Key market indexes were mixed Monday as Boeing (BA) weighed on the Dow Jones Industrial Average, but Apple (AAPL) broke out from a base.
XThe Nasdaq led with a 0.2% advance, the S&P 500 added 0.1%, and the Dow Jones industrials fell 0.3%. Small caps lagged too: The Russell 2000 shed less than 0.3%. Preliminary data showed volume edging higher on the NYSE and Nasdaq vs. Friday.
The Nasdaq, S&P 500 and Dow Jones all closed at session highs Monday and are now about 2% away from their all-time highs.
Boeing weighed on the Dow Jones with a 4.5% gap-down in fast turnover. The stock is 16% off its high as it remains stuck below its 50-day moving average but above its 200-day line. Bank of America Merrill Lynch late Monday downgraded Boeing to neutral, citing longer-than-expected 737 Max 8 issues.
Apple (AAPL) and Procter & Gamble (PG) led the upside on the Dow Jones with respective gains of 1.5% and 1.2%.
Apple cleared a 197.79 buy point of a deep cup with handle, according to MarketSmith chart analysis, albeit in lighter-than-usual volume. Some leading stocks have seen a delayed volume spike after a breakout. Morgan Stanley reiterated an overweight rating on the iPhone maker, citing potential opportunity from its foray into health care.
Procter & Gamble advanced to a record high. Shares are extended from a 96.99 buy point of a flat base cleared in February. Wells Fargo Securities raised its rating on the consumer products giant to outperform from market perform and the price target to 115 from 91.
The biggest industry-group losers in the stock market today included office supply retailers, health care and steel stocks. But energy, metal miners and auto-related plays outperformed.
Good Day For Gold, Oil
Gold miners and oil ETFs rallied. VanEck Vectors Junior Gold Miners (GDXJ) and VanEck Vectors Gold Miners (GDX) rose 1.4% and 1.1%, respectively. Gold futures climbed 0.5% to $1,301.90 an ounce. GDXJ may be building a new base as it seeks to retake its 50-day line. GDX is working on a flat base with a potential buy point of 23.80.
VanEck Vectors Oil Services (OIH) added 0.7%, while SPDR S&P Oil & Gas Exploration & Production (XOP) climbed 0.6%. Neither ETF is near a buy point — both are more than 28% off their 52-week highs.
IBD 50 stock ProPetro (PUMP) surged nearly 4% to a new high. The provider of oilfield services has rallied 108% from late-December lows. Shares are 39% extended from a 16.81 buy point of a cup with narrow handle. When a stock reaches a 20%-25% gain from a proper entry, that triggers this profit-taking rule.
Among other IBD 50 stocks, mortgage insurer NMI (NMIH) and cybersecurity software firm Fortinet (FTNT) each rose more than 2%. NMI is extended after breaking out past a 24.08 entry of a three-weeks-tight pattern. Fortinet has slipped below an 88.70 buy point and is testing support at its 50-day line.
On the downside, gym operator Planet Fitness (PLNT) and industrial gear maker Woodward (WWD) gave up about 1% each.
The Innovator IBD 50 ETF (FFTY) edged nearly 0.3% higher in the stock market today.
Please follow Gondo on Twitter at @IBD_NGondo for more on growth stocks, ETFs and how to invest in CAN SLIM-quality market leaders.
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