The Nasdaq composite picked up where it left off Monday with another new high, helped by strength in select China-based growth names.
The Nasdaq rose nearly 0.4%, setting intraday and record close Tuesday. The S&P was virtually flat and the Dow Jones industrial edged lower by nearly 0.2%. Small caps outperformed, with the Russell 2000 up 1%. Volume on the NYSE was tracking higher than Monday's level. Nasdaq volume was slightly lower.
Dow component Apple (AAPL) added minimally to this month's gains, rising 0.1% to 119.11. Numerous published reports said the company is working on augmented reality (AR) glasses with German firm Carl Zeiss. Apple is still in buy range from a 118.12 cup-with-handle buy point, but it's been a low-volume breakout so far.
JD.com (JD) was a top gainer in the Nasdaq 100, rising 2.4% to 26.90, after JPMorgan upgraded the Chinese internet retailer to overweight from neutral, and raised its price target to 39 from 32. JD.com is in a consolidation with a 29.33 buy point. NetEase (NTES), meanwhile, added 2.2% to 239.88. It's working on a late-stage consolidation, but is still quite a ways below a potential entry at 272.68.
IBD's airline group was on the day's top gainers, up around 3%. Allegiant Travel (ALGT) bounced off its 10-week moving average, rising 5.7%. Alaska Air (ALK) is also getting support at its 10-week line. Shares gained 5.2%.
Elsewhere, Dow component Goldman Sachs (GS) held up well despite a downgrade by Citi to sell based on valuation. Goldman pared a 1.6% loss to just 0.1%.
A trio of financial companies report earnings on Friday, including JPMorgan (JPM), Bank of America (BAC) and Wells Fargo (WFC).
In the stock market today, shares of Chipotle (CMG) jumped 4.9% to 414.35. The company's fourth-quarter outlook wasn't great, but investors seemed to focus instead on a 14.7% rise in December same-store sales.
In the medical sector, NuVasive (NUVA) broke out of a base in active trading. Shares were up 2.1% to 69.96. It's still in buy range from a 69.04 cup-with-handle buy point. Late Monday, the company preannounced preliminary Q4 and full-year results.
Leaderboard name HealthEquity (HQY) extended gains after Monday's strong move. Shares vaulted 9.5% to 47.04. It's still in buy range from a 45.10 flat-base entry. The 5% buy zone goes up to 47.35.
IBD'S TAKE: HealthEquity is the second-ranked stock in the financial services-specialty industry group based on its Composite Rating of 97. See which stock gets top billing with IBD Stock Checkup.
Illumina (ILMN) soared 16.6% after the company forecast strong Q4 sales and also announced a new gene-sequencing product. Shares are recovering from a deep correction.
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