Stocks launched in mixed trade, then lost strength Tuesday, reflecting weak action across global markets as earnings fueled early trade. UPS and Crocs and were earnings winners. Tesla dragged lower after its first-quarter report. And McDonald's led the Dow Jones today, rising in a buy range.
XThe Nasdaq Composite and S&P 500 shed early gains and dipped 0.3% and 0.1%, respectively, on the stock market today. The Dow industrials traded 0.2% lower as 3M (MMM) and Intel (INTC) dragged on early action.
At the top of the Nasdaq 100, China's Baidu (BIDU) jumped 1.5%. Tesla (TSLA) traded 3.3% lower, despite topping analyst earnings projections and doubling its deliveries during the first quarter.
United Parcel Service (UPS) rallied more than 11% to the top of the S&P 500, after reporting a powerful performance in its first quarter. The starting bell breakout sent UPS stock past buy points at 176.04 and 178.11. This set up a breakaway gap buying opportunity, beginning at 189.72.
Crocs (CROX) rallied 13%, after topping analysts' first-quarter projections and raising second-quarter guidance more than expected. Shares ended Monday just below an 86.50 buy point in a seven-week base. Like UPS, the move created a breakaway gap situation. Crocs' buy zone begins at 93.62.
On the earnings news downside, Eli Lilly (LLY), Cadence Design Systems (CDNS) and General Electric (GE) all traded sharply lower after reporting results. IBD 50 chip equipment maker Entegris (ENTG) dropped more than 3% following its earnings report.
Microsoft (MSFT), Alphabet (GOOGL), Advanced Micro Devices (AMD) and Starbucks (SBUX) lead the heavy duty roster of earnings reports due after today's closing bell.
Dow Jones Today: Apple, Dow Lead
McDonald's (MCD) rallied more than 1%, leading the Dow Jones today ahead of its earnings report on Thursday.
Apple (AAPL) shed early gains and slipped 0.3%. The Wall Street Journal reported that recent privacy restriction changes for iPhone users is likely to boost the company's advertising revenue.
Four Dow Jones stocks are due to report today, but only one — 3M — reported this morning. 3M shares slipped 1% to the bottom of the Dow, despite outpacing analyst expectations on both the earnings and revenue lines.
Amgen (AMGN), Microsoft and Visa (V) all report after the closing bell.
Economic News: Housing Data, Fed Meeting
The Federal Open Market Committee's two-day meeting gets started today, with a policy announcement and press conference scheduled for Wednesday afternoon.
The S&P Corelogic Case-Shiller 20-City Composite Home Price Index rose 1.2% for February, holding even with January's rate of increase and edging out projections for a 1.1% gain. Year-over-year, on an unadjusted basis, the index is up 11.9%, vs. 11.1% in January and just above views for a 11.8% increase.
The Federal Housing Finance Agency's House Price Index rose 0.9% for February, in line with projections and down from a 1% rise in January.
The Conference Board's April Consumer Confidence survey and the Richmond Federal Reserve's April manufacturing index are set for release at 10 a.m. ET.
Small Caps: Heidrick, Encore Wire Spike
The Russell 2000 small cap gauge has been working to build some margin above its 50-day moving average, closing to within 3% of its record high from March 16. The index has a year-to-date gain of 16.4%, easily outpacing the overall market.
Among the Russell's small cap leaders early Tuesday, headhunter Heidrick & Struggles (HSII) vaulted more than 17% higher after its first-quarter report. That positioned shares to open above a 39.18 buy point in what IBD MarketSmith analysis plots as a cup-with-handle base. Premarket moves do not always hold up at the start of regular trade.
Encore Wire (WIRE) rallied nearly 5% after turning in some strong first-quarter numbers. The McKinney, Texas-based maker of electrical wire and cable ended Monday less than 2% below a 73.40 buy point in a six-week flat base.
Vital Signs: Copper, Oil, Bitcoin, Bond Yields
West Texas Intermediate oil climbed 0.9% to above $62 a barrel. WTI has been fighting to hold support at its 50-day moving average since a tumble in mid-March. Prices struck 67.98 on March 8, their highest level October 2018.
Copper prices continued their climb, up 0.9% to above $4.48 a pound. Up 13% since March 30, prices have now pushed past their February high at $4.30 and are just a fraction off their record high at $4.54, set in February 2011.
Stock Market ETF Strategy And How To Invest In The Current Uptrend
Bitcoin prices climbed more than 2% to near $55,000, according to CoinDesk. The cryptocurrency dipped to $47,079 on Sunday, after running up to a new high above $64,800 a week ago, ahead of the Coinbase Global (COIN) IPO. Bitcoin is now down about 7% so far in April, but for the year remains up more than 88%, after starting the year just above $29,000.
Bond yields held firm, with the 10-year yield trading around 1.57%, where it settled on Monday, according to CBOE data. Yields pulled back sharply last week and are sticking close to their 50-day moving average ahead of the Fed meeting. Yields skirted pre-pandemic levels late in March, climbing to almost 1.76% — the highest level since January 2020.
Nasdaq, S&P 500, Dow Jones Today
The S&P 500 eked out another new high Monday, lifting its advance for the year to 11.5%. The Dow Jones today gets started with a year-to-date gain of 11%, trading about 0.8% below its April 16 high at 34,256.
The Nasdaq Composite has gained 8.9% so far this year, but may be signaling a shift of status. The composite on Monday popped back above the quarrelsome 14,000 mark, to notch a new closing high and end less than 0.3% off its record level from Feb. 16.
Nasdaq tracker Invesco QQQ Trust (QQQ) spent a second session in a buy range above a 338.19 cup base buy point. The leveraged ProShares UltraPro QQQ (TQQQ) rallied 2% Monday, but finished less than 1% below a 11.96 buy point, also in an eight-week cup base.
For more detailed analysis of the current stock market and its status, study the Big Picture.
A leveraged Nasdaq 100 tracker, the ProShares Ultra QQQ (QLD), was also in a buy range above a cup base entry at 133.06. The buy range runs to 139.71. The ProShares Ultra fund is currently listed in the IBD SwingTrader lineup.
Growth stocks outpaced the market on Monday, with the Innovator IBD 50 ETF (FFTY) staging a 2.4% gain. The fund is now working on its fifth-straight weekly advance, and is moving up the right side of an 11-week base toward a possible buy point at 50.06.
Find Alan R. Elliott on Twitter @IBD_Aelliott
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