The energy sector and technology stocks led the market Wednesday, but indexes closed the session in weak form, making negative price reversals.
XThe Nasdaq composite closed 0.3% higher, well short of its session peak gain of 1.1%. The composite is holding above the 50-day moving average, but not by much.
In other major indexes today, the S&P 500 reversed lower, erasing a 0.5% increase and down 0.1% on the day. The Dow Jones Industrial Average lost a fraction. The Russell 2000 was off 0.2% at the closing bell.
Volume rose on the Nasdaq and fell on the NYSE, according to unconfirmed data.
Relative strength in the Nasdaq came largely from semiconductors. Some optimism on trade talks ahead of the G-20 meeting in Japan later this week boosted the tariff-sensitive sector.
Also, memory-chip maker Micron Technology (MU) surged 13.3% after its earnings for the May-ended quarter smashed expectations. Micron saw "early signs of demand improvement," but still plans to reduce capital spending.
VanEck Vectors Semiconductor (SMH) jumped 3% and closed above the 50-day moving average for the first time since May 10.
The energy sector rallied after a report Wednesday noted that U.S. crude inventories fell by 12.8 million barrels last week, a sharp reduction that caused oil prices to rise. Late Wednesday, U.S. crude traded at $59.24, up 2.4%.
Innovator IBD 50 ETF (FFTY) rose 0.5%. Chip and other tech leaders helped the IBD 50.
Air Lease (AL) climbed back above a 39.94 buy point of a flat base within a larger consolidation. The aircraft leasing firm, which signed a number of deals at the Paris Air Show, was on IBD 50 Stocks To Watch June 19.
Globant (XLV) slid 1.3%, its sharpest decline in nearly a month.
Juan Carlos Arancibia is the Markets Editor of IBD and oversees our market coverage. Follow him at @IBD_jarancibia
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