Technology Stocks Surge; Apple Leads Broad-Based Advance – Investor's Business Daily

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The stock market traded strongly higher early Monday as technology stocks led the advance. The Nasdaq jumped 1.1%, while the S&P 500 and Dow Jones industrial average rose 0.5% and 0.4%, respectively.

Among the Dow industrials, Apple (AAPL) looked to put an end to its recent declines. The iPhone maker has declined six of the past seven trading sessions. Shares rose over 2%.

Other leaders in early trading include Boeing (BA), JPMorgan (JPM), DuPont (DD) and Goldman Sachs (GS). All four rose over 1%. Airplane maker Boeing added to its recent advance after announcing it had more than 240 orders worth about $30 billion for its new 737 Max 10 jet.

The main laggard in early trading was Wal-Mart Stores (WMT), falling nearly 1%. Shares of the discount retailer plummeted almost 5% on Friday, sinking below the 50-day moving average, after Amazon.com (AMZN) announced it was purchasing Whole Foods Market (WFM).

Within the S&P 500, Micron Technology (MU) and Advanced Micro Devices (AMD) set the pace, advancing about 4% each. Leading chip stocks Broadcom (AVGO) and Applied Materials (AMAT) rose about 2.5% apiece.

On the downside, EQT (EQT) fell 8% after the oil and gas exploration company announced it was acquiring Rice Energy (RICE) for $6.7 billion. Meanwhile, Costco (COST) fell 1.5% after being downgraded to hold by Deutsche Bank.

Clovis Oncology (CLVS) surged 43% after reporting positive trial results for its ovarian cancer drug Rubraca.

Leading stocks surged higher in the stock market today. Chinese e-commerce giant JD.com (JD) advanced over 5%, while rival Alibaba (BABA) rose 3.5%. Meanwhile, all four FANG members rose between 1.5% and 2%.

Action in the IBD 50 was extremely positive as only one component traded in the red early Monday: Control4 (CTRL) declined 0.1%. On the upside, TAL Education (TAL) jumped 5%, Grubhub (GRUB) rose 4.4%, and YY (YY) traded up 3.5%.

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