The stock market rallied early Monday, only to once again falter late and close mixed. Retailers were among the broad industry sectors that did well in today's stock market, including Lululemon (LULU), Chipotle Mexican Grill (CMG), and Boot Barn (BOOT).
XFollowing Friday's late-afternoon drubbing that sent stocks down sharply over trade fears, markets again started strong but then weakened. Among major indexes, the Dow Industrial Average led, eking out a 0.1% gain for the day. The S&P 500, small-cap bellwether Russell 2000 Index and Nasdaq all edged down about 0.1%.
Volume was way down from the same time during Friday's pressure-packed session that also got a large boost from expiring weekly and monthly stock options and equity index options. NYSE volume dropped 48%, according to early data, while Nasdaq trade declined about 22%.
After opening with gains Friday, major stock indexes fell sharply late in the same session on renewed U.S.-China trade fears after a Chinese delegation canceled a visit to a Montana farm, a sign to markets that trade talks weren't going well.
On Monday, however, the Purchasing Managers Index from IHS Markit showed overall U.S. output at a two-month high. Meanwhile, interest rates stabilized on Wall Street, easing fears of continued financial turmoil amid continuing Fed intervention in money markets.
On the IBD 50 list, Lululemon stock jumped 3.1% as Piper Jaffray initiated coverage of the stock with an "overweight" rating. It put a 227 price target on LULU. The seller of yogawear broke out of a short flat base a month ago, but remains in the buy zone just above its 194.35 buy point.
Mexican food chain Chipotle stock gained 1.1%. The company added a new menu item, carne asada, to its line of offerings last week, which helped boost the stock. SunTrust Robinson Humphrey raised its rating on Chipotle, in part due to its new menu offering.
Chipotle stock is now 60% extended after breaking out of a consolidation pattern with a buy point near 502 last January.
Work-shoe retailer Boot Barn jumped 2.2%. It has a string of double-digit and triple-digit earnings-per-share increases going back 10 quarters. Sales have been up an average 15% year over year over the past five quarters.
Boot Barn stock appears to be building the right side of a cup base now, and is just 1% below a 37.72 buy point. Its relative strength line is also at a new high of 94.
Among Stocks On The Move, Kirkland Lake Gold (KL) surged 5% as gold prices jumped 1.2% Monday amid recent market turmoil. Kirkland stock broke out of a consolidation pattern past its 36.84 buy point in early June. It's now extended and in the take-profits zone.
A handful of Dow 30 stocks also performed well.
Fast-food icon McDonald's (MCD) rose 1%. Many analysts and investors believe stocks like McDonald's will benefit as the economy slows in coming months and consumers begin tightening their belts a bit. McDonald's stock is now near the bottom of a flat base, trading 5% from its proper buy point.
Discount retailing behemoth Walmart (WMT) moved up 0.6% to a new all-time high. It too is viewed as a beneficiary of shifting consumer preferences in the event of an economic slowdown. Walmart stock remains in a buy zone after breaking out of a cup-with-handle base in last August.
Shares of Nike (NIKE) rose 1.1%. Despite two quarters of declining or flat EPS growth, Nike stock is hovering just a few points below its 89.45 buy point in a shallow cup with handle. Watch for quarterly results from the sports shoe maker on Tuesday after the close.
Among exchange traded funds, the Innovator IBD 50 ETF (FFTY) rose 0.3% in stock market trading.
Please follow Jones on Twitter at @IBD_TJones for more on growth stocks, financial markets and the economy.
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