Stocks recovered from a soft opening and were trading mixed going into the lunch hour. Techs and small caps led the way.
The Nasdaq gained 0.4% while the Russell 2000 rose 0.3%. The S&P 500 fell 0.1% and the Dow Jones industrial average was off 0.2%. Volume was tracking higher than the same time Monday on the NYSE and Nasdaq exchanges.
Oil was lower for the fifth straight day. West Texas intermediate for May delivery fell 3.5% to $38.01 a barrel on continued worries about oversupply. Also, Iran said it will attend a meeting of oil producers next month in Doha but not participate in negotiations to freeze production.
In economic news, the Case-Shiller home price index gained 5.7% year over year in January. The Conference Board's consumer confidence index rose to 96.20 in March vs. 92.2 in February. Economists expected 94.
Upside volume was pouring into Dave & Buster's Entertainment (PLAY), which was up 3%. Investors are betting the operator of restaurants and entertainment centers will once again report better-than-expected earnings after the close.
Analysts are forecasting EPS of 43 cents, a 23% increase from a year ago. The company has beaten estimates by a healthy margin in each of the past four quarters. The stock is building the right side of a new base.
Among IBD 50 stocks, 38 were higher and 12 were lower. The top performer was Universal Display (OLED), up 3%. Shares of the maker of organic light emitting diode screens finding their way into high-end smartphones and TVs has formed a cup-with-handle base.
The worst performer was LendingTree (TREE), down 5%. It was slipping below its 200-day moving average.
