Stocks continued to pare their losses in late afternoon trading Tuesday, as the Dow Jones industrial average flirted with getting back to unchanged for the day.
The Nasdaq composite trimmed its loss to 0.3%, while the S&P 500 was down 0.2% in the stock market today. Small caps lagged as the Russell 2000 fell 0.5%. Volume was tracking higher on the NYSE and Nasdaq compared with the same time Monday.
Home Depot (HD) and American Express (AXP) led the upside among blue chips with a respective advance of 2.2% and 1.1%. Apple (AAPL) contributed a 0.4% gain as it aimed for a ninth straight up session. The iPhone maker’s shares are well extended from a 194.30 flat-base entry cleared Aug. 1.
Automakers, gold miners and consumer electronics makers, down 3% or more each, were the biggest losers among IBD’s 197 industry groups. Department store, auto parts and internet retailers were among the few gainers.
Stitch Fix (SFIX) led internet retailers with a 6% pop to a new high. The online personalized shopping service has run up nearly 200% from its 15 IPO price. Shares are sharply extended from a recent breakout. A 98 Relative Strength Rating and a relative strength line at a new high are bullish signs.
Amazon Reaches Milestone
Also in the group, Amazon (AMZN) rose 1.4% to notch a new high — set to extend its win streak for a seventh straight session. The online retail giant hit $1 trillion in market cap intraday. It’s only the second company to reach that milestone. Apple became the first to do so, on Aug. 2.
Biotechs slid 0.5% despite big gains from three marijuana-related stocks. Tilray (TLRY), Canopy Growth (CGC) and Cronos (CRON) soared 16%, 10% and 12%, respectively, with the first two hitting record highs. Short seller Citron Research said in a tweet it’s shorting Tilray and called it the “most expensive” in its market. Citron last week had sent pot stocks sharply lower after raising doubts about Cronos’ distribution deals.