The stock market advanced calmly Tuesday as on-site voting began for the U.S. midterm elections. Bears and bulls stand to either gain or lose if the results brings surprises.
XOtherwise the stock market may have already baked in the expected results.
Small caps inched up 0.1% on the Russell 2000s gauge. Blue chips did better, as the Dow Jones industrial average added 0.4%. The large-cap S&P 500 sauntered 0.3%, while the Nasdaq popped 0.4%.
Volume didn't give much definition to the day's action. Trade on the NYSE was running behind Monday's already slow pace. Turnover on the Nasdaq was modestly higher but that was vs. Monday's volume, the lowest in three weeks.
Retail Gauge Is Up
Redbook's weekly gauge of same-store retail sales jumped 6.1% year over year. The results didn't do much for most retail-related stocks.
Discounter Costco (COST), though, was on track for a seventh consecutive daily gain. Tuesday late morning, Costco rose 1% in average volume. The stock retook its 50-day moving average Monday and is building the right side of a cup base.
The Street expects Costco to increase earnings 13% in fiscal 2019 ending in August. Quarterly results for fiscal Q1 ending in November are scheduled for Dec. 13 after the close. Analysts expect earnings to jump 18%.
Cement stocks pushed 3% higher. The group is lowly rated. Going into Tuesday's session, cement was No. 193 among 197 industry groups. Some market watchers regard the cement stocks as a play on Democratic gains in the elections. Democrats are willing to work with President Trump on infrastructure projects.
None of the cement stocks is positioned for a valid breakout.
IPO Breaks Out
Breakouts Tuesday included electronics contract manufacturer Fabrinet (FN), up 10% on earnings; initial public offering and lithium producer Livent (LTHM), up a fraction after paring gains; and biological agents vaccines maker Emergent BioSolutions (EBS), up 2.5%.
IPO Livent debuted on the NYSE exchange Oct. 11. The stock shaped a short IPO base. The IPO base can be shorter than standard bases.
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