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Nvidia, Broadcom Lead Nasdaq Today; Retailer Surges 25%

Major stock indexes held solid gains near midday Tuesday. The Nasdaq today gapped up at the open, led by semiconductor stocks which rebounded after two days of selling.

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The Dow Jones industrials was up 0.8%, led by 3M (MMM), Walt Disney (DIS) and Nike (NKE). The Nasdaq composite and S&P 500 also rose about 0.8%. Volume on the NYSE and Nasdaq was tracking slightly lower than Monday.

Several oil and gas-related groups showed gains of more than 2% as oil prices rose. WTI crude oil futures for May delivery added 2% to $60 a barrel. Finding actionable stocks in the energy sector is difficult, though, as most stocks remain far off highs.

Top Gainers In The Nasdaq Today

Semiconductor stocks rebounded after sharp losses Friday and Monday. Top gainers in the Nasdaq 100 included Nvidia (NVDA), Broadcom (AVGO) and Advanced Micro Devices (AMD). The Philadelphia Semiconductor index was up 1% but well off session highs. Trading has been volatile in VanEck Vectors Semiconductor ETF (SMH) as it holds just above a 106.37 entry point in a large cup with handle.

Inside the MarketSmith Growth 250, Zscaler (ZS) ripped higher again. Shares were up 5.5%. Zscaler is also a member of the Leaderboard portfolio, which currently holds five stocks in the software sector.

Retail Gainers

In the retail sector, Bed Bath & Beyond (BBBY) was another top gainer in the Nasdaq today. Shares surged 27% after the Wall Street Journal reported that three activist investors want to replace the home furnishing retailer's entire board.

In other stock market news, marijuana stocks were mixed, but Cronos Group (CRON) was the big loser, down 4.4% in heavy volume, after reporting quarterly results before the open. Cronos posted a net loss of 7 cents a share. Sales jumped 338% to $7 million, a quarterly best.

Inside the IBD 50, PagSeguro Digital (PAGS) outperformed, rising more than 2%. It's holding gains and still in buy range after a breakout over a 28.97 proper buy point in a first-stage cup with handle. Innovator IBD 50 ETF (FFTY) performed in line with the indexes Tuesday.

After the close, watch for earnings from KB Home (KBH) and Ollie's Bargain Outlet (OLLI). The homebuilder group has moved all the way up to 19th in IBD's 197 industry group rankings as of Monday's close. Groups are ranked based on six month price performance. Year-to-date, the group is up 17% vs. a gain of 11.6% for the S&P 500.

Lennar (LEN), with a Composite Rating of 97, reports Wednesday before the open.

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