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Dow Jones Mostly Flat Amid China Trade Chatter, But This FAANG Stock Rebounds Bullishly

The Dow Jones Industrial Average was mostly flat near midday in the stock market today, despite a solid showing for Apple stock. Stock futures turned higher before the opening bell after the Wall Street Journal reported that additional tariffs on Chinese goods set to take effect Dec. 15 might be delayed.

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Nike stock also outperformed in the Dow Jones today, up 0.6%, helped by price target hikes from UBS and Bank of America. Nike (NKE) is still in buy range after a breakout from a cup-with-handle base with a 95.22 buy point.

Among the FANG stocks, Netflix (NFLX) slumped 1.5%, hurt by a Needham downgrade to underperform from hold. The analyst cited potential subscriber losses in the U.S. amid growing competition, according to several published reports.

The Nasdaq composite, S&P 500 and Russell 2000 small-cap index showed gains of 0.1% to 0.2%.

Top gainers in the Nasdaq 100 included Tesla (TSLA), Micron Technology (MU), KLA (KLAC) and Nvidia (NVDA). Semiconductor stocks had their rally caps on again, with VanEck Vectors Semiconductor ETF (SMH) up 0.9%.

Dow Jones Movers

Besides Nike stock, Apple (AAPL) was another nice gainer in the Dow Jones, up nearly 1%. Apple, a Leaderboard stock, recently triggered an offensive sell signal when the gain from the 221.47 buy point hit 20%.

Outside of the Dow Jones, another Leaderboard stock moved bullishly higher. Inphi (IPHI) shares jumped 5%. The chip stock has been getting support at its 10-week moving average after a bullish breakout during the week ended Nov. 1.

In other stock market news, MongoDB (MDB) and Stitch Fix (SFIX) were earnings winners, up 2% and 6.5%, respectively. But an early gain faded for MongoDB, a database software firm. Stitch Fix also backed off highs after a breakout attempt from a bottoming base Monday.

Elsewhere, Innovator IBD 50 ETF (FFTY) was mostly flat, but the IBD 50 index of leading growth stocks served up plenty of winners, including InMode (INMD) and Alibaba (BABA).


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InMode was back in rally mode, up more than 2% after slumping nearly 10% Monday. The stock finally looks like it's ready to form a base after a breakout from an IPO base in October with a 29.48 entry.

Alibaba shares were up 1.6% to 201.89, but it's extended after a breakout over a 188.38 handle buy point.

Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.

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