The stock market improved in afternoon trading as the Nasdaq and S&P 500 looked for a fourth consecutive gain.
XThe Nasdaq climbed 0.9% as the technology sector led the stock market. The composite is near 10,000 again. The S&P 500 added 0.4% and the Dow Jones Industrial Average 0.2%. Small caps lagged considerably among key indexes, with the Russell 2000 off 0.9%.
Volume was tracking lower compared with the same time on Tuesday.
A drop in crude oil prices brought energy stocks broadly lower. U.S. crude fell 0.8% to 38.09 a barrel. Energy Select Sector SPDR ETF (XLE) slid 2%.
SPDR S&P Homebuilders (XHB) climbed 0.3% and IBD's homebuilder industry group was up 0.5% after some positive news on the housing market. Housing starts rose 4.3% in May to 974,000 units on an annualized basis. It was the first increase since January, but starts are still more than 23% below the levels of a year ago. Building permits, an indicator of future building, rose 14.4% to a two-month high of 1.22 million housing units.
| (0DJIA) | Dow Jones | 26,119.61 | -0.65% |
| (0S&P5) | S&P 500 | 3,113.49 | -0.36% |
| (0NDQC) | Nasdaq | 9,910.53 | 0.15% |
| (IWM) | Russell 2000 | 141.70 | -1.86% |
| (FFTY) | IBD 50 | 33.98 | 0.77% |
"Clearly, it is easier for consumers to race out to the stores than it is for builders to start building again, even with construction remaining open over the last couple of months," Jennifer Lee, senior economist at BMO Capital Markets Economic Research, wrote in a report today. "And, on top of the pandemic, the other usual factors continue to hold back activity: land and labor."
Innovator IBD 50 ETF (FFTY) outperformed the market with a 1.1% increase. The index is on track for a fourth straight increase. Education companies GSX Techedu (GSX) and Chegg (CHGG) led the IBD 50.
GSX has reached the 20% profit target from the 42.35 buy point in a double-bottom base. Chegg jumped more than 6% — its best day since a 32% surge May 5 on earnings — after the online textbook company announced a $500 million buyback of shares or convertible notes.
Dexcom (DXCM) climbed more than 2% after Bank of America raised its price target to 500 from 375 and maintained a buy rating. Dexcom is rising from a pullback to its 10-week moving average. Besides the IBD 50, Dexcom also is in IBD Leaderboard.
The few breakouts today were lacking in key traits.
Lam Research (LRCX) topped the 310.10 buy point of a cup with handle. Volume was below average. Video game maker Nintendo (NTDOY) broke out of shallow base, clearing the 56.02 buy point. But volume was tracking well below normal levels and the relative strength line is lagging.
But Sanofi (SNY) broke out past the 51.82 buy point of an undefined pattern. Volume was 45% above average, a good sign.
Fed Chairman Jerome Powell is giving his semiannual monetary policy report to a House panel. Powell's remarks are largely the same as in Tuesday's testimony in the Senate, though he again defended stimulus programs.
Juan Carlos Arancibia is the Markets Editor of IBD and oversees our market coverage. Follow him at @IBD_jarancibia
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