Key market indexes reversed from early gains in the stock market today, as the Dow Jones Industrial Average gave up a nearly 100-point gain despite advances from Nike (NKE) and Apple (AAPL).
The Dow Jones industrials fell 0.1%, while the S&P 500 and Nasdaq each gave up less than 0.1%. Small caps tracked by the Russell 2000 outperformed, up 0.2%. Volume was mixed, tracking lower on the NYSE and higher on the Nasdaq vs. the same time Wednesday.
Looming trade tariffs on some $160 billion of Chinese-made goods are set to take effect Dec. 15, unless the U.S. and China can strike a "phase one" deal. The stock market has reacted to mixed messages regarding a potential deal.
In the Dow Jones index, 3M (MMM) lost 1.6% in heavy volume to slip below its 50-day moving average. Cisco (CSCO), Home Depot (HD) and Travelers (TRV) were down less than 1% each.
Nike led winners as it gapped up to a 1.4% gain in faster-than-usual trade. Goldman Sachs upgraded its rating on the athletic shoe and apparel giant to buy from neutral and boosted its price target to 112 from 95. It also added Nike to its Conviction Buy list. Nike stock popped above a 95.22 early buy point before pulling back slightly. The proper buy point of the overall flat base is 96.97.
Apple Boosts Dow Jones
Apple added 0.9% after Citi reiterated a buy rating and hiked its price target on the iPhone maker to 300 from 250. Shares are now extended 19% from a 221.47 correct buy point of a flat base cleared Sept. 11, MarketSmith chart analysis shows. Apple, a Leaderboard stock, could soon trigger the 20%-25% profit-taking rule again.
Foreign banks, biotechs and automakers led the downside among IBD's 197 industry groups. Home furnishing, discount retailers and apparel makers advanced.
Upscale home furnishings chain RH (RH) led its group with a 10% jump in heavy trade to a record high. The Warren Buffett-backed stock reported blowout Q3 earnings late Wednesday and increased plans for annual store openings. RH, an IBD Leaderboard stock, is well extended from a mid-November bounce off its 50-day line.
RH was by far the biggest winner in the IBD 50. Planet Fitness (PLNT) rose 3% as it builds a base with an 82 buy point. And China e-commerce behemoth Alibaba (BABA) also added 3%.
The Innovator IBD 50 ETF (FFTY) edged 0.3% higher.
Follow Nancy Gondo on Twitter at @IBD_NGondo
YOU MAY ALSO LIKE:
After Hours: Tesla Gets 'Bull' Price Target Of 500; This Top Stock Gaps Higher
IBD Live: A New Tool For Daily Stock Market Analysis
See The Best Stocks To Buy And Watch
