The stock market closed flat Wednesday, but the Nasdaq composite eked out a gain to extend its win streak to seven sessions.
XThe Nasdaq added less than 0.1%, holding on to a gain even after indexes slid in the closing moments. Its close at 7888 left the index just a fraction away from the prior high at 7933 three weeks ago. The S&P 500 eased a fraction, ending a four-day win streak.
The Dow Jones industrial average fell 0.2%. Walt Disney (DIS) dragged the industrials as the entertainment giant fell 2% following its earnings report. Disney's sales and earnings missed expectations, sending the stock back near a previous 113.29 buy point in a flat base.
Nike (NKE), another Dow component, rose above the 81.10 buy point of a flat base. But volume was lackluster and the relative strength line did not match the stock's move to new highs.
Small caps were nearly flat also, with the Russell 2000 off slightly. The index held above its 50-day moving average, which is providing some direction.
The energy sector was a big drag on Wall Street as the price of crude oil fell 3% to $66.94 a barrel. That's the lowest close since June 21 for U.S. crude.
Traders blamed oil's fall partly on a new skirmish in the trade war between the U.S. and China. In retaliation for a 25% U.S. tariff on Chinese imports, Beijing finalized another $16 billion in tariffs on U.S. imports.
SPDR Energy (XLE) was one of the weakest sector ETFs Wednesday, down 0.7%. Utilities, consumer staples and real estate also lagged. Pharmaceutical, banking and semiconductor stocks led the market.
Among breakouts of note, Boot Barn (BOOT) kicked up 15% and cleared the 25.55 buy point of a cup with handle. The footwear retailer beat profit expectations late Tuesday. Volume was heavy and the relative strength line edged to a new high. That's favorable for the breakout. Boot Barn is today's IBD Stock Of The Day.
New issue Bandwidth (BAND) surged past the 40.93 buy point of a lopsided cup base. The digital communications technology company's RS line also made a new high. Shares closed too extended from the buy area, which topped out at 42.98.
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