Key stock indexes closed near session lows in the stock market today as earnings continued to roll in and investors awaited reports from several big names.
XThe S&P 500 shed more than 0.6%, the Nasdaq lost 0.5%, and the Dow Jones Industrial Average fell 0.4%. Small caps tracked by the Russell 2000 got hit hard too, down 0.6%. Volume was higher on the NYSE but lower on the Nasdaq vs. Tuesday, according to preliminary data.
Caterpillar (CAT), Walgreens Boots Alliance (WBA) and United Technologies (UTX) weighed on the Dow Jones index with losses of more than 2% apiece. IBM (IBM) gave up 0.3% ahead of its earnings due out after the close. But it rose 2.4% in late trade after its revenue met and earnings beat views.
Boeing (BA), however, bucked the downtrend with a 1.8% gain that lifted shares back above the 200-day moving average.
Among non-Dow stocks, Netflix (NFLX) sank 11% in after-hours trade, following the company's revenue shortfall, as well as disappointing subscriber additions in Q2. Netflix fell 1% during the regular session. Online auction giant eBay (EBAY) popped 5% after hours on a profit and sales beat.
The biggest industry gainers included transportation, retail and energy stocks. Railroad giant CSX (CSX) plunged 10% in heavy trade after a disappointing earnings report, sending the Dow Jones transportation index down 3.5%.
But gold miners, software firms and chip gear makers outperformed. ASML Holding (ASML) boosted the chip equipment group with a 6% pop after the Dutch company reported better-than-expected Q2 results.
Chips, Gold Stocks Gain In Stock Market Today
That helped VanEck Vectors Semiconductor (SMH) and iShares PHLX Semiconductor (SOXX) advance 0.3% each. Both ETFs count ASML among their holdings. SMH is shaping a cup with handle with a 116.06 buy point; SOXX is tracing a similar pattern with a 208.87 entry.
Gold miners rallied as VanEck Vectors Junior Gold Miners (GDXJ) and VanEck Vectors Gold Miners (GDX) surged 4.5% and 4%, respectively. GDXJ hit a 10-month high, while GDX is at its best levels since September 2016. Gold prices rose more than 1% to $1,427.70 an ounce.
Over in the IBD 50, Baozun (BZUN) led the downside with a 6% loss. On Tuesday, the Chinese enterprise software maker reversed from a 5% gain to close 0.7% lower in twice normal volume. Though the stock hasn't triggered any key sell signals, it's now dipped below a 52.14 buy point of a cup with handle.
Progressive (PGR) gapped down and sank nearly 5% in heavy trade to test its 50-day line. The auto insurance provider reported Q2 results that topped views. Profit and sales rose 39% and 18% year over year, respectively, though both growth rates slowed down on a sequential basis.
The biggest IBD 50 winner, Kirkland Lake Gold (KL), leapt 4% to a record high. Shares are 30% extended from a 35.30 buy point of a cup with handle. Investors who haven't yet might consider locking in some of their gains, since the stock has rallied past the 20%-25% profit-taking zone.
Among other IBD 50 gainers, several leading software stocks (including Fortinet (FTNT), Adobe (ADBE) and Paycom Software (PAYC)) added more than 1% each.
The Innovator IBD 50 ETF (FFTY) eased 0.3% in the stock market today but remains at its best level in over nine months.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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