Stocks finished mixed Monday as the Dow Jones industrials ended with a mild gain ahead of planned trade talks between President Trump and China's Xi Jinping later this week.
XThe Dow Jones Industrial Average added less than 0.1%, the S&P 500 dipped 0.2% and the Nasdaq composite gave up 0.3%. Small caps lagged sharply with the Russell 2000 down 1.3%. Preliminary data showed lower volume on the NYSE and Nasdaq compared to Friday. Volume was heavy Friday due to options expiration.
The indexes were due for a breather after last week's heady gains, which saw the Nasdaq up 3%, and the Dow Jones and S&P 500 up more than 2% each.
Dow (DOW) led the Dow Jones index with a 2% gain. United Technologies (UTX), Procter & Gamble (PG) and Merck (MRK) added 1% apiece. Procter & Gamble marked a new closing high. Merck, also near all-time highs, is at the top of a buy range from an 82.04 entry.
But Home Depot (HD), Nike (NKE) and UnitedHealth (UNH) weighed, each with losses of 1% or more. Home Depot slipped back under a 208.39 buy point. Nike is just below an 85.62 buy point of a double-bottom base. UnitedHealth is still below its 200-day moving average and 13% off its 52-week high.
Specialty retail, transportation and software headed the downside in today's stock market. But gold miners, food and homebuilders bucked the decline.
In the specialty retail group, IBD 50 stock Ulta Beauty (ULTA) lost nearly 3% to test its 50-day line. That sent the stock below a 354.72 double-bottom entry, which it cleared last week. Amazon.com (AMZN) on Monday announced the launch of an Amazon Professional Beauty Store for licensed professionals.
Among other IBD 50 losers, discount chain Five Below (FIVE) fell 5%. Pop culture products maker Funko (FNKO) and HubSpot (HUBS), a cloud-based business software provider, gave up 3.5% each.
Marijuana, Gold Stocks Soar
Marijuana REIT Innovative Industrial Properties (IIPR) soared 5.5% to lead the IBD 50 upside. Shares plunged 13% Friday, after hitting a fresh high Thursday. The San Diego-based company's properties are used for growing medical-use cannabis. Shares are extended 38% from a 91.37 buy point, so it's OK to take profits.
Other IBD 50 winners included Kirkland Lake Gold (KL), up 3.5% for a sixth straight advance. It also triggered the 20%-25% profit-taking rule from a 35.30 buy point. Gold prices rose 1.5% to $1,421.50 an ounce.
Gold ETFs surged as they extend their recent outperformance. VanEck Vectors Junior Gold Miners (GDXJ) soared 3.6% to a 52-week high, clearing a 35.14 buy point of a cup base. VanEck Vectors Gold Miners (GDXJ) rallied 3.8%, extended its win streak to 10. SPDR Gold Shares (GLD) and iShares Gold Trust (IAU) added 1.5% each.
Innovator IBD 50 ETF (FFTY) slipped 0.8% in the stock market today.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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