Stocks finished mixed after the long weekend as the Nasdaq led but the Dow Jones Industrial Average lagged among the major indexes.
XThe Nasdaq rose 0.2%, the S&P 500 added 0.1% and the Dow Jones industrials edged 0.2% lower. Small caps underperformed, with the Russell 2000 down 0.4%. Volume eased on both the NYSE and Nasdaq from Thursday's levels, according to preliminary data.
UnitedHealth Group (UNH), Exxon Mobil (XOM) and Chevron (CVX) led the Dow Jones industrials with gains of about 2% each. But that wasn't enough to offset losses of 1% or more from six blue chips including Boeing (BA), IBM (IBM) and Nike (NKE).
Aside from IBM, most big-cap techs on the Dow Jones saw minor gains. Intel (INTC), Apple (AAPL) and Microsoft (MSFT) climbed less than 0.6% apiece. All three are basically in line with the broader market this year, with gains ranging from 14% (Intel) to 30% (Microsoft). The S&P 500 is up 16%, the Nasdaq composite has returned nearly 21%.
Intel, which cleared the 54.20 buy point of a cup base Thursday, is trading about 8% above the entry. The chip giant reports quarterly earnings Thursday after the close. Analysts expect a flat earnings result on a 0.3% dip in sales.
Homebuilders, energy and software were among the top industry group and sector gainers in the stock market today. Oil stocks got a boost from a 2.6% surge in West Texas intermediate crude prices to $65.66 a barrel. Chevron, Exxon and other oil stocks rallied along with oil prices after the Trump administration sought to block India, China and six other countries from importing crude from Iran.
Oil Stocks Surge
That sent oil-focused exchange traded funds higher. SPDR S&P Oil & Gas Exploration & Production (XOP) rallied nearly 4%, VanEck Vectors Oil Services (OIH) gained 2.7%, and iShares U.S. Energy (IYE) and Energy Select Sector SPDR (XLE) advanced 2% each. XLE is close to retaking its 200-day line for the first time in six months. It's 14% off its high and could set up a buy opportunity at 78.46.
Oil drilling equipment maker Cactus (WHD) vaulted 4% in heavy volume. The former IBD 50 stock broke out past a 38.78 buy point of a cup with handle.
Trade Desk (TTD) led the IBD 50 with a 6% pop. Shares, up 82% year to date, are slightly extended from a recent test of its 10-week line.
Among other IBD 50 winners, software stocks Veeva Systems (VEEV) and Atlassian (TEAM) rose more than 2% each. Energy plays also rallied: ProPetro Holding (PUMP) surged 4% and Solaris Oilfield Infrastructure (SOI) gained 2.4%.
The Innovator IBD 50 ETF (FFTY) advanced 0.6% 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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