The stock market came off session lows and was higher in afternoon trading Monday, in a session that already has had a couple of course changes.
XAutoplay: On | Off The Nasdaq composite was off 0.1%. The index opened with a 0.6% increase but reversed lower and was able to pare a loss of 0.5%. Fiber optic, semiconductor, internet and networking stocks were broadly lower and affecting the composite.
Nvidia (NVDA) was one of the widely held Nasdaq stocks falling in unusually heavy volume in today’s trading. The stock was off only 0.8%, but volume was tracking about 70% higher than its already-large average of 21 million shares a day. It would be the second straight day of above-average downside volume, but Nvidia is not exhibiting any worrisome signals.
The S&P 500 was up 0.1% and the Dow Jones industrial average climbed 0.2%. The small-cap Russell 2000 was up 0.3% and the Dow utilities led with a 0.8% increase. Volume was running higher compared with the same time Friday.
The retail sector led the market, although it was specialized industry groups that advanced: Auto dealers, drug stores, electronics chains and other retail groups were up about 1.5%.
The energy sector also led, with oilfield services and drilling groups up more than 1%. The price of crude oil was up nearly 1% but still below $45 a barrel, at $43.36.
IBD 50 stock TAL Education (TAL) rose nearly 3% and is again finding support at the 50-day moving average. It’s the second time TAL creates a secondary buy area thanks to support at that level.
Fox Factory (FOXF) climbed 3% and is nearing the 34.10 buy point of a base-on-base formation.
But Canada Goose (GOOS), one of the most successful new issues this year, gapped down to a loss of 3.5% in about three times its usual volume. The luxury winter-wear company is making an offering of 12.5 million shares.
Apollo Global Management (APO) broke below its 50-day moving average in heavy volume. It’s the first time the investment management firm violates that key level since November, and it threatens a steady advance since that time.