Stocks sagged, then quickly turned mixed Wednesday, as chip stocks and drug industry news bolstered early trade. Vaccine-maker Moderna continued is advance started Tusday, after a nod from regulators in India. Walmart jumped to the top of the Dow Jones today, after announcing an insulin deal with Novo Nordisk.
XThe Nasdaq Composite slumpbed 0.3%, trimming the index's rebound since the start of June to 5.5%. The Dow Jones Industrial Average gained 0.4%, with Walmart (WMT) and Boeing (BA) doing the heavy early lifting.
The S&P 500 battled to stay in positive territory on the stock market today, holding just below the 4,300 mark, which it had briefly topped for the first time on Tuesday.
At the top of the Nasdaq 100, biotech Moderna (MRNA) advanced 2.6% still riding Tuesday's news that its Covid-19 vaccine was approved for use in India. The vaccine was found to be effective against all strains of the virus in the country, including the highly contagious delta variant.
The IBD 50 and SwingTrader stock is extended and in a 20%-plus profit-taking zone after clearing a 189.10 buy point in a cup-with-handle base.
Also on the Nasdaq, memory chip maker Micron Technology (MU) pared its early advance to 1.1%, ahead of its fiscal third-quarter report, due after the market's close. Chip peer Advanced Micro Devices (AMD) rallied 4% in early trade. AMD stock is up 23% from a mid-May low, advancing toward a 99.33 buy point in a 25-week cup base. Bank of America named AMD is one of five chip stocks showing "catch-up" potential.
Oil stocks took 10 of the top 15 early gains on the S&P 500, as oil prices rose ahead of Energy Information Administration data due out at 10:30 a.m. ET.
Alcohol producer Constellation Brands (STZ) climbed 2% after reporting an above-forecast first-quarter performance and raising its full-year guidance. Shares ended Tuesday less than 5% below a 242.57 buy point in a double-bottom base.
Meme stock Bed Bath & Beyond (BBBY) rocketed 28% after reporting mixed first-quarter results.
Stocks near buy points early Tuesday included Gildan Activewear (GIL) and CareDx (CDNA). CareDx is an IBD 50 stock.
Dow Jones Today: Walmart Insulin Brand
Walmart (WMT) rallied 2.7% to top the Dow Jones today, after announcing a dal with Novo Nordisk (NVO) to launch a Walmart-branded insulin. The company said it would offer vials and Flex Pens at 58% and 72% below competing offerings. That would equate to a savings of $101 per vial and $251 per Flex Pen package, the companies said.
The gain lifted Walmart stock back above its 200-day moving average for the first time since the start of June. Novo Nordisk shares rose 0.5%.
Also on the Dow, Apple (AAPL) dipped a fraction lower in Wednesday's early trade. Apple stock clocked a 2.4% advance Monday and Tuesday, leaving it less than 1% below a 137.17 buy point in a nine-week flat base. Apple shares have gained less than 3% so far this year.
Stocks To Watch: Gildan, CareDx
IBD Stock of the Day Gildan Activewear dropped 1.3%, after ending Tuesday just below a 35.24 buy point in an eight-week flat base.
IBD 50 Stock to Watch CareDx traded 2.6% lower, below a 99.93 buy point of a 24-week consolidation.
Data: June Hiring Tops Expectations
U.S. nonfarm private employers added 692,000 workers in June, according to ADP's National Employment report. The report revised May's tally downward to 886,000 new hires, from 978,000.
So June's numbers was down almost 22% from May, but still above economist projections for 550,000 new jobs. Hiring was evenly spread across small, midsize and large businesses, the report said. Service-sector employers supplied 90% of the jobs.
Bitcoin Drops Below $35,000
Bitcoin pulled back more than 4%, to trade below $34,700, according to CoinDesk. The cryptocurrency cut below $29,000 a week ago on June 22 for the first time since last year.
Bitcoin touched a record high above $64,800 on April 14. It is down 5% for June, and has a year-to-date gain of just over 19%.
10-Year Bond Yield Declines
Bond yields remain in focus this week, after a rebound of nearly 6% last week interrupted a five-week slide. The 10-year Treasury yield dropped on Wednesday to 1.45%, after settling on Tuesday just below 1.48% and starting the week Monday just below 1.54%.
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This week's pullback put the yield's decline in June at 6.5% — continuing a three-month slide. The 10-year yield had hit a 13-month high above 1.76% on March 30.
Dow Jones Today: Blue Chip Retail
Walgreens Boots Alliance (WBA) reports its fiscal third-quarter results early Thursday. Analysts expect the pharmacy operator to report a 42% jump in EPS to $1.15 but sales are seen dipping 3% to $33.5 billion.
The stock has a year-to-date gain of more than 30%, and the stock is trading low in a 13-week flat base. Walgreens' weak Composite Rating of 47 knocks it out of the running for most growth stock investors. But given Nike's (NKE) powerful 15% post-earnings breakout surge last week, it could be worth considering a Walgreens earnings options play.
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All of the retail stocks trading on the Dow Jones today have similar Comp ratings. Walmart, despite its strong early move Wednesday, weighs in at 42. McDonald's (MCD) at 48.
Home Depot (HD) is the strongest of the lot, with an almost back-to-leadership-grade 79 Composite Rating. Home Depot shares have climbed almost 7% over the past two weeks, ending Tuesday chinned-up to its 50-day moving average.
A break above that level of resistance would point to a move up the right side of Home Depot's eight-week flat base. Shares ended less than 9% below the 345.79 entry on Tuesday.
Delta Variant Concerns Pressure EU Stocks
Markets in Europe traded lower Wednesday, reflecting rising concerns over a more contagious variant of Covid-19. Frankfurt's DAX fell 0.8%, the CAC-40 in Paris traded 0.6% lower, and London's FTSE 100 was down 0.5% in afternoon trade.
Rising numbers of cases of the coronavirus delta variant, which is thought to have originated in India, have spread across Europe and the world. The U.K. has reported a surge in infections due to the strain which is as much as 60% more transmissible than the alpha variant first found in England, according to CNBC.
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Germany and France have placed travel restrictions on travelers from the U.K. France reports that 20% of its Covid cases are now Delta variant infections, up from 10% a week ago. Some 36% of cases in Germany owe to the Delta strain.
Places as far flung as Israel and Los Angeles County have re-imposed indoor masking requirements due to delta infections. Malaysia extended its stay-at-home order indefinitely.
Find Alan R. Elliott on Twitter @IBD_Aelliott
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