The stock market today was mostly flat near midday Thursday, although the session delivered plenty of big movers. Among blue chip stocks, Apple was a solid gainer in the Dow Jones today, but sellers were in FANG stock Facebook (FB) after the New York Times reported the company is facing a criminal probe regarding user data deals.
XThe stock market held up pretty well despite news that a Trump-Xi summit in Florida to sign a China trade deal was pushed back to late April. Earlier this week, U.S. Trade Rep. Robert Lighthizer said "major issues" are still unresolved in the talks.
The Dow Jones industrials, S&P 500 and Nasdaq composite were pretty much unchanged near the noon hour in New York. Volume on the NYSE and Nasdaq was tracking slightly lower than Wednesday's levels.
Dow Jones Today
Shares of Apple (AAPL) were up 0.8% after Cowen & Company initiated coverage with an outperform rating and 220 price target. Apple, Microsoft (MSFT) and Amazon.com (AMZN) are the highest weighted holdings of Invesco QQQ Trust (QQQ). The exchange traded fund was mostly flat near midday.
JPMorgan (JPM) added 1.2% but not because of higher interest rates. The 10-year Treasury yield was flat around 2.62%.
Also in the Dow Jones today, Boeing (BA) was down 0.6% as it holds just above its 200-day moving average, a long-term support level. President Trump on Wednesday ordered the grounding of 737 Max jets in the U.S.
Earnings News
In other stock market news, database software stock MongoDB (MDB) vaulted 24% on strong earnings. The move was particularly impressive considering the stock was already well-extended after a recent breakout over a 93.33 buy point.
Other software stocks rallied on the news, helping lift the enterprise software group to a gain of 0.8%. Top gainers in the group included Twilio (TWLO) as well as Leaderboard stocks Coupa Software (COUP) and Shopify (SHOP).
Elsewhere, semiconductor stock Semtech (SMTC) was looking pretty good ahead of earnings but not so good after earnings. Earnings growth accelerated for the third straight quarter, but Wall Street's focus was on tepid guidance. Shares slumped 6%.
Inside the IBD 50, Dine Brands (DIN) added 1%. The parent company of the IHOP and Applebee's restaurant chains gapped up Feb. 21 on strong earnings. The stock's strength Thursday resulted in its addition to Swing Trader.
After the close, watch for earnings from Adobe (ADBE), Broadcom (AVGO) and Ulta Beauty (ULTA).
Adobe is on the Leaderboard watch list as it trades near the 263.46 entry point.
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