The Dow Jones industrials and other key market indexes reversed slightly lower Wednesday after a modest early climb. But their action wasn't too alarming given the prior session's big gains.
XThe Nasdaq hit a new intraday high of 8,140 Wednesday before settling for a 0.1% loss. The Dow Jones Industrial Average and S&P 500 gave up a respective 0.2% and 0.1%. Small caps rallied with the Russell 2000 up 0.4%. Preliminary data showed lighter volume on the NYSE and Nasdaq.
Chevron (CVX) and Caterpillar (CAT) both weighed on the Dow Jones industrials with losses of about 3% each. Caterpillar fell near its 50-day line in heavy trade despite reporting better-than-expected Q1 sales and profit.
Chevron skidded below its 200-day line. Occidental Petroleum (OXY) made a surprise $57 billion bid for Anadarko Petroleum (APC), easily topping Chevron's $33 billion offer.
Dow (DOW) and Exxon Mobil (XOM) lost 2.7% and 1.7%, respectively.
But 1%-plus gains from Walt Disney (DIS), Nike (NKE) and McDonald's (MCD) helped offset some of those losses on the Dow Jones index. McDonald's marked a new high. Wells Fargo boosted its price target on the fast-food giant to 218 from 203 and maintained an outperform rating.
Retailers, hospitals and chip stocks were among the top industry group winners in the stock market today. But dairy products, oil and steel plays lagged. Three of the top five biggest losers hailed from the oil and gas sector. West Texas intermediate crude prices fell 0.8% to $65.75 a barrel.
Oil ETFs Skid
Not surprisingly, most energy ETFs slipped. VanEck Vectors Oil Services (OIH) tumbled 4%, while SPDR S&P Oil & Gas Exploration & Production (XOP), iShares U.S. Energy (IYE) and Energy Select Sector SPDR Fund (XLE) gave up about 2% apiece.
Among chip stocks, Silicon Laboratories (SLAB) gapped up and soared 18% to a 10-month high after its Q1 results beat analyst forecasts. Shares surged close to a 110.80 buy point of a long cup base. Volume swelled to nearly six time normal.
Over on the IBD 50, Kirkland Lake Gold (KL) gained 3% as it consolidates below the 50-day line. Planet Fitness (PLNT) and chip designer Xilinx (XLNX) added about 2% each. Both stocks hit record highs.
But oil equipment stock Properto Holding (PUMP) sank 5%. Atlassian (TEAM) and New Oriental Education (EDU) each lost roughly 3%.
The Innovator IBD 50 ETF (FFTY) edged 0.1% higher in the stock market today.
Follow Nancy Gondo on Twitter at @IBD_NGondo for more market insight and stock analysis.
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