowed 0.2% lower. Volume in the stock market today fell on both major exchanges.
Blue chips were mostly up in the Dow Jones industrial average. Advancers led declining issues by a 4-3 ratio.
Microsoft (MSFT) led the Dow stocks with a 1.3% gain as it bounced off its 50-day line in soft volume. The stock is working on a flat pattern. The potential buy point is the left-side high plus 10 cents, or 66.01.
Apple (AAPL) wasn't far behind. The stock popped 1% higher in below-average volume. Apple is just above a 141.12 buy point in a three-weeks-tight pattern. The three-weeks-tight is a bullish pattern that can provide a secondary buy area.
Nike's loss came after the company reported a beat on quarterly earnings but a miss on revenue.
In the S&P 500, lodging chain Marriott International (MAR) scored the biggest percentage gain, up almost 3% in strong volume. The stock cleared a consolidation that was too short to be a legitimate base. Aggressive investors could've bought the stock as it cleared 91.17, the high plus 10 cents. But breakouts from too-short bases are more likely to fail.
In the IBD 50, a list comprised of the best stocks by fundamentals and technicals, China-based social network provider Momo (MOMO) rebounded almost 3% after the previous session's 6% drop.
On the IBD 50's down side, France-based ad tech company Criteo (CRTO) sliced off about 2% in soft turnover.
Among IBD's 197 industry groups, fiber optics and steel were the among the top performers. The biggest losers included consumer loans and metal-handling machinery.
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