The Dow Jones Industrial Average edged higher in the stock market today to stretch its advance for a third straight session ahead of the Labor Day holiday.
XThe Dow Jones industrials climbed 0.2%, the S&P 500 was up 0.1%, and the Nasdaq dipped 0.1%. Small caps tracked by the Russell 2000 were fractionally lower. Preliminary volume showed lower volume on the NYSE and Nasdaq vs. Thursday.
The indexes gapped up early, pared gains and slipped underwater. They worked to trim losses in the last 45 minutes of the session.
Despite capping the week with a whimper, the major indexes logged solid gains to end a four-week losing streak. The Dow Jones index rose 3%, or 780 points, for the week, the S&P 500 gained 2.8% and the Nasdaq added 2.7%. All three are within 1% of their 10-week moving averages. Yet for the month, the Dow lost 1.7%, the S&P 500 shed 1.8% and the Nasdaq tumbled 2.6%.
Biggest Dow Jones Movers
Winners slightly outpaced losers on the blue chip index. UnitedHealth Group (UNH), Walgreens Boots Alliance (WBA), Caterpillar (CAT) and Intel (INTC) each contributed 1% or better gains. Cisco Systems (CSCO) led the downside with a 1% loss. All these stocks remain well off their 52-week highs.
Specialty retailers, dragged down by Ulta Beauty's (ULTA) plunge, were by far the biggest loser in today's stock market, with a 30% drop. Enterprise software makers and oil stocks also fell. But drugstores, meat products and computer-related stocks outperformed.
Many retailers including Dollar General (DG) and Burlington Stores (BURL), had a strong week, boosted by upside earnings surprises. But Ulta Beauty on Friday gapped down well below its 200-day line and crashed nearly 30% to its lowest level this year. The beauty products and salon chain late Thursday delivered a disappointing a Q2 earnings report and full-year outlook.
As such, Ulta led the IBD 50 downside. Not far behind was Afya Limited (AFYA), down 30% to its lowest close since its July 19 IPO. The Brazil-based provider of online health care education reported Q2 earnings.
Marijuana REIT Innovative Industrial Properties (IIPR) sank 12% to a three-month low in twice normal trade. Other IBD 50 losers included software makers Upland Software (UPLD), Veeva Systems (VEEV) and Atlassian (TEAM), down more than 2.5% each.
Retail, Oil Funds Lag
China stocks Baozun (BZUN) and Momo (MOMO), up about 2% each, topped the scant list of IBD 50 winners. Gold miner Kirkland Lake Gold (KL) and pop culture products maker Funko (FNKO) added about 1% apiece.
The Innovator IBD 50 ETF (FFTY) gave up 1%. It's run into resistance at its 50-day line now for about three weeks.
SPDR S&P Retail (XRT), which has a small weighting in Ulta, slid 1%. The ETF is trying to climb from an Aug. 15 low.
Among other ETFs, SPDR S&P Oil & Gas Exploration & Production (XOP) shed 1.9%. A 3% drop in crude oil prices to $54.89 a barrel didn't help.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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