The stock market retreated early from its recent gains during Tuesday's shortened pre-Christmas session, but rebounded later as traders and investors prepared to shut off their terminals and begin their holidays. Even so, some stocks continued working despite the holiday, including chipmaker Advanced Micro Devices (AMD) and electric auto and battery maker Tesla (TSLA).
XThe resurgent Dow Jones Industrial Average dipped 0.2% after leading the way higher on Monday. The Nasdaq composite managed a nearly 0.1% gain after opening down. The S&P 500 edged down by barely 1 point, while the small-cap Russell 2000 Index led with a 0.2% gain.
Volume was down sharply from the same time on Monday. Turnover dropped 25% on the NYSE and fell 18% on the Nasdaq.
While the color red predominated on many stock lists, there were some gainers to be found.
Leaderboard stock AMD resumed its powerful ascent, rising 2.1% and extending a monthlong 30% gain. A recent IBD piece highlighted the chip industry's turnaround after 2018's tough downturn.
AMD holds a half-size position on IBD Leaderboard; it most recently joined as an earnings call option play on Oct. 29, and the option got exercised.
In addition to AMD, a host of other chipmakers are touting improved industry conditions, including Inphi (IPHI), Qorvo (QRVO) and Taiwan Semiconductor Manufacturing (TSM), among many others.
Tesla, the brainchild of eccentric entrepreneur Elon Musk, gained 0.5%. Since closing at 330.37 on Dec. 5, the stock has soared 27%, largely on the expected demand for the company's futuristic Cybertruck and lower costs due to the U.S.-China trade deal.
Tesla's gain Tuesday reversed some late in the morning after Morgan Stanley analyst Adam Jones said Tesla stock could fall as much as 40%.
Stock Market: IBD 50 Gainers
On the IBD 50 stock list, Nike (NKE) was near break-even after rising early. Nike stock remained in the 5% zone above a 96.97 buy point out of a short cup base. The company is riding a wave of popularity for many of its latest shoe models. That includes its controversial Colin Kaepernick Air Force 1 sneakers, which sold out within hours of their introduction on Monday.
Canadian-based gold-mining investor and IBD Stock of the Day Franco Nevada (FNV) broke out of a cup-with-handle, after shaping a new handle with a 101.30 buy point. It rose 1.5%. The company earns a 96 Composite Rating from IBD, and ranks No. 1 in the mining-gold/silver/gems industry group.
Franco Nevada and a few of its peers in the gold mining group got showcased in today's IBD Live show.
Brazilian financial transactions company and IPO StoneCo (STNE) rose 1.4%, moving within striking distance of a 39.55 original buy point in a cup-with-handle IPO base. As a recent IBD story noted, the company has averaged 370% EPS growth annually over the past few years. That attracted the attention of legendary investor Warren Buffett, who holds an 8% stake in the company. StoneCo is also a Leaderboard stock.
PennyMac Financial Services (PFSI), which originates and services residential loans, jumped 1.4%. The company has solid credentials from IBD's Stock Checkup, including a 96 Composite Rating, a 94 EPS Rating, and a 92 RS Rating, putting it in the top echelon of all stocks in terms of both market performance and fundamentals.
Meanwhile, among exchange traded funds, the Innovator IBD 50 ETF (FFTY) is up less than 0.1%.
On the elite IBD Leaderboard list, Disney (DIS) rose 0.3%. Disney broke out of a cup base with a 147.25 buy point on Nov. 13 in enormous volume, spurred by the initial success of its Disney+ streaming service. But in recent weeks, Disney stock fell back below its buy point. With Tuesday's action, it's now trading less than 2% below the buy zone.
Software maker Adobe (ADBE) added 0.5% to its recent gains. It broke out on Dec. 13 but is now extended beyond its 310.10 buy point out of a cup with handle.
Cellphone and entertainment company Apple (AAPL) was up early but eased to break-even late. Apple stock remains beyond the 25% profit target. The company is enjoying strong popularity for its main products, including the iPhone 11, its AirPods, and on the coming 5G communication revolution, which will bring years of upgrades for many Apple products.
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