Stocks today ended mostly lower after searching for direction through much of the session. The Nasdaq pared its shrinking gains into the close to finish flat.
XThe Nasdaq composite fared best with a break-even close, after giving up a 1.7% advance. The S&P 500 slid 0.2%, while the Dow Jones industrial average, weighed down by sliding oil stocks, fell 0.4%. Small caps fared slightly better than their big-cap peers: the Russell 2000 gave up around 0.2%.
Volume was higher on both the NYSE and Nasdaq vs. Monday, according to preliminary data.
Oil stocks led the downside sector losers in the stock market today. Meat processors and nonalcoholic beverage makers also underperformed. Crude prices sank after President Trump's tweet that Saudi Arabia and OPEC should not curtail oil production to boost prices. West Texas intermediate oil dropped more than 8% to just under $55 a barrel.
Chevron (CVX) and Exxon Mobil (XOM), down about 2% each, were among the Dow's biggest decliners. Boeing (BA) also lost 2% to close below its 200-day moving average, which it had regained Oct. 30.
Stocks Today: Chip Stocks Outperform
But transportation, building-related and chip stocks scored gains. Intel (INTC), the biggest blue chip gainer, rose 1.6%. The stock has held above its 50-day line the past two weeks, though it's still below the 200-day line. It may be shaping a base but at 17% off its high, has plenty of work left to do.
The chip giant's 94 Earnings Per Share Rating ties for second place in the 33-stock Electronic-Semiconductor Manufacturing group, according to IBD Stock Checkup. The rating reflects a five-year earnings growth rate of 17%, as well as solid quarterly profit gains in recent quarters. An 87 Composite Rating, which combines key fundamental and technical metrics into a single score, is best in the group.
Other chip stocks rallying Tuesday included Nvidia (NVDA), Advanced Micro Devices (AMD) and Xilinx (XLNX), up 5%, 3% and 1.5%, respectively. Graphics chip designer Nvidia, which reports Q3 results after the close on Thursday, is still 32% off its early October peak after a sharp recent slide. Susquehanna Financial Group raised its rating on both Nvidia and Xilinx to positive from neutral, citing their prospects in the artificial intelligence (AI) field.
Over on the IBD 50, Bio Telemetry (BEAT), Sabra Healthcare REIT (SBRA) and HealthEquity (HQY) lost about 2.5% each. Dell Technologies (DVMT) and Lululemon Athletica (LULU), up more than 2% each, outperformed. Yogawear seller Lululemon, a Leaderboard member, is working on a potential cup base.
The Innovator IBD 50 ETF (FFTY) was fractionally higher.
YOU MIGHT ALSO LIKE:
This Is Arguably The Best-Looking Big Tech Stock Right Now: Futures
Payments Company Euronet Worldwide Aims To Break Out
