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Stock Indexes Pare Losses As Online Retail, Pot Stocks Soar

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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.

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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.

Among other internet retail stocks, handcrafted goods marketplace Etsy (ETSY) and discount seller Overstock.com (OSTK) gained 4% and nearly 6%, respectively.

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.

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