Stocks ended slightly lower Monday, taking a breather after the S&P 500 and the Nasdaq hit new highs Friday on a strong jobs report.
The Nasdaq slipped 0.2%, while the S&P 500 and the Dow Jones industrial average each lost 0.1%. Volume in the stock market today was lower across the board compared to Friday, according to preliminary data.
After the close, chip designer MaxLinear (MXL) was down 15% after a weak Q3 outlook marred its Q2 earnings report. The stock ended the regular session in buying range from an entry at 21.08.
Inphi (IPHI) was up 3% following its quarterly earnings report. The stock edged up less than 1% during the regular session and was extended past a 33.69 buy point of a double-bottom base.
Drugmakers were among the worst performers during the regular session. Bristol-Myers Squibb (BMY) dropped 5%, adding to Friday's 16% plunge, after Jefferies Group slashed its price target on the stock to 69 from 80.
On Friday, Bristol-Myers Squibb reported poor trial results for its new lung cancer drug.
Meanwhile, Danish drug giant Novo Nordisk (NVO) fell more than 5% after shedding 10% Friday following a mixed quarterly earnings report.
Both Bristol-Myers and Novo Nordisk are about 20% below their 52-week highs.
Oil and gas stocks fared best, as U.S. crude futures rebounded nearly 3% to almost $43 a barrel on speculation that OPEC may restrict supplies in order to ease a supply glut.
ExxonMobil (XOM) led the Dow with a 1% gain. Denbury Resources (DNR) popped 6%.
Most IBD 50 stocks ended lower, led by software stock Atlassian's (TEAM) drop of nearly 5% in heavy volume. Atlassian popped more than 6% on Friday after a better-than-expected quarterly earnings report.
The stock is still well beyond the 5% buy range past a 26.94 buy point of a cup-with-handle base.
IBD'S TAKE: Want to find out how Atlassian stacks up against rivals in the specialty enterprise software industry? See's IBD's Stock Checkup feature.
BitAuto (BITA), CyberArk Software (CYBR), Fleetmatics (FLTX) and LGI Homes (LGIH) are among companies due to report quarterly earnings on Tuesday.
Economic data due Tuesday include productivity for Q2 and wholesale inventories for June.
