The stock market remained under pressure in early afternoon trading Monday amid a rise in oil prices. Pfizer (PFE) lagged in the Dow, falling 1.6%, after the company decided not to split into two companies, ending years of speculation.
The Dow Jones industrial average, S&P 500 and Nasdaq composite all showed losses of around 0.6% to 0.7%. Volume on the NYSE and Nasdaq was tracking slightly lower than Friday's levels.
West Texas intermediate crude oil futures for November delivery added 3.6% to $46.08 a barrel. The International Energy Forum started today and runs through Wednesday in Algiers. Oil traders eyed an informal OPEC meeting at the event, where curbing output to stabilize prices remains a focal point.
Monday's price action is another reminder of how difficult the market is, even as indexes sit near highs. The Nasdaq gapped up to an all-time high on Thursday. The same day, the S&P 500 gapped above its 50-day moving average. The S&P 500 is back below its 50-day line.
In the stock market today, Acacia Communications (ACIA) took a hit in the IBD 50, falling 9%, on news of a $450 million share offering. China-based names were also weak, with NetEase (NTES), Vipshop (VIPS), Momo (MOMO) and New Oriental Education (EDU) showing losses ranging from 2% to 5%..
IBD'S TAKE: Fiber optics names like Acacia have been doing well in recent months. For a look at other leading growth stocks in the group, check out IBD Stock Checkup.
Smith & Wesson (SWHC) slumped nearly 8% after the company's bid for an Army handgun contract was rejected.
Bright spots were few and far between Monday, but Leaderboard member Line (LN) extended gains after soaring 7.4% last week in solid volume. Shares rose 1%. It cleared an aggressive entry last week of 45.44 and is vying for a breakout over a conventional entry at 48.20.
Meanwhile, a couple of names featured as potential option plays in the latest Earnings Preview column were lower but still holding above support ahead of earnings reports Tuesday before the open. FactSet Research (FDS) lost 0.7% and IHS Markit (INFO) gave up 0.9%.
RELATED:
Pfizer Won't Split After All, Ending Years Of Speculation
Smith & Wesson Falls After Army Rejects Handgun Bid
Acacia Communications Ups Guidance, But Tumbles On Stock Offering
